贷款利率市场化与中小企业融资——基于中小企业信贷规模对利率敏感性的实证分析

The Marketization of Loan Interest Rate and the Financing of Small and Medium-Sized Enterprises:Empirical Analysis Based on the Sensitivity of Small and Medium Enterprises Credit to the Interest Rate

贷款利率市场化对中小企业融资的影响,国内学者观点不一。文章通过对中小企业发展与经济增长拟合系数较高的十个地区的面板数据进行实证研究。研究结果表明:中小企业信贷规模对贷款利率变化不敏感,因此政策贷款利率市场化改革对中小企业融资的影响有限。提高竞争性是提高敏感系数的有效途径之一,必须改善中小企业信贷产品卖方市场的竞争结构,培育买方市场的中小企业主体。

The views on the influence of loan interest rate marketization to the financing of small and medium-sized enterprises vary among different domestic scholars. Through empirically research the pool data of ten regions which the development of small and medium-sized enterprises and the economic growth have high fitting coefficient. The results show that the credit scale of small and medium-sized enterprises are not sensitive to the changes of loan interest rate. Therefore, the influence of loan interest rate marketization on the small and medium-sized enterprises financing is limited. Improving competitiveness is one of the effective ways to improve the sensitive coefficient. Therefore, improving the bank competition structure in seller market of credit, cultivating the subject of small and medium-sized enterprises in buyer ＇s market of credit are important way to inprove the sensitive coefficient.