信贷规划管理下利率市场化改革对企业融资约束的影响

The Impact of Interest Rate Marketization Reform on Financial Constraints of China's Enterprises from the Perspective of Credit Management

大量的实证研究支持利率市场化改革具有缓解企业融资约束的作用。但是,中国近20年的利率市场化改革却始终难于解决企业融资难、融资成本高的问题。通过运用供求模型分析利率市场化改革对企业融资约束的影响,结果表明:在贷款利率开放、仅实施存款利率上限管理的阶段,央行严格的信贷规划在有效控制流动性过剩的同时也加剧了企业融资约束;而且当前通过放弃信贷规划管理缓解企业约束融资的功效并不明显,还有可能会加剧信贷市场偏离均衡的波动。因此,建议推进存款利率市场化改革,通过增加信贷资金供给来降低贷款利率水平,通过改变银行对国有企业的贷款偏好来缓解企业融资约束。

Large quantities of empirical researches prove the interest rate marketization helps to ease financial constraints on enterprises. However, the interest rate marketization reform over the past twenty years has not effectively dealt with the financing difficulties and the high financing cost for enterprises. This paper uses the model of supply and demand to analyze the impact of interest rate marketization reform on financial constraints of enterprises. The findings indicate when keeping a ceiling only on deposit rate with the loan rate open the central rate marketization reform, increasing the supply of credit funds to reduce loans rate, and changing banks＇ preference for state-owned enterprises to ease the financial constraints for enterprises.