利率市场化与产业结构优化:基于金融错配视角的研究

The marketization of interest rate and the optimization of the industrial structure:a study based on the perspective of financial mismatch

基于金融错配的视角,运用信贷配给理论和VAR模型,按照利率——信贷配给——企业效率——产业升级的逻辑,分析了利率市场化对产业结构升级的促进作用。研究表明:国有企业相对民营企业占有了过多的信贷资源,效率却相对低下,存在着金融资源的错配,不利于产业结构升级;利率市场化有助于缓解金融资源的错配,有利于产业结构升级;利率市场化不能独立实现,而是内生于金融错配纠正和产业结构升级当中,利率市场化改革需要与信贷政策和产业政策密切配合,要注意信贷在第三产业内部的分配。因此,建议在推进利率市场化改革过程中强化银行的主体地位,优化信贷资源配置,实现金融政策和产业政策的协调。

Based on the financial mismatch perspective,using the credit rationing theory and VAR model,and in accordance with the logic of interest rate--the credit rationing--enterprise efficiency--industrial upgrading,this paper does research on how the marketization of interest rate promote the upgrading of the industrial structure,gets conclusion：state owned enterprises occupy too much credit resources relative to private enterprises,but its efficiency is relatively low,which is called financial resources mismatch is not conducive to industrial structure upgrade;the interest rate marketization helps ease the financial resources of the mismatch,which is conducive to the upgrading of the industrial structure;marketization of interest rate is born in financial mismatch correction and the upgrading of the industrial structure,so the market-oriented reform of interest rate should coordinate with the credit policy and industrial policy closely,and we should pay attention to the allocation of credit in the inner of the third industry;We should strengthen the bank＇s subject status,and achieve the coordination of financial policy and industrial policy.