贷款利率市场化与农村金融机构回归本源

Loan Interest Rate Liberalisation and Rural Financial Institutions’ Loans to Farmers and SMEs

本文利用中国1024家农村金融机构数据,借助2013年放松贷款利率下限管制事件,探讨贷款利率市场化对农村金融机构回归本源的影响。研究发现,放松贷款利率下限管制显著促进了农村金融机构回归本源,加大了对农户和中小企业的金融支持。其作用机制是放松贷款利率下限管制加剧了非农部门信贷价格竞争,缩小了银行向非农部门和农业部门放贷的边际收益差距。异质性分析表明,商业化程度越高、所在地直接融资越发达的农村金融机构回归本源的程度越高。此外,放松贷款利率下限管制短期内对农村金融机构收益产生了不利影响,但对风险影响不显著。本文为深化利率市场化改革和引导金融助力乡村振兴提供了启示。

Drawing on sampling data from 1024 rural financial institutions,this paper studies the impact of China’s loan interest rate liberalisation on rural financial institutions’ loans to farmers and SMEs,exploiting the event of the 2013 loan interest rate lower bound deregulation reform.The results of the study suggest that deregulation of the lower bound of the interest rate on loans can significantly promote rural financial institutions to return to their roots and increase their financial support to farmers and SMEs.Deregulation of the lower bound of the loan interest rate intensifies credit price competition in the non-agricultural sector and narrows the marginal profit gap between bank lending to the nonagricultural and agricultural sectors.The heterogeneity analysis reveals that rural financial institutions with a higher degree of commercialisation and located in places where direct financing is more developed are likely to increase their financial support to farmers and SMEs.The deregulation of the lower bound of the interest rate on loans also has a negative impact on the returns of rural financial institutions in the short term but has no significant impact on risk.This paper provides some support for deepening the reform of interest rate liberalisation,thereby guiding financing to participate in rural revitalisation.