贷款利率市场化、银行竞争与城市资源错配研究

A Study on Loan Interest Rate Liberalization,Banking Competition and Resource Misallocation in Cities

如何有效缓解资源错配是我国经济步入高质量发展阶段亟需解决的重要问题。本文借助2013年放开贷款利率下限事件,以地区银行竞争程度为处理强度,构建广义双重差分模型检验贷款利率市场化对城市资源错配的影响。研究发现,贷款利率市场化能够显著缓解城市资源错配,这一政策效应在中部城市、低级别城市和外资依存度较高城市中更加明显。机制分析表明,放开贷款利率下限有助于增加信贷可得性,缓解信贷结构所有制歧视,促进资本配置趋于合理化;同时能够增进市场竞争,缓解价格扭曲,最终改善城市资源错配。此外,紧缩的宏观审慎政策配合利率市场化改革能形成政策合力,进一步降低城市资源错配程度。

How to effectively alleviate resource misallocation is an important issue that urgently needs to be addressed when China's economy enters a stage of high-quality development.This paper takes advantage of the event of relaxing the lower limit of loan interest rate in 2013,and uses the level of competition among regional banks as the treating intensity to construct a continuous difference-in-difference model to test the impact of loan interest rate liberalization on urban resource misallocation.Research finds that loan interest rate liberalization significantly alleviates the mismatch of urban resources,and this policy effect is more pronounced in central cities,low-level cities,and cities with higher dependence on foreign investment.Mechanism analysis shows that relaxing the lower limit of loan interest rate helps to increase credit availability,alleviate ownership discrimination in credit structure,and promote the rationalization of capital allocation;at the same time,it can intensify market competition,alleviate price distortions,and ultimately improve the mismatch of urban resources.In addition,a tight macroeconomic prudential policy combined with interest rate liberalization reform can form a policy synergy,further reducing the degree of urban resource misallocation.