金融市场结构、融资成本和货币政策传导

Financial Market Structure, Financing Cost and Monetary Policy Transmission

近年来,在物价平稳、经济下行压力较大和货币信贷条件总体宽松的情况下,实体经济一直存在的融资难、融资贵问题,引发了广泛关注,甚至被认为是经济发展进入新常态的一个特征。本文通过建立理论模型,分析在中国利率市场化尚未完成的情况下,不同利率之间的传导机制;并通过经验数据,分析了贷款利率、信托和民间融资成本的影响因素。研究发现,除贷款基准利率外,理财产品利率也是融资成本的重要决定因素;在贷款利率管制放开后,融资结构和贷款市场竞争程度对融资成本的影响显现。根据分析结论,本文认为在进一步推进利率市场化的同时,政府还应规范理财产品市场发展、努力降低财务软约束问题,并大力支持直接融资和民营金融机构发展,进一步改善融资结构和提高金融市场竞争程度。此外,央行还可以进一步改善流动性供给机制,加快货币政策向价格型调控转变。

After China's economy entering into the 'new normal' era, corporate financing becomes more and more difficult and costly and this impedes the economic growth. In this article, we build a theoretical model to analyze interest rate transmission under the cir-cumstance of incomplete interest rate liberalization in China. We also analyze the factors affecting the lending rates and other social fi-nancing cost through empirical study. The results indicate that besides the loan policy rate, the yield of financing products also affects the social financing cost significantly. After the People's Bank of China liberalized the loan rate in July 2013, the effects of financing structure and competition in the loan market on financing cost become significant. The article suggests that the government should fur-ther make efforts to lead the development of financing products in a more reasonable way and lower soft financing discipline. Besides that, the progress in direct finance and private finance institutions is also good for improving the financing structure and competition in the financial market. The people's bank of China may also improve the mechanism of liquidity supply and use more market-based price tools to implement monetary policy.