关于降低实体经济融资成本的思考和建议

Thoughts and Recommendations to Reduce theCost of Financing the Real Economy

当前实体经济融资成本偏高主要表现为:资金来源成本高、资金运用成本高、资金中介成本高。笔者认为,四个结构性'不协调'问题是导致当前实体经济融资成本偏高的主要原因。要想从根本上解决融资难和融资贵的问题,必须加快推进利率市场化改革,完善国债发行市场,健全反映市场供求关系的国债收益率曲线,同时完善央行利率调控框架和利率传导机制,使央行的宏观调控目标应从货币总量转向利率水平。

The currently high cost of financing the real economy manifest mainly in high benchmark deposit rates,high funding costs,and high costs of financial intermediation.The author believes that the main reasons for these high financing costs are four structural mismatches.If we want to fundamentally solve the high financing cost problem,we must accelerate interest rate liberalization reform,improve the treasury bond issuance market,and improve the bond yield curve to reflect the relationship between market supply and demand.At the same time,we should improve central bank’s interest rate regulatory framework and transmission mechanism so that central bank targets shift from monetary aggregates to interest rate levels.