存贷款利率市场化改革的难点、路径选择和应对之策  

Liberalization of Deposit and Loan Interest Rates:Difficulties and Solutions

作　　者：王国刚[1,2] 

机构地区：[1]<金融评论> [2]中国社会科学院金融研究所

出　　处：《金融评论》2014年第2期1-18,123,共18页Chinese Review of Financial Studies

基　　金：国家社科基金重大招标项目(项目批准号:12&ZD086)的阶段性成果

摘　　要：人民币存贷款利率的市场化改革是中国利率体系改革的攻坚之战。这一改革的难点,一方面在于它要改革中国金融体系的非市场化特点,改变由存贷款金融机构通过存贷款机制集中配置大部分(乃至绝大部分)金融资源的状况,归还居民部门和厂商部门的金融权力;另一方面,需要建立间接调控为主的货币政策调控体系。但在人行运用资产调控货币和金融的能力严重降低的条件下,要建立一个货币政策调控下的市场利率体系极为困难;存贷款金融机构的预算约束硬化并非只是财务概念,还取决于市场格局,但在保持卖方垄断的条件下,存贷款金融机构要真正到达硬约束近乎不可能;存贷款利率市场化改革应得到充分实体企业和城乡居民的全力支持,但在他们缺乏卖方选择权的条件下,这一改革很难不严重影响到他们的权益。要克服这些难点,需要调整人行所持有的外汇资产数额来完善资产结构,以提高人行货币政策的间接调控能力;通过加大公司债券等存贷款替代品的发行规模,运用市场力量强化存贷款金融机构的预算约束硬度;加大金融产品创新力度,为实体企业和城乡居民提供变"存款"为"金融投资"过程中的可选择金融产品。Liberalization of deposit and loan interest rates is a key part of China's reform of her interest rate system.The difficulties in the reform are twofold.On one hand,it should change the situation that most of the financial resources concentrate in banking system and restore the financial rights of households and non-financial enterprises.On the other hand,it should build a effective monetary policy system with market-based intervention tools.However,if the banking institutes keep their monopoly status,it is almost impossible to carry on the reform of interest rates without seriously impairing the interests of households and enterprises and thus losing their support.With the unbalanced asset structure,People's Bank of China can hardly keep its capability of monetary intervention with a market-based interest rate system.To solve the above problems,China needs to enhance the development of her financial markets to provide more options for households and enterprises' financing and investment and for People's Bank of China's monetary policy implementing.

关 键 词：存贷款利率市场化 金融资源配置 卖方垄断 

分 类 号：F832.1[经济管理—金融学]