中国实体经济融资贵到底由什么因素决定?——2005—2014年企业三元债务融资的经验证据  

What Factors Push up China's Real Economy Financing Cost:Enterprises Financing Evidence form Three Kinds of Credit Markets Since2005 to 2014

作　　者：李建军[1] 赵冰洁[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《中央财经大学学报》2015年第6期28-36,94,共10页Journal of Central University of Finance & Economics

基　　金：国家社科基金重大项目"金融排斥;金融密度差异与信息化普惠金融体系建设研究"(编号:14ZDA044);国家自然科学基金项目"货币政策约束下的中国影子信贷市场融资搜寻模型研究"(编号:71173246)

摘　　要：中国实体经济融资贵成为一种顽疾。那么,实体经济融资成本到底有多高,其决定因素有哪些,如何降低融资成本?笔者首次将银行信贷市场、企业债券市场和民间借贷市场纳入实体经济完整融资结构体系,以2005年1月至2014年12月为窗口期,测度企业在三类不同债务市场的融资成本,并通过多因素模型检验决定企业融资成本的因素。研究发现银行信贷市场存在资金配置的垄断,企业/公司债券市场存在严格管制,民间借贷市场不充分竞争,三元分离市场难以有效达到均衡,导致中国实体经济中融资成本过高。因此,降低实体经济融资成本需要推进差别化货币政策和促进银行体制改革,构建起普惠广大企业的金融服务体系。The high cost of real economy financing in China has become a hard issue. Then,how much is China’s real economy financing cost？ What are its determinants and how to reduce it？ This paper puts bank credit market,corporate bonds market and informal credit market into a whole debt financing system and calculates the monthly weighted average interest rates on bank loans,newly issued corporate bonds as well as private loans from January 2005 to December 2014,then uses multi-factor test models to measure the factors affecting debt financing costs. The empirical results show that the three separate markets cannot effectively reach equilibrium and result to real economy high financing cost due to the bank credit market monopoly of capital allocation,strict regulation on corporate bond market and uncompetitive informal financial market. Thus,we suggest implementing differentiated banking reform,promoting banking reform and building up inclusive financial services system.

关 键 词：实体经济 信贷市场 融资成本 普惠金融 

分 类 号：F832.2[经济管理—金融学]