有效利率传导过程的关键构成及分析  

Key Components Analysis of Effective Interest Rate Transmission Process

作　　者：陆怡舟[1] 缪锦春 Lu Yizhou;Miao Jinchun(Risk Management Department,Head Office of Huaxia Bank,Beijing 100010;College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing,Jiangsu 211106)

机构地区：[1]华夏银行总行风险管理部,北京100010 [2]南京航空航天大学经济与管理学院,江苏南京211106

出　　处：《嘉兴学院学报》2020年第1期102-113,共12页Journal of Jiaxing University

基　　金：2014年度国家社科基金重大项目(2014ZDA043);国家自然科学基金项目(71372080,71573115);中央高校基本科研专项资金资助项目(NJ20160083)

摘　　要：中国利率市场化改革除了放开利率管制外,更需要在利率管理和定价上建立市场化机制,实现有效的利率传导。概括了金融体系内及从金融体系向实体经济利率的传导过程,传导机制的四项关键构成为主体、客体、媒介物、利率曲线,利率信号借助媒介物可在利率主客体之间形成传递网络。分析了当前利率传导过程中,金融企业、实体企业、金融市场、金融产品等关键构成的现状和约束,并从经济人角度分析各主体提升利率传导能力的动机,提出了加强行业自律及顶层设计与引导等建议。In addition to deregulating interest rate, China’s reform of interest rate liberalization also needs to establish a market-based mechanism of interest rate management and pricing so as to achieve effective interest rate transmission. This article summarizes the transmission processes within the financial system and beyond to the real economy, and suggests that the four key components of the transmission mechanism are subject, object, medium and rate curve and in virtue of the medium, signals of interest rate can establish a transmission network between the subject and the object. It also analyzes the current situation and constraints of the key components of financial enterprises, brick-and-mortar companies, financial market and financial products in current interest rate transmission, and the motives for each subjects to improve the interest rate transmission from the perspective of homo economicus and proposes measures such enhancing the self-regulation of the financial industry and top-level design and guideline, etc.

关 键 词：利率市场化 利率传导机制 银行体系 

分 类 号：F832.332[经济管理—金融学]