市场利率向贷款利率传导效率及影响因素研究  

The Transmission Efficiency of Market Interest Rate to Loan Interest Rate and Influence Factors

作　　者：王强[1] 张前程[1] WANG Qiang;ZHANG Qiancheng

机构地区：[1]安徽大学经济学院,安徽合肥230601

出　　处：《江汉大学学报（社会科学版）》2022年第1期60-72,127,共14页Journal of Jianghan University(Social Science Edition)

基　　金：国家社科基金一般项目“利率放开后金融市场间利率传导阻滞的测度、成因与对策研究”(19BJY241)。

摘　　要：价格型货币政策的有效性与利率传导效率直接相关。研究从社会网络分析法构建的利率传导网络入手,掌握我国利率传导效率的状况;理论分析各因素对利率传导效率的影响;利用中国上市公司2007年5月—2018年6月的非平衡面板数据,采用固定效应模型进行估计。结果表明:随着利率市场化发展,利率间的联系逐渐加强,shibor和银行质押式回购利率对整个市场利率影响较大,并且对一般贷款利率起引导作用。通过对影响因素分析发现:利率市场化和短期资本流入能够降低贷款利率,提高利率传导效率;金融市场结构改善会提高贷款利率并降低利率传导效率。同时,贷款期限越长,贷款利率越高;贷款企业资产规模越大,贷款利率越小。The effectiveness of price monetary policy is directly related to interest rate transmission efficiency.The social network analysis method is used to construct an interest rate transmission network,understand the state of interest rate transmission efficiency in China,and theoretically analyze the influence of various factors on interest rate transmission.According to the estimation of fixed effect model based on the unbalanced panel data of Chinese listed companies from May 2007 to June 2018,with the development of interest rate liberalization,the connection between interest rates intensifies gradually;shibor and bank pledge-style repo rate have a prominent impact on the whole market interest rate and have a guiding function for ordinary loan interest rate.The analysis of influence factors discovers that interest rate liberalization and short-term capital inflow can reduce loan interest rate and raise interest rate transmission efficiency;and the improvement of financial market structure can raise loan interest rate and reduce interest rate transmission efficiency.Meanwhile,the longer the loan period,the higher the loan interest rate;and the larger the asset size of the loan enterprise,the lower the loan interest rate。

关 键 词：社会网络分析法 利率市场化 短期资本流动 金融市场结构 

分 类 号：F822.0[经济管理—财政学]