利率市场化改革的信贷调控实效及应用研究  

Study on the Effectiveness and Application of Credit Regulation in Interest Rate Marketization Reform

作　　者：宋光宇 Song Guangyu(Business Management Department,Shenyang Branch of PBC,Shenyang 110068,Liaoning,China)

机构地区：[1]中国人民银行沈阳分行营业管理部,辽宁沈阳110068

出　　处：《金融发展研究》2022年第11期69-77,共9页Journal Of Financial Development Research

摘　　要：为有效应对当前经济发展面临的“三重压力”,宏观调控跨周期设计和调节为货币政策工具的发展与应用带来了新机遇。本文在梳理LPR政策演进和利率市场化改革对商业银行信贷行为影响有关文献的基础上,基于上市的11家LPR报价行和37家其他商业银行2018—2021年财务指标面板数据,运用合成控制法和静态面板固定效应模型,实证考察了LPR报价行制度对商业银行信贷行为的影响、作用机制和效果。结果表明:LPR报价行制度能有效引导商业银行加大对实体经济的信贷支持力度,而不同性质的商业银行对政策调控的反馈力度存在异质性,LPR报价行制度在跨周期调控方面具有积极的作用,并从探索报价行制度的结构性引导作用、发挥价格型工具的跨周期调节作用等方面提出了政策建议。In order to effectively cope with the current "triple pressure" on economic development,the cross-cycle design and adjustment of macroeconomic regulation has brought new opportunities for the development and application of monetary policy tools.Based on the literature on the evolution of LPR policy and the impact of interest rate market reform on bank credit behavior,this paper empirically examines the impact,mechanism of action,and effect of the LPR offer bank system on bank credit behavior based on a panel data of financial indicators of 11 listed LPR offer banks and 37 other banks for 2018 to 2021,using synthetic control method and static panel fixed effects model.The results show that the LPR quote-banking system can effectively guide commercial banks to increase credit support to the real economy,while there is heterogeneity in the feedback strength of commercial banks of different nature to policy regulation,and the LPR quote-banking system has a positive role in cross-cycle regulation,and policy suggestions are made in terms of exploring the structural guidance role of the quote-banking system and bringing into play the cross-cycle regulation role of price-based instruments.

关 键 词：LPR 报价行制度 货币政策 跨周期调控 

分 类 号：F820.1[经济管理—财政学]