LPR改革与贷款利率市场化:理论与实践  

LPR Reform and Loan Interest Rate Liberalization:Theory and Practice

作　　者：李雅丽[1] 李晶[1] LI Yali;LI Jing(Zhengzhou University of Aeronautics,Zhengzhou 450015,China)

机构地区：[1]郑州航空工业管理学院,河南郑州450015

出　　处：《郑州航空工业管理学院学报》2022年第6期37-44,共8页Journal of Zhengzhou University of Aeronautics

基　　金：教育部人文社会科学研究规划基金项目(18YJA790047);河南省高等学校哲学社会科学应用研究重大项目(2023-YYZD-25)。

摘　　要：20世纪90年代以来我国贷款利率市场化进程不断推进。2019年央行推出的LPR改革创新性地以中期政策利率MLF为贷款报价利率锚,通过加大报价行的数量和价格形成的透明性来促进贷款市场的竞争,并采用FTP挂钩LPR、纳入宏观审慎评估等方式方法,强力助推贷款利率市场化。文章从理论和实践两方面,研究LPR改革两年以来我国贷款利率市场化的进展,发现LPR改革通过增强商业银行外部的竞争性提升了货币政策对贷款价格的传导效率,但未能打通银行内部资金定价机制对存款价格的传导;KMV和RORAC模型检验结果显示,大型商业银行已具备较强的定价能力。文章最后提出了进一步推进我国利率市场化的政策建议。Since the1990 s,the loan interest rate marketization process has been advancing in China.In 2019,the PBC innovatively used MLF as the anchor for loan quotation interest rates,promoted competition in the loan market by increasing the number of quotation banks and the transparency of price formation,and strongly promoted the marketization of loan interest rates by means of linking FTP and LPR and adopting macro-prudential assessment.This paper studies the progress of the marketization of loan interest rate since the LPR reform from both theoretical and practical perspectives.It is found that the LPR reform improves the transmission efficiency of monetary policy on loan prices by enhancing the external competitiveness of commercial banks,but fails to open up the transmission of bank internal capital pricing mechanism to deposit prices.The test results of KMV model and RORAC model show that large commercial banks have strong pricing power.Finally,the article puts forward policy recommendations to further promote the interest rate marketization in China.

关 键 词：利率市场化 贷款定价 KMV模型 RAROC模型 

分 类 号：F832[经济管理—金融学]