中小企业不同渠道的贷款市场均衡利率及其影响因素  

Market equilibrium interest rate for small-and medium-sized enterprises’loans and its influencing factors in different channels

作　　者：晏文隽[1,2] 刘益 郭菊娥[2] Yan Wenjun;Liu Yi;Guo Jue(School of Economics and Management,Chang’an University,Xi’an 710054,China;School of Management,Xi’an Jiaotong University,Xi’an 710049,China)

机构地区：[1]长安大学经济与管理学院,陕西西安710054 [2]西安交通大学管理学院,陕西西安710049

出　　处：《系统工程学报》2023年第4期500-519,共20页Journal of Systems Engineering

基　　金：国家社会科学基金资助项目(21BJL043).

摘　　要：分别构建了银行贷款和有代际联系的企业委托贷款Walras均衡模型,研究了银行贷款与企业间委托贷款的市场均衡利率.研究表明,银行贷款市场均衡利率为社会最优,且被中小企业纾困后收益正向影响.存在代际联系的委托贷款市场均衡利率终会达到稳态,也受中小企业纾困后收益正向影响,但不是社会最优.委托贷款市场均衡利率对中小企业纾困后收益的敏感性更高.放贷风险、融资需求和中小企业纾困后收益决定了中小企业获得贷款的渠道及其市场均衡利率水平.Walras equilibrium models are built which introduce bank loans and entrusted loans of enterprises with intergenerational connections to study the market equilibrium interest rate of bank loans and entrusted loans of enterprises,respectively.Results show that the market equilibrium interest rate of bank loans is socially optimal,and is positively affected by the profits of small-and medium-sizedfirms after being bailed out.The market equilibrium interest rate of entrusted loans with intergenerational relationship will eventually reach a steady equilibrium,and is also positively affected by the profits of small-and medium-sizedfirms after being bailed out;however,it is not the socially optimal rate.Besides,the market equilibrium interest rate of entrusted loans is more sensitive tofirms’profits.The lending risks,financing needs and the profits of small-and medium-sizedfirms after being bailed out determine these enterprises’channels to obtain loans and the level of market equilibrium interest rate.

关 键 词：Walras均衡模型 代际联系 委托贷款 市场均衡利率 贷款融资策略 

分 类 号：TP273[自动化与计算机技术—检测技术与自动化装置]