利率市场化改革的信贷配置质量效应研究  

Research on the Quality Effect of Interest Rate Marketization Reform on Credit Allocation

作　　者：马娟[1] 沈小燕[1] MA Juan;SHEN Xiao-yan

机构地区：[1]南通大学商学院

出　　处：《南通大学学报（社会科学版）》2024年第1期132-148,160,共18页Journal of Nantong University:Social Sciences Edition

基　　金：江苏高校哲学社会科学研究项目“数字普惠金融对农村居民的收入增长效应与优化研究”(2022SJYB1726);江苏高校哲学社会科学研究项目“绿色金融改革创新驱动经济绿色转型的作用机理与综合绩效评估”(2023SJYB1688)。

摘　　要：不当行政干预造成区域壁垒,诱发寻租问题,是导致要素市场分割与资源错配的重要成因,信贷市场尤为如此。基于商业银行信贷行为选择视角,运用2003—2019年我国31个省份的面板数据,对地方政府干预情形下我国利率市场化改革的信贷配置质量效应加以研究。结果表明,在干预市场条件下,商业银行具有较强的信贷寻租动机,信贷投放更倾向于迎合地方政府需求而非商业化导向;利率市场化改革带来的市场约束收紧尽管可促使商业银行增强信贷投放的商业性,显著增强区域贷款增长对盈利能力的敏感性,但无法对其信贷寻租动机形成有效抑制,以致其对信贷配置的质量效应难以发挥。而良好的地方政府治理可有效提升利率市场化改革的信贷配置质量效应。研究结论有助于厘清高质量发展要求下深化利率市场化改革的关键点,也为新形势下破除地方行政壁垒、增强地方金融监管效能以助推全国统一大市场建设提供经验参考。Improper administrative intervention creates regional barriers and evokes rent-seeking problems,which is a major cause of factor market segmentation and resource misallocation,especially in the credit market.From the perspective of commercial banks choosing credit behavior,the panel data of 31 provinces in China from 2003 to 2019 are used to study the quality effect of interest rate marketization on credit allocation under the market intervention of regional governments.The research shows that,under the condition of market intervention,commercial banks have a strong credit rent-seeking motivation,more inclined to meet the needs of regional governments rather than commercial orientation.The tightening of market discipline brought about by the market-oriented interest reform can promote commercial banks to enhance the commercial nature and significantly enhance the sensitivity of regional loan growth to profitability.However,it is unable to effectively inhibit their credit rent-seeking motivations.As a result,the quality effect of interest rate marketization on credit allocation is difficult to exert.Better local government governance can effectively improve the quality effect of interest rate marketization reform on credit allocation.The study is conducive to a better definition of the key points for further marketization of interest rates required by high-quality development,and also provides empirical reference for the breakthrough of local administrative barriers and enhance local financial regulations for the purpose of constructing a unified market throughout the country.

关 键 词：利率市场化 信贷配置质量效应 信贷寻租 地方金融监管 

分 类 号：F832.4[经济管理—金融学]