LPR改革对中期借贷便利工具利率传导效率的影响  

The Impact of LPR Reform on the Interest Rate Transmission Efficiency of Medium-term Lending Facility

作　　者：董华平 DONG Hua-ping(School of Economics,Shandong Normal University,Jinan 250358,China)

机构地区：[1]山东师范大学经济学院,山东济南250358

出　　处：《经济体制改革》2024年第1期142-150,共9页Reform of Economic System

摘　　要：实证分析中期借贷便利利率对银行贷款利率影响的变化,检验LPR改革对提高我国货币政策利率传导效率的成效。结果显示,在LPR改革后,中期借贷便利利率能够显著影响银行贷款利率,其中中小银行贷款利率受到的影响更大,表明LPR改革能够降低企业特别是中小企业的融资成本,从而提高货币政策的利率传导效率。机制分析表明,LPR报价基准的替换、LPR被纳入银行内部资金转移定价(FTP)与宏观审慎评估考核(MPA)是LPR改革提高货币政策利率传导效率的主要机制。影响因素分析发现,存款利率市场化程度低是现阶段影响我国货币政策利率传导效率的重要因素。因此,为了进一步提升货币政策利率传导效率,存款利率市场化改革应该是下一阶段改革的重要内容。同时,货币当局与监管部门应该妥善处理好利率市场化改革与金融风险之间的关系。This paper analyzes the impact of the medium-term lending facility rate on bank loan interest rates through empirical analysis and examines the effectiveness of the LPR reform in improving the efficiency of China's monetary policy rate transmission.The results show that after the LPR reform,the medium-term lending facility rate has a significant impact on bank loan interest rates,with smaller and medium-sized banks being more affected.This indicates that the LPR reform can reduce financing costs for enterprises,especially for small and medium-sized enterprises,thereby improving the efficiency of monetary policy rate transmission.Mechanism analysis shows that the replacement of the LPR quotation benchmark,the integration of the LPR into the bank's internal funds transfer pricing(FTP)and MPA assessment are the main mechanisms for improving the efficiency of monetary policy rate transmission through the LPR reform.The impact factor analysis found that the low level of deposit interest rate marketization is a major factor affecting the efficiency of monetary policy rate transmission in China at present.Therefore,to further improve the efficiency of monetary policy interest rate transmission.the marketization reform of deposit rates should be an important content of the next stage of reform.At the sametime,monetary authorities and regulatory departments should properly handle the relationship between interesrate marketization reform and financial risk.

关 键 词：LPR改革 中期借贷便利 银行贷款利率 利率传导效率 

分 类 号：F822.1[经济管理—财政学]