利率市场化增加企业信贷成本了吗?——基于中国某省信贷数据的研究
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摘要
本文运用中国某省2011-2016年间近100万笔信贷数据,考察利率市场化对企业信贷成本的影响。结果显示,利率市场化加剧银行之间市场竞争,考察利率市场化的影响不仅需要区分企业特征因素,还要考察不同类型贷款的差异。从企业视角看,利率市场化利于缓解银行对企业的"套牢"问题,降低大企业和高资信企业信贷成本,但会增加普通中小企业信贷成本。从银行视角看,利率市场化对企业信贷成本的影响与贷款契约有关,贷款期限会弱化利率市场化对增加企业信贷成本的影响,且不同类型银行的差别化定价策略存在差异。
Based on nearly 1 million lending data in some China's Province during 2011-2016, the author of this paper researches the impacts of interest rate liberalization on loan cost of enterprises. The results of the paper show that the interest rate liberalization intensify the banking competition; to analyze the impacts of interest rate liberalization, it's needed to consider not only the enterprise characteristics, but also the types of banks and loans. From the perspective of the enterprises, the interest rate liberalization is conducive to easing bank's holding up to enterprises, reducing the loan cost of large and high credit enterprises, but it increases the loan cost of ordinary SMEs. From the perspective of banks, the impacts of interest rate liberalization on loan cost are related to the loan contract, and the loan maturity weakens the increase in the loan cost, and the pricing strategy varies in different type of banks.
Based on nearly 1 million lending data in some China's Province during 2011-2016, the author of this paper researches the impacts of interest rate liberalization on loan cost of enterprises. The results of the paper show that the interest rate liberalization intensify the banking competition; to analyze the impacts of interest rate liberalization, it's needed to consider not only the enterprise characteristics, but also the types of banks and loans. From the perspective of the enterprises, the interest rate liberalization is conducive to easing bank's holding up to enterprises, reducing the loan cost of large and high credit enterprises, but it increases the loan cost of ordinary SMEs. From the perspective of banks, the impacts of interest rate liberalization on loan cost are related to the loan contract, and the loan maturity weakens the increase in the loan cost, and the pricing strategy varies in different type of banks.
引文
曹森、史逸林,2017.贷款集中、信贷跟随与产能过剩——以中国上市公司行业贷款为例[J].金融论坛,(2):56-69.
陈彦斌、陈小亮、陈伟泽,2014.利率管制与总需求结构失衡[J].经济研究,(2):18-31.
胡晖、张璐,2015.利率市场化对成长型企业融资约束的影响[J].经济评论,(5):141-153.
胡育蓉、范从来,2015.货币政策工具的选择:利率双轨制和利率市场化[J].经济评论,(4):3-16.
黄晓薇、郭敏、李莹华,2016.利率市场化进程中银行业竞争与风险的动态相关性研究[J].数量经济技术经济研究,(1):75-91.
纪洋、谭语嫣、黄益平,2016.金融双轨制与利率市场化[J].经济研究,(6):45-57.
纪洋、徐建炜、张斌,2015.利率市场化的影响、风险与时机[J].经济研究,(1):38-51.
金中夏、洪浩、李宏瑾,2013.利率市场化对货币政策有效性和经济结构调整的影响[J].经济研究,(4):69-82.
刘莉亚、余晶晶、杨金强、朱小能,2017.竞争之于银行信贷结构调整是双刃剑吗?[J].经济研究,(5):131-145.
马理、高冰、葛斌,2018.中小银行、银团贷款与小企业贷款[J].金融论坛,(6):24-37.
彭建刚、王舒军、关天宇,2016.利率市场化导致商业银行利差缩窄吗?[J].金融研究,(7):48-63.
钱龙,2015.信息不对称与中小企业信贷风险缓释机制研究[J].金融研究,(10):115-132.
任志宏、郁方、钱金保,2013.贷款利率市场化对中小银行和中小企业的影响[J].南方金融,(11):11-14.
宋全云、吴雨、钱龙,2016.存款准备金率与中小企业贷款成本[J].金融研究,(10):64-78.
王东静、张祥建,2007.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,(2):50-59.
杨筝、刘放、李茫茫,2017.利率市场化、非效率投资与资本配置[J].金融研究,(5):81-96.
尹雷、卞志村,2016.利率市场化、存款保险制度与银行危机[J].国际金融研究,(1):49-59.
尹志超、钱龙、吴雨,2015.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,(1):134-149.
张东奎,2012.东亚经济体利率市场化研究[D].长春:吉林大学.
Abiad,A.,Detragiache,E.,and Tressel,T.,2010. A New Database of Financial Reforms[J]. IMF Economic Review,2:281-302.
Ameer,R.,2003. Financial Liberalization and Capital Structure Dynamics in Developing Countries:Evidence from Emerging Markets of South East Asia[R]. SSRN Working Paper.
Ataullah,A.,Cockerill,T.,and Le,H.,2004. Financial Liberalization and Bank Efficiency:A Comparative Analysis of India and Pakistan[J]. Applied Economics, 17:1915-1924.
Behr,P.,Entzian,A.,and Guttler,A.,2011. How Do Lending Relationships Affect Access to Credit and Loan Conditions in Microlending?[J]. Journal of Banking&Finance,8:2169-2178.
Bharath.S.T.,Dahiya,S.,and Saunders,A.,Srinivasan,A.,2011. Lending Relationships and Loan Contract Terms[J]. Review of Financial Studies,4:1141-1203.
Chi,Q.S.,and Fu,S.W.,2016. The Impact of the Interest Rate Liberalization on Both Banks and Small Firms:Evidence from China[J]. Research in World Economy,2:26-33.
Feyzioglu,T.,Porter,N.,and Takats,E.,2009. Interest Rate Liberalization in China[R]. IMF Working Paper,No.171.
Ge,Y.,and Qiu,J.P.,2007. Financial Development,Bank Discrimination and Trade Credit[J]. Journal of Banking and Finance,2:513-530.
Gelos,R.G.,and Werner,A.M.,2002. Financial Liberalization,Credit Constraints,and Collateral:Investment in the Mexican Manufacturing Sector[J]. Journal of Development Economics, 1:1-27.
He,D.,Wang,H.L.,and Yu,X.R.,2015. Interest Rate Determination in China:Past,Present,and Future[J]. International Journal of Central Banking,4:255-277.
Hellmann,T.F.,Murdock,K.C.,and Stiglitz,J.E.,2000. Liberalization,Moral Hazard in Banking,and Prudential Regulation:Are Capital Requirements Enough?[J]. The American Economic Review, 1:147-165.
Hu,B.,2014. Financial Repression and Interest Rate Liberalization in China[R]. Working Paper.
Koo,J.,and Shin,S.,2004. Financial Liberalization and Corporate Investments:Evidence from Korean Firm Data[J]. Asian Economic Journal, 3:277-292.
Liao,W.,and Tapsoba,S.J-A.,2014. China's Monetary Policy and Interest Rate Liberalization:Lessons from International Experiences[R]. IMF Working Paper,No.75.
McKinnon,R.I., 1973. Money and Capital in Economic Development[M]. Washington, D.C.:Brookings Institution Press.
Obstfeld, M., 1994. Risk-taking,Global Diversification,and Growth[J]. American Economic Review,5:1310-1329.
Petersen,M.A.,and Rajan,R.G., 1994. The Benefits of Lending Relationships:Evidence from Small Business Data[J]. The Journal of Finance, 1:3-37.
Sharpe,S.A., 1990. Asymmetric Information,Bank Lending,and Implicit Contracts:A Stylized Model of Customer Relationships[J]. The Journal of Finance,4:1069-1087.
Shaw,E.S., 1973. Financial Deepening in Economic Development[M]. New York:Oxford University Press.
Wang,H.,Wang,H.L.,Wang,L.S.,and Zhou,H.,2016. Shadow Banking:China's Dual-track Interest Rate Liberalization[R]. CFRC Working Paper.
(1)专指工商银行、农业银行、中国银行和建设银行四家国有控股全国性大型商业银行,根据统计惯例,本文股份制商业银行不再包含这四家商业银行。
(1)DID模型考察样本为贷款发放日在2013年7月20日-2014年7月4日期间。
(1)四类行业分别为交通运输、仓储和邮政业,租赁和商务服务业,电力、热力、燃气及水生产和供应业,水利、环境和公共设施管理业。
(1)利率市场化的回归系数和贷款期限与利率市场化水平交互项的回归系数之和为0时,利率市场化对企业信贷成本的影响为0。
陈彦斌、陈小亮、陈伟泽,2014.利率管制与总需求结构失衡[J].经济研究,(2):18-31.
胡晖、张璐,2015.利率市场化对成长型企业融资约束的影响[J].经济评论,(5):141-153.
胡育蓉、范从来,2015.货币政策工具的选择:利率双轨制和利率市场化[J].经济评论,(4):3-16.
黄晓薇、郭敏、李莹华,2016.利率市场化进程中银行业竞争与风险的动态相关性研究[J].数量经济技术经济研究,(1):75-91.
纪洋、谭语嫣、黄益平,2016.金融双轨制与利率市场化[J].经济研究,(6):45-57.
纪洋、徐建炜、张斌,2015.利率市场化的影响、风险与时机[J].经济研究,(1):38-51.
金中夏、洪浩、李宏瑾,2013.利率市场化对货币政策有效性和经济结构调整的影响[J].经济研究,(4):69-82.
刘莉亚、余晶晶、杨金强、朱小能,2017.竞争之于银行信贷结构调整是双刃剑吗?[J].经济研究,(5):131-145.
马理、高冰、葛斌,2018.中小银行、银团贷款与小企业贷款[J].金融论坛,(6):24-37.
彭建刚、王舒军、关天宇,2016.利率市场化导致商业银行利差缩窄吗?[J].金融研究,(7):48-63.
钱龙,2015.信息不对称与中小企业信贷风险缓释机制研究[J].金融研究,(10):115-132.
任志宏、郁方、钱金保,2013.贷款利率市场化对中小银行和中小企业的影响[J].南方金融,(11):11-14.
宋全云、吴雨、钱龙,2016.存款准备金率与中小企业贷款成本[J].金融研究,(10):64-78.
王东静、张祥建,2007.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,(2):50-59.
杨筝、刘放、李茫茫,2017.利率市场化、非效率投资与资本配置[J].金融研究,(5):81-96.
尹雷、卞志村,2016.利率市场化、存款保险制度与银行危机[J].国际金融研究,(1):49-59.
尹志超、钱龙、吴雨,2015.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,(1):134-149.
张东奎,2012.东亚经济体利率市场化研究[D].长春:吉林大学.
Abiad,A.,Detragiache,E.,and Tressel,T.,2010. A New Database of Financial Reforms[J]. IMF Economic Review,2:281-302.
Ameer,R.,2003. Financial Liberalization and Capital Structure Dynamics in Developing Countries:Evidence from Emerging Markets of South East Asia[R]. SSRN Working Paper.
Ataullah,A.,Cockerill,T.,and Le,H.,2004. Financial Liberalization and Bank Efficiency:A Comparative Analysis of India and Pakistan[J]. Applied Economics, 17:1915-1924.
Behr,P.,Entzian,A.,and Guttler,A.,2011. How Do Lending Relationships Affect Access to Credit and Loan Conditions in Microlending?[J]. Journal of Banking&Finance,8:2169-2178.
Bharath.S.T.,Dahiya,S.,and Saunders,A.,Srinivasan,A.,2011. Lending Relationships and Loan Contract Terms[J]. Review of Financial Studies,4:1141-1203.
Chi,Q.S.,and Fu,S.W.,2016. The Impact of the Interest Rate Liberalization on Both Banks and Small Firms:Evidence from China[J]. Research in World Economy,2:26-33.
Feyzioglu,T.,Porter,N.,and Takats,E.,2009. Interest Rate Liberalization in China[R]. IMF Working Paper,No.171.
Ge,Y.,and Qiu,J.P.,2007. Financial Development,Bank Discrimination and Trade Credit[J]. Journal of Banking and Finance,2:513-530.
Gelos,R.G.,and Werner,A.M.,2002. Financial Liberalization,Credit Constraints,and Collateral:Investment in the Mexican Manufacturing Sector[J]. Journal of Development Economics, 1:1-27.
He,D.,Wang,H.L.,and Yu,X.R.,2015. Interest Rate Determination in China:Past,Present,and Future[J]. International Journal of Central Banking,4:255-277.
Hellmann,T.F.,Murdock,K.C.,and Stiglitz,J.E.,2000. Liberalization,Moral Hazard in Banking,and Prudential Regulation:Are Capital Requirements Enough?[J]. The American Economic Review, 1:147-165.
Hu,B.,2014. Financial Repression and Interest Rate Liberalization in China[R]. Working Paper.
Koo,J.,and Shin,S.,2004. Financial Liberalization and Corporate Investments:Evidence from Korean Firm Data[J]. Asian Economic Journal, 3:277-292.
Liao,W.,and Tapsoba,S.J-A.,2014. China's Monetary Policy and Interest Rate Liberalization:Lessons from International Experiences[R]. IMF Working Paper,No.75.
McKinnon,R.I., 1973. Money and Capital in Economic Development[M]. Washington, D.C.:Brookings Institution Press.
Obstfeld, M., 1994. Risk-taking,Global Diversification,and Growth[J]. American Economic Review,5:1310-1329.
Petersen,M.A.,and Rajan,R.G., 1994. The Benefits of Lending Relationships:Evidence from Small Business Data[J]. The Journal of Finance, 1:3-37.
Sharpe,S.A., 1990. Asymmetric Information,Bank Lending,and Implicit Contracts:A Stylized Model of Customer Relationships[J]. The Journal of Finance,4:1069-1087.
Shaw,E.S., 1973. Financial Deepening in Economic Development[M]. New York:Oxford University Press.
Wang,H.,Wang,H.L.,Wang,L.S.,and Zhou,H.,2016. Shadow Banking:China's Dual-track Interest Rate Liberalization[R]. CFRC Working Paper.
(1)专指工商银行、农业银行、中国银行和建设银行四家国有控股全国性大型商业银行,根据统计惯例,本文股份制商业银行不再包含这四家商业银行。
(1)DID模型考察样本为贷款发放日在2013年7月20日-2014年7月4日期间。
(1)四类行业分别为交通运输、仓储和邮政业,租赁和商务服务业,电力、热力、燃气及水生产和供应业,水利、环境和公共设施管理业。
(1)利率市场化的回归系数和贷款期限与利率市场化水平交互项的回归系数之和为0时,利率市场化对企业信贷成本的影响为0。