摘要
信贷配给是商业银行信贷投放过程的一种常态，表现为借款者的信贷资金需求不能全部被满足。古典经济学家认为信贷配给仅是因受到外部冲击或监管部门管制时的出现的暂时现象，而新凯恩斯主义经济学家认为当信贷市场均衡时仍会发生信贷需求未能出清的现象。现在，经济学者几乎已经达成一致：信贷配给是一种长期均衡的现象。
目前，全球依然处于经济金融化、经济全球化和金融全球化持续发展的阶段，且融资方式仍然是以银行业信贷投放的间接融资方式为主，但随着中国金融体系不断完善健全，以资本市场的债券、股票为主的直接融资比例逐步上升，将会发生直接融资逆转的情况。2009年，为应对美国次贷金融危机，中国推出4万亿的政府投资计划，因此政府加大了对商业银行信贷投放规模的直接干预，导致2009年出现“天量放贷”的状况。这项政策的实施虽然在一定程度上减轻了世界经济危机对中国经济的冲击，但是信贷资金向国家基础设施和各级地区大型项目等的集中投放，加剧了我国信贷资源向政府主导项目、国家控股企业的大量聚集，导致了中小企业、乡镇企业面临融资困难的窘境，致使我国信贷市场处于典型的政府干预下的非均衡信贷配给状态，且具有逐步加深的趋势。
在此基础上，国家东、中、西及东北地区战略规划的推行、利率市场化的启动、巴塞尔Ⅲ协议的分阶段实施、影子银行规模的迅速成长、货币政策中介目标的转换，使笔者认为有必要理清我国金融体制改革的方向，为商业银行可持续经营提出合理性意见和建议。因此，笔者立足于中国信贷市场，对处于不同经济发展水平区域中的商业银行信贷配给进行实证研究，分析得出影响商业银行信贷配给程度差异的影响因素，以此为商业银行提出合理的信贷配给实施意见，指导我国商业银行在不同区域信贷市场中合理分配信贷资源，同当地经济协调发展，以此提高中国商业银行的综合竞争力。
本文首先阐述了信贷配给现象产生的经济背景，界定了信贷配给的核心概念，并对整篇文章的逻辑脉络进行了梳理，与此同时，笔者结合长期在大型商业银行信贷管理部门的实际工作经验，以及平日在信贷工作中对信贷配给的思考，制定出整篇文章的技术路线图，并提出本文预期的理论创新和可能存在的不足之处。第二章文献综述通过对区域经济发展理论、金融发展理论、信贷配给理论的阐述，结合众多学者对信贷配给与区域经济发展关系的研究结论，笔者从金融正、负功能的影响出发，对信贷配给的形成机制进行初步探究。第三章重点对中国商业银行区域信贷配给的现状进行了综合的分析。在对中国不同时期东部、中部、西部、东北等四大区域经济发展水平、产业结构、城乡发展等情况差异化分析的基础上，以十六家上市商业银行为研究对象，对中国银行业的信贷配给状况进行统计分析。在此基础上，第四章归纳出影响中国商业银行信贷配给程度的四大影响因素，即国家政策影响因素、市场结构影响因素、银行业自身经营和非银行金融机构等。第五章以商业银行的经营特殊性为切入点，结合利率市场化改革、巴塞尔协议Ⅲ、影子银行等金融改革因素，通过建立相应数理模型，来研究利率市场管制与放开情况下及巴塞尔协议实施后的中国商业银行信贷配给机制。最后一章以金融可持续发展观为指导理念，基于上述章节的研究结果，为中国商业银行区域信贷配给政策的制定和实施提出意见和建议，最后，本文为中国商业银行与区域经济的可持续协调发展构建出政策建议框架。
本文的创新点主要有：一是基于对中国上市商业银行信贷配给现状的分析，归纳出影响中国商业银行区域信贷配给产生的主要因素，并对各因素进行综合解析；二是通过构建数理模型，论证在利率市场化、巴塞尔Ⅲ协议实施后的信贷配给程度变化方向，尤其是在政府对信贷配给实施干预的情况下，商业银行应该如何协调与地方政府的关系，使其更具竞争力；三是利用银行统计数据，分别对一家大型商业银行和一家中型商业银行东、中、西、东部等四大区域的信贷配给程度及发展趋势进行实证分析，并得出相应结论。
虽然本文力争对中国商业银行信贷配给的产生机理、影响因素、机制构建等方面进行较全面、较深入的研究，但由于有限的数据资料和研究时间，本文仍存在以下几点不足，待续完善：一是缺乏对于国外先进同业的利率市场化环境下的客户群体分析，缺少可以借鉴的样本；二是对于巴塞尔协议对于商业银行的全流程运营产生的深远影响还没有分析到位；三是本文的实证分析样本量选取不足。
Credit rationing is a normal process of commercial bank credit. The performance ofcredit rationing is the credit capital requirements of the borrower can’t be satisfied.Classical Economics treat the credit rationing as a temporary phenomenon which is underthe influence of the external shocks or the control of regulatory authorities, while NewKeynesian Economics point out that the credit demand is still not clearing, even thoughthe credit market is in balance. Nowadays, the economists almost reach an agreement：The credit rationing is a phenomenon of long-term balance.
At present, the world is still in the stage of sustainable development in theeconomic-financial, the economic globalization, as well as the financial-globalization.The financial system of China is still in the way of the indirect financing given by thebanking sector credit. As the constantly development and improvement of Chinesefinancial system, the proportion of direct financing which is based on the bound andstock in capital market has been gradually increasing, and thereof the direct financingreversal occurs. In2009, China launched a4trillion government investment plan, inresponse to American Subprime Mortgage Financial Crisis, that the direct intervention toincrease the number of credit, and finally led to the “astronomical lending”. The majorinvestment in people's livelihood, infrastructure, and environmental protection areasfurther exacerbated our credit resources to the government-led projects and state-ownedenterprises. In the meanwhile, the small and medium-sized enterprises, as well as thetownship enterprises, faced the problem of financing difficulties and were in a state ofuntypical non-equilibrium credit rationing status under government intervention, and thesituation has gradually deepened trend.
Based on the above, coupled with the national strategic planning of east-mid-westand northeast region, the officially enforcement of the interest rate market, the phasedimplementation of the Basel III, the rapidly expand of the shadow banking, the amount ofsocial financing seen as Monetary Policy targett, I believe that, it is necessary to sort outthe development direction of Chinese financial system reform in order to put forwardreasonable suggestions and advices for the sustainable management of commercial bank.Therefore, as for the credit market in China, this paper will research on the commercial bank credit rationing at different levels of regional economic development, analysisimpact of factors that makes commercial bank credit rationing different, and offerreasonable suggestions for the implementation of credit rationing, which could be as aguidance of China's commercial banks rational allocation of credit resources in thedifferent areas, with local economic development, in order to improve the overallcompetitiveness of China's commercial banks.
There are six chapters in this paper. The First chapter will focus on the economicbackground of the credit rationing phenomenon, and give the definition of the coreconcepts of credit rationing. In this chapter, we will have an overview of the whole paper,and raise the questions about the credit rationing in our practical work to develop thetechnology roadmap of the entire article. It will point out a theory innovation andinadequacies expected in this article as well. The Second chapter will describe thereferences about the theory of regional economic development and the financialdevelopment, the theory of credit rationing, the relationship between credit rationing andeconomic development, and credit rationing and economic development literature. And itwill analyze the credit rationing mechanism in view of both posive and negive functions.Chapter3will focuse on a comprehensive analysis of the status of Commercial Bank ofChina regional credit rationing. It analysis the differences of economic development,industrial structure, urban and rural development in different periods of the Four Regions.Taking the16listed commercial banks as objects, this paper will statistic and analyze thecurrent situation from the aspect of Four Regions, firm size, industry production, thedifference between urban and rural. Chapter4will conclude four facts which influencemechanism of Chinese commercial bank in the regional credit rationing, which are thenational macroeconomic policy level, regional market structure, banks own managementoperation and other non-bank financial institutions. Chapter5will start with theparticularity of commercial banks, and study the put in of the credit, and point out theinfluence of the scale of social financing on the regional economic development,including the shadow banking. in the process of interest rate reform, combined with theChinese commercial bank ‘s implementation of the Basel II, it will set up a theoreticalmodel, to study the credit rationing mechanism in the case of control and release of theinterest rate market, as well as the rate rationing mechanism under Basel II implementation. The last Chapter will be guided by the philosophy of financialsustainable development commercial. Giving the strategic development advice for theregional credit rationing policy of commercial banks, it will also improve the frame ofthe policy recommendations.
Innovation of this paper are: Firstly，based on analysis of the status of ChineseListed Commercial Banks, Commercial bank of China regional credit rationinginfluencing factors resolve; Secondly, it build mathematical models to demonstrate thedegree of credit rationing direction of change in the interest rate market, Basel IIIimplementation, especially in the case of the implementation of the intervention of thegovernment credit rationing, commercial banks should be how to coordinate therelationship with the local government; Thirdly, it uses the internal data of commercialbanks, empirical analysis of the degree of credit rationing and development trend of thefour regions of the two commercial banks.
Although this paper strive to do more comprehensive and in-depth study. Due to thelimited data and research time, there are some shortcomings in this paper: Firstly, there isthe lack of customer analysis based in an advanced foreign interbank interest rate marketenvironment, and the lack of reference samples Secondly, there is inadequate analyse ofthe Basel’s far-reaching implications for the whole process operators of commercialbanks. Thirdly, the selection of the empirical analysis samples is insufficient.
引文
1North,“Location Theory and Economic Growth”, Journal of Pplicitical Economy, Vol.63,1995,pp.243-258
2G.Myrdal, Economic Theory and Underdeveloped Regions, London,1957, especially23-29.
1周毅,李京文,区域经济发展理论演化及其启示[J}.经济学家,2012(3).
1刘艳华、王家传.信贷配给理论综述[J].金融发展研究.2008(6).
2任建军.信贷配给理论发展、模型与实证研究[J],金融论坛.2009(4).
1．Josephe.Stiglitz&Andrew Weiss, Credit Rationing in Markets with Imperfect Information. American EconomicReview,1981(6)．
2De Meza.D&D.C.Webb. Too Much Investment: a Problem of Asymmetric Information. Quarterly Journal of
3Economics,1987-102De Meza.D&D.C.Webb., Efficient Credit Rationing. European Economic Review,1992-36
4刘艳华、王家传.信贷配给：均衡与非均衡理论研究述评[J],生产力研究.2009(4).
5Jaffee, D. M., and F. Modigliani, A theory and test of credit rationing, American Economic Review,1969.59(5),.
1Hodgman D.R. Commercial Bank Loan and Investment policy, Champaign Urbana: Bureau ofEconomic and Business Research，University of Illinois，1963.
2Jaffee, D. M., and F. Modigliani, A theory and test of credit rationing, American Economic Review,1969,59(5).
1Rioja F. and Valev N. Does one size fit all?: A re-examination of the finance and growth relationship [J]. Journal ofDevelopment Economics,2004,74
2李广众，陈平.金融中介发展与经济增长多变量Var系统研究[J].管理世界.2002（3）.
3刘兴容.中国区域金融发展与经济增长关系的实证分析[J].西南民族学院学报（哲学社会科学版）.2002（12）.
4Greenwood&Smith, Financial markets in development and development of financial markets[J]. Journal ofEconomic Dynamics and Control.1997(21).
1Joseph.A Schumpeter. The theory of economic development: an inquiry into profits,capital, ccredit,interest, and the business cycle[M]. Havard University Press,1951.
1Bencivenga,Valefie R, Brace D.Smith. Some Consequences of Credit Rationing in all EndogenousGrowth Model [J]. Journal of Economic Dynamics and Control.1993
1艾洪德，徐明圣，郭凯.我国区域金融发展与区域经济增长关系的实证分析[J].财经问题研究，2004（7）.
1孙日瑶，我国三大地带经济差距与原因分析，山东大学学报（哲社版），1999（2），71-78.
1骆金明.《制定农村区域信贷政策意见》农村金融研究，1986（2）。
1戴友根.中国人民银行货币政策50年的简要回顾[J].中国金融.1998（12）.
1周小川.大型商业银行改革的回顾与展望[J].西部金融.2012（5）.
[1] Agur, I. Credit rationing when banks are funding constrained[J]. North AmericanJournal of Economics and Finance,2012,23(2),220-227.
[2] Arnold, L. G., and J. G. Riley. On the possibility of credit rationing in theStiglitz-Weiss model[J]. American Economic Review,(2009),99(5),2012-2021.
[3] Beneivenga, Valerie R, and Brace D. Smith. Financial Intermediation andEndogenous Growth[J]. Review of Economic Studies,1991,58(2):195-209.
[4] Bencivenga,Valefie R, Brace D.Smith. Some Consequences of Credit Rationing inall Endogenous Growth Model [J]. Journal of Economic Dynamics and Control,1993
[5] Bester, H. Screening vs. rationing in credit markets with imperfect information[J].American Economic Review,1985,75(4),850-855.
[6] Daniel Ayalew Ali, Klaus Deininger. Causes and Implications of Credit Rationing inRural Ethiopia[J]. Policy Research Working Paper,2012.
[7] de Meza, D., and D. C. Webb. Credit rationing: Something's gotta give, Economic,2006,73,563-578.
[8] DeMeza, David.D. Webb. efficient credit rationing[J]. European Economic Review,1992,36(6):1277-1290
[9] De Meza.D&D.C.Webb. Too Much Investment: a Problem of AsymmetricInformation[J]. Quarterly Journal of Economics,1987-102
[10] Dixit, A. K., and R. S. Pindyck (1994),Investment under Uncertainty. PrincetonUniversity Press, Princeton, NJ.
[11] Dona Rai, credit rationing, government credit programs and co-financing[J].Journal of Applied Economics. Vol X, No.2(Nov2007),361-389
[12] Ellis, Howard. The Rediscovery of Money,in Money,Trade and Economic Growth,New York. Macmillan Company,1951,253-269
[13] Friedman E. Maoismand the liberation of the poor[J]. World Polities,1987,39(3):408-428.
[14] FSB. Shadow Banking: Scoping the Issues-A Background Note of the FinancialStability Board[R]. April,2011.
[15] FSB. Shadow Banking: Strengthening Oversight and Regulation[R]. October,2011.
[16] FSB. The Financial Stability Board’s Work on Shadow Banking: Progress and NextStep[R]. September,2011.
[17] G.Myrdal, Economic Theory and Under developed Regions, London,1957,especially23-29.
[18] Green wood and Smith. Financial markets in development and development offinancial markets[J]. Journal of Economic Dynamics and Control.1997(21).
[19] Hodgman D.R. Commercial Bank Loan and Investment policy, Champaign Urbana:Bureau of Economic and Business Research, University of Illinois,1963.
[20] Jaffee, D. M., and F. Modigliani. A theory and test of credit rationing[J]. AmericanEconomic Review,1969,59(5),850-872.
[21] JaffeeD.M. and Stiglitz J.E. Credit Rationing,Chap.16in Friedman M.Benjaminand HahnH. Frank(edited)[J],Hand books of monetary economic,Volume, Elsevierscience Publishers B.V,1990.
[22] Joseph Stiglitz. Reflections on the Natural Rate Hypothesis[J]. The Journal ofEconomic Perspectives,1997,11.
[23] Joseph.A Schumpeter. The theory of economic development: an inquiry intoprofits,capital, credit, interest, and the business cycle[M]. Havard University Press,1951.
[24] Keeton,W. Equilibrium Credit Rationing, New York:Garland press,1979.
[25] Lucas,Robert,E.JR. On the mechanics of economic development[J]. JournalMonetary Economies,1998,22(l):3-42
[26] Mckinnon, Ronald. Money and Capital in Economic Development Washington:Brookings Institution,1973.
[27] North,Location Theory and Economic Growth[J], Journal of Pplicitical Economy,Vol.63,1995,pp.243-258
[28] Pagano,Marco, Financial Markets and Growth: An overview[J],European EconomicReview,1993,(37):613-622
[29] Parikshit Ghosh, Dilip Mookherjee, Debraj Ray, Credit Rationing in DevelopingCountries:An Overview of the Theory, A Reader in Development Economics,London: Blackwell (2000).
[30] Rothschild, M., and J. E. Stiglitz (1970), Increasing risk I: A definition[J], Journalof Economic Theory,2(3),225-243.
[31] Rioja F. and Valev N. Does one size fit all?: A re-examination of the finance andgrowth relationship [J]. Journal of Development Economics,2004,74
[32] Stiglitz.J.E. and Weiss.A. Credit Rationing in Markets with Imperfectinformation[J], The American Economic Review,1981,71(3):393-410.
[33] Shaw.S.Edward. Financial Deepening in Economic Development. OxfordUniversity Press,1973.
[34] Wilson.J.sG. Credit Rationing and the Relevant Rate of Interest. Economies NewSeries,1954,21(8):21-3
[35] World Bank. Sharing Rising Incomes: Disparities in China, China2020series,Washington D.C,1997.
[36]白钦先.以金融资源学说为基础的金融可持续发展理论和战略——理论研究的逻辑[J].华南金融研究，2003，(3):1-6.
[37]白钦先经济金融文集1-3卷[M].中国金融出版社
[38]艾洪德，徐明圣，郭凯.我国区域金融发展与区域经济增长关系的实证分析[J].财经问题研究，2004(7)
[39]彼得·纽曼等编.新帕尔格雷夫货币金融大辞典(中译本).北京:经济科学出版社，2000
[40]产行业“十二五”规划.中国工业和信息化部网站
[41]陈华，刘永新.区域经济增长理论与中国区域经济非均衡协调发展[J].国际技术经济研究，2006(2)
[42]陈晓枫，叶李伟.金融发展理论的变迁与创新[J].福建师范大学学报，2007(3)
[43]戴根有.中国人民银行货币政策50年的简要回顾[J].中国金融，1998(12)
[44]范柞军.区域金融调控论[M].北京:人民出版社，2007，194
[45]高新才，李新彬.西部地区金融抑制的制度分析明[J].改革，2005(4)
[46]各期中国统计年鉴[M]，中国统计出版社
[47]韩立岩，王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究，2005(l)
[48]赫国胜.规范我国地方商业银行跨区域经营的对策构想[J].理论探讨，2012(1)
[49]纪天平.我国西部信贷资金配置效益研究[J].成都理工大学学报，2004(4)
[50]江其务.论银行信贷管理的若干理论问题团[J].金融研究，2003(7)
[51]金雪军，田霖.我国区域金融成长差异的态势:1978-2003年[J].经济理论与经济管理，2004(8)
[52]雷蒙德·W·戈德史密斯.金融结构与金融发展[M].上海：上海三联书店，1990
[53]李敬.中国区域金融发展差异研究[M].北京：中国经济出版社，2008(10)
[54]李萍，张道宏.金融发展与地区经济差距[J].统计研究，2004(12)
[55]李扬.影子银行体系发展与金融创新[J].中国金融，2010(1)
[56]林凌.东西部差距扩大问题分析[J].经济研究，1996(7)
[57]林森.信贷投放量与结构对经济增长的影响分析[J].商业时代，2012(22)
[58]刘斌.资本充足率对信贷、经济及货币政策传导的影响[J].金融研究，2005(8)
[59]刘镰洲.中部欠发达地区存差问题分析[J].武汉金融，2OO5(10)
[60]刘民权，徐忠，赵英涛，俞建拖.农村经济区域发展不平衡与资金外流的关系分析[M].转轨中国，2005
[61]刘艳华，王家传.信贷配给：均衡与非均衡理论研究述评[J].生产力研究，2009(7)
[62]陆文喜，李国平.中国区域金融发展的收敛性分析[J].数量经济技术经济研究，2004(2)
[63]罗彩云，傅晓初.中国银行业市场化对信贷资金区域配置的影响[J].广东金融学院学报，2004(6)
[64]罗纳德·I·麦金农.经济发展中的货币与资本[M].上海：上海三联书店，1988
[65]骆振心，冯科.影子银行与我国货币政策传导[J].武汉金融，2012(4)
[66]骆金明.制定农村区域信贷政策管见[J].农村金融研究，1986(9)
[67]孟建华.中国货币政策的选择与发展[M].北京:中国金融出版社，2006:169
[68]苗晓宇，陈晞.影子银行体系及其对商业银行的影响探析[J].华北金融，2012(2)
[69]穆争社.论信货配给对宏观经济波动的影响[J].金触研究，2005(l)
[70]潘文卿，张伟.中国资本配置效率与金融发展相关性研究[J].管理世界，2003(8)
[71]齐志鲲.银行惜贷、信贷配给与货币政策有效性[J].金融研究，2002(8)
[72]任建军.基于科学发展观视角下的经济发展与经济增长辨析[J].海南金融，2009(5)
[73]任建军.中国区域信贷配给问题研究[J].金融论坛，2009(10)
[74]十八大工作报告（2011）
[75]石晓军，李杰.商业信用与银行借款的替代关系及其反周期性:1998-2006年[J]．财经研究，2008(3)．
[76]司政，单葆国.“十二五”期间我国区域产业布局和经济发展分析[J].能源技术经济，2011(10-14)
[77]苏汝劼，冯晗.商业信用与企业规模的负相关关系:基于关系网络的理论分析与实证检验[J].经济理论与经济管理，2009(3)
[78]孙力军.金融发展与经济增长的因果关系-基于中国省份数据的实证检验[J].山西财经大学学报，2008(3)
[79]孙姗姗，朱传耿.区域经济发展差异研究进展与展望[J].人文地理，2008(2)
[80]孙日瑶.我国三大地带经济差距与原因分析[J].山东大学学报（哲社版），1999（2）
[81]覃成林.中国区域经济差异研究[M].北京:中国经济出版社，1997
[82]万寿桥，李小胜.中国资本市场与经济增长关系的脉冲响应分析[J].财经研究，2004(6)
[83]王绍光，胡鞍钢.中国:不平衡发展的政治经济学[M].北京:中国计划出版社
[84]王树田，高桂珍，杨桂相.当前中国银行信贷结构失衡的困境及调节对策[J].福建金融管理干部学院学报，2004(6)
[85]王征.信贷配给微观机理研究[D].博士学位论文，辽宁大学，2012
[86]王洋，修春亮.1990-2008中国区域经济格局时空演变[J].地理科学进展，2011(8)
[87]吴晓灵主编.中国金融体制改革30年回顾与展望[M].北京：人民出版社，2008:13-35
[88]文远华.中国经济转型时期信贷配给问题研究[M].上海：上海三联书店、上海人民出版社，2005
[89]谢家智.区域资金配置研究[M].北京:中国物价出版社，2004
[90]谢平.中国金融制度的选择[M].上海:上海远东出版社，1992
[91]熊鹏.我国货币政策传导的阻滞与疏通:一个分析框架[J].当代经济科学，2005(1)
[92]徐进前.非均衡条件下信贷资源配置选择[J].财贸经济，2006(12)
[93]徐诺金.论我国的金融生态问题[J].金融研究，2005(2)
[94]徐强.风险认知差异与信贷配给的关系[J].预测，2005(l)
[95]徐艳，何泽荣.逆向选择与中国银行信贷配给的变异[J].西南金融，2006(5)
[96]许伟，陈斌开.银行信贷与中国经济波动：1993-2005[J].经济学（季刊），2009(3)
[97]亚当·斯密.国民财富的性质和原因的研究[M].北京:商务印书馆，1972
[98]杨德勇，汪增群.东北老工业基地经济发展中的金融视角分析[J].中央财经大学学报，2006(6)
[99]杨开忠.中国区域经济差异变动研究[J].经济研究，1994(l2)
[100]杨宗原.信贷配给对中国货币政策有效性的影响[J].经济师，2006(9)
[101]姚玲珍，王叔豪.市场机制缺位下的利率政策与投资[J].数量经济技术经济研究，2003(11)
[102]叶光毓.我国区域信贷配给形成机制研究[J].特区经济，2009(1)
[103]易丹辉.数据分析与E-views应用[M].北京:中国统计出版社.2002
[104]易纲.中国金融资产结构分析及政策含义[J].经济研究，1996(11)
[105]易秋霖.中国的非均衡金融[M].北京:经济管理出版社，2004
[106]易宪容.当前的投资过热与利率调控[J].上海金融，2OO4(5)
[107]殷德生，肖顺喜.体制转轨中的区域金融研究[M].上海:学林出版社，2000
[108]尹志华.中国的信贷配给:现象、原因及影响[J].经济师，2007(2):22-23
[109]余岩.中国非正规金融发展的路径分析[M].财经界，2006(2)
[110]于晓非.中国商业银行资本结构优化调整研究[D].博士学位论文，辽宁大学，2012
[111]张焕明.地区差异条件下对外开放度对经济增长的影响的实证分析[J].经济科学，2003(6)
[112]张杰.中国农村金融制度:结构、变迁与政策[M].中国人民大学出版社，2003
[113]张静琦.现代信贷配给理论评述及启示[J].财经科学，2000(4)
[114]张俊生，曾亚敏.社会资本与区域金融发展[J].财经研究，2005(4)
[115]张铁铸，周红．上市公司商业信用的实证研究[J]．中南财经政法大学学报，2009(3)
[116]张文路.关于信贷配给理论的文献综述[J].宁夏社会科学，2O06(3)
[117]张志军.中央银行应注意金融调控的地区差别性[J].理论研究，1999(6)
[118]张晓莉，王宇，王媛，李玉辉.我国信贷资源的区域分布与配置效率研究[J].西部金融，2012(10)
[119]张军.中国的信贷增长为什么对经济增长影响不显著[J].学术月刊，2006(7)
[120]赵怡.金融与经济发展理论综述[J].经济问题，2006(2)
[121]赵宇翔.商业信用影响因素研究:来自银行信贷的证据[J]．金融理论与实践，2008(6)
[122]钟田丽，陈静，高源．中小企业利用商业信用影响因素分析[J]．管理评论，2006(1)
[123]中国银行业协会.解读商业银行资本管理办法[M].北京：中国金融出版社，2012:1-24
[124]周立，胡鞍钢.中国金融发展的地区差距分析:1978-1999[J]，清华大学学报，2002(2)
[125]周立，王子明.中国各地区金融发展与经济增长实证分析:1978-2002[J].金融研究，2002(10).
[126]周立.中国各地区金融发展和经济增长[M].北京:清华大学出版社，2004(20)
[127]周丽萍.论影子银行体系国际监管的进展、不足、出路[J].国际金融研究，2012(1)
[128]周小川.大型商业银行改革的回顾与展望[J].中国金融，2012(6)
[129]周毅，李京文.区域经济发展理论演化及其启示[J].经济学家，2012(3)
[130]昝德银，陈华.区域经济增长理论与中国非均衡协调发展模式[J].金融教学与研究，2006(2)
[131]朱武祥，郭洋.行业竞争结构、收益风险特征与资本结构[J]．改革，2003(2)
[132]邹新月.商业银行信贷市场中行为金融范式分析[J].经济学动态，2005(4)