本文關(guān)鍵詞： 利率 利率市場化 商業(yè)銀行 制度基礎(chǔ) 貨幣政策　出處：《浙江工商大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：實現(xiàn)利率市場化改革是我國金融市場深化發(fā)展的核心內(nèi)容,而實現(xiàn)真正意義上的利率市場化改革需要正確轉(zhuǎn)變扭曲的市場利率,使得金融市場形成有效的利率價格機制,提高我國金融市場的資源配置效率,更好地服務(wù)于我國的實體經(jīng)濟。綜觀我國利率市場化改革20多年道路,市場實際預(yù)期效果并不理想,當(dāng)前我國金融市場出現(xiàn)很多問題,如“金融脫媒”及“影子銀行”迅速滋生,地方政府融資結(jié)構(gòu)不合理,股票市場泡沫嚴(yán)重等等市場問題都是與我國金融市場利率市場化改革存在的市場制度問題有關(guān)。本文認(rèn)為我國在推進利率市場化的過程中,不是應(yīng)該研究如何加速推進存款利率放開,而更要關(guān)注市場制度存在的產(chǎn)權(quán)制度與政府過度管制的問題并做出及時的調(diào)整。本文認(rèn)為完善的制度環(huán)境需要正確轉(zhuǎn)換政府在金融市場的職能作用以及對國有企業(yè)的產(chǎn)權(quán)制度的改革,打破傳統(tǒng)金融機構(gòu)對市場的長期壟斷機制,形成有效的動態(tài)競爭機制的市場環(huán)境。將政府以調(diào)控市場貨幣數(shù)量的貨幣政策轉(zhuǎn)為以政府服務(wù)于資本市場制度環(huán)境條件下形成完善的市場動態(tài)競爭機制決定的市場利率,有效的反應(yīng)市場資金供求情況,是形成我國市場化利率的關(guān)鍵所在。本文的理論部分：首先,將奧地利學(xué)派的市場動態(tài)競爭理論與利率理論結(jié)合分析利率形成機制,并指出奧地利學(xué)派與主流思想在利率理論方面的關(guān)聯(lián)性。其次,結(jié)合我國現(xiàn)有利率形成機制提出利率市場化的含義,即在完善的基準(zhǔn)利率體系下,形成由市場動態(tài)競爭決定的市場利率,有效反應(yīng)市場資金供求情況。然后分別從產(chǎn)權(quán)制度、交易成本和管制三方面分析制度對利率市場化的影響機理,指出制度環(huán)境的完善對利率市場化改革的重要性。其次分析我國利率市場化的進程。一方面通過數(shù)理分析將我國利率市場化改革進程分三部分：政府管制存貸利率市場、政府放開貸款利率市場和政府放開存款利率市場,指出利率管制對利率市場的影響及提出存款制度的放開才是我國利率市場化的關(guān)鍵。另一方面通過分析我國利率市場化改革過程指出我國金融市場主體及市場體系存在的制度障礙。然后通過選取制度環(huán)境質(zhì)量和產(chǎn)權(quán)制度作為指標(biāo)進行實證分析：選取受歐債危機影響金融市場波動性不同的兩組國家在利率市場化改革前后10年的數(shù)據(jù)進行對比實證分析指出,利率市場化改革過程中制度環(huán)境建設(shè)和產(chǎn)權(quán)制度完善的重要性及它們對改革后金融市場穩(wěn)定發(fā)展的重要性。最后結(jié)合對國外成功利率市場化改革的國家進行學(xué)習(xí),提出完善我國金融市場環(huán)境建設(shè)的建議,并提出對我國利率市場化未來的展望。
[Abstract]:To realize the reform of interest rate marketization is the core content of deepening the development of financial market in our country. However, to realize the reform of interest rate marketization in real sense needs to change the distorted market interest rate correctly and make the financial market form an effective interest rate price mechanism. To improve the resource allocation efficiency of our financial market and to serve the real economy of our country better. Looking at the road of China's interest rate marketization reform for more than 20 years, the actual expected effect of the market is not ideal. At present, there are many problems in our financial market. If "financial disintermediation" and "shadow banking" grow rapidly, the financing structure of local governments is unreasonable. The serious stock market bubble and other market problems are all related to the market system problems existing in the market-oriented reform of interest rate in China's financial market. We should not study how to speed up the liberalization of deposit interest rates. We should pay more attention to the problems of property right system and excessive government regulation in the market system and make timely adjustment. This paper holds that the perfect institutional environment needs to correctly change the function of the government in the financial market as well as the state-owned enterprises. The reform of the property right system of the industry, To break the long-standing monopoly mechanism of traditional financial institutions on the market, Forming the market environment of effective dynamic competition mechanism. Changing the monetary policy of the government to the market interest rate determined by the perfect market dynamic competition mechanism under the condition that the government serves the institutional environment of the capital market. An effective response to the supply and demand of market funds is the key to the formation of market-oriented interest rates in China. The theoretical part of this paper is to analyze the mechanism of interest rate formation by combining the Austrian school's theory of market dynamic competition with the theory of interest rate. It also points out the relevance of Austrian school and mainstream thought in interest rate theory. Secondly, combining with the existing interest rate formation mechanism in China, it puts forward the meaning of interest rate marketization, that is, under the perfect benchmark interest rate system, Forming the market interest rate determined by the market dynamic competition, effectively reflecting the market capital supply and demand situation, then analyzing the influence mechanism of the system on the interest rate marketization from three aspects of property right system, transaction cost and regulation, respectively. The paper points out the importance of perfecting the institutional environment to the reform of interest rate marketization. Secondly, it analyzes the process of interest rate marketization in China. On the one hand, it divides the reform process of interest rate marketization into three parts through mathematical analysis: the government regulates the market of deposit and loan interest rate. The government opens up the loan interest rate market and the government liberalizes the deposit interest rate market, It is pointed out that the influence of interest rate regulation on the interest rate market and the liberalization of deposit system are the key to the marketization of interest rate in China. Then through selecting institutional environment quality and property right system as indicators to carry on empirical analysis: two groups of countries affected by European debt crisis have different volatility of financial market before and after the reform of interest rate marketization. A comparative empirical analysis of 10 years' data shows that. The importance of institutional environment construction and property right system perfection in the process of interest rate marketization reform and their importance to the stable development of financial market after the reform. The paper puts forward some suggestions to perfect the financial market environment in our country, and puts forward the prospect for the future of interest rate marketization in our country.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.5

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相關(guān)期刊論文 前1條

1 張慧蓮;周曉喬;;利率市場化影響初現(xiàn)[J];銀行家;2014年02期

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本文編號：1536850