【摘要】：本文主要研究了中國銀行業(yè)對(duì)個(gè)人、企業(yè)以及政府這三個(gè)主要參與方的福利狀況。 中國銀行業(yè)對(duì)個(gè)人的福利分析,我們首先從理論上闡述跨期消費(fèi)理論,得出消費(fèi)者效應(yīng)最大化的情況為一種跨期消費(fèi)行為,此時(shí)消費(fèi)者通過儲(chǔ)蓄將收入轉(zhuǎn)為下期消費(fèi)或者貸款提前消費(fèi)來實(shí)現(xiàn)跨期消費(fèi)。與消費(fèi)者只消費(fèi)當(dāng)期收入相比,跨期消費(fèi)的效用更優(yōu)。即消費(fèi)者通過跨期消費(fèi)與只進(jìn)行當(dāng)期消費(fèi)相比獲得了額外的效用,也可以說獲得了額外的福利。而這種額外福利是消費(fèi)者通過在銀行儲(chǔ)蓄和借貸來實(shí)現(xiàn)的,所以也可以認(rèn)為銀行的吸儲(chǔ)與貸款業(yè)務(wù)給消費(fèi)者帶來了這額外的福利。然后通過中國三十多年的數(shù)據(jù)實(shí)證分析中國消費(fèi)者的行為確實(shí)存在著跨期消費(fèi)行為。即從實(shí)證角度定性的分析了中國銀行業(yè)對(duì)個(gè)人的福利效應(yīng)。最后考慮到個(gè)人與銀行的關(guān)系主要為存款和借貸,而這兩種行為都與利率有著緊密的聯(lián)系。參照Zou (1991、1994、1998) G. corneo and0. Jeanne (2001)個(gè)體效應(yīng)函數(shù)采用效用可分性的形式,效用函數(shù)包括消費(fèi)和資產(chǎn),通過實(shí)證分析國內(nèi)生產(chǎn)總值、消費(fèi)指數(shù)、存款利率對(duì)個(gè)人效用的影響,實(shí)證結(jié)果顯示銀行存款利率總體趨勢(shì)是變小,對(duì)個(gè)體效用的影響是負(fù)向的。 中國銀行業(yè)對(duì)企業(yè)的福利分析主要從財(cái)務(wù)杠桿和稅盾效應(yīng)兩個(gè)角度來進(jìn)行。稅盾效應(yīng)角度實(shí)證分析了企業(yè)的資產(chǎn)負(fù)債表,發(fā)現(xiàn)企業(yè)運(yùn)用了從銀行借款利息免稅的稅盾效應(yīng)來合理避稅,而且發(fā)現(xiàn)企業(yè)越發(fā)展利用稅盾效應(yīng)的趨勢(shì)越明顯。稅盾效應(yīng)帶來的合理避稅可以說是銀行給企業(yè)的一種額外福利。財(cái)務(wù)杠桿角度的實(shí)證分析了資金需求大的房地產(chǎn)123家上市房企,發(fā)現(xiàn)在合理負(fù)債比率的區(qū)間內(nèi)企業(yè)價(jià)值與財(cái)務(wù)杠桿比率成正比,企業(yè)價(jià)值越大往往財(cái)務(wù)杠桿比率越高。正財(cái)務(wù)杠桿對(duì)企業(yè)而言可以看成是一種福利。 中國銀行業(yè)對(duì)政府的福利效應(yīng)分析主要從銀行貸款、銀行貸款利率與經(jīng)濟(jì)發(fā)展的關(guān)系兩個(gè)角度來進(jìn)行分析。經(jīng)濟(jì)發(fā)展又好又快,對(duì)政府而言可以說是一種福利,經(jīng)濟(jì)發(fā)展好了,失業(yè)率降低,社會(huì)穩(wěn)定,對(duì)政府執(zhí)政地位有利。首先通過構(gòu)造社會(huì)福利函數(shù),實(shí)證分析銀行貸款對(duì)社會(huì)福利的影響。實(shí)證結(jié)果說明中國銀行業(yè)的貸款對(duì)社會(huì)的福利具有明顯的正向影響,對(duì)政府產(chǎn)生了明顯的間接福利。然后,通過建立回歸分析得出銀行貸款利率、固定資產(chǎn)投資與國內(nèi)生產(chǎn)總值之間的關(guān)系,得出銀行合理的貸款利率有利于銀行放貸的積極性,有利于資金的使用效率,有利于經(jīng)濟(jì)的發(fā)展。
[Abstract]:This paper mainly studies the welfare of Chinese banking industry to the individual, enterprise and government. In the analysis of individual welfare in China's banking industry, we first explain the theory of intertemporal consumption theoretically, and conclude that the maximization of consumer effect is a kind of intertemporal consumption behavior. At this time, the consumer will save income into the next period of consumption or loan ahead of the consumption to achieve intertemporal consumption. Compared with consumers only consuming current income, the utility of cross-term consumption is better. That is to say, consumers gain extra utility and welfare compared with only current consumption through intertemporal consumption. This kind of extra benefit is realized by consumers saving and lending in bank, so it can also be considered that the bank's business of absorbing deposits and loans has brought this extra benefit to consumers. Then, through the data of more than 30 years in China, the empirical analysis shows that the behavior of Chinese consumers does exist intertemporal consumption behavior. That is, from the perspective of empirical qualitative analysis of the welfare effects of Chinese banking on individuals. Finally, consider that the relationship between individuals and banks is mainly deposits and loans, both of which are closely related to interest rates. Reference to Zou (1991 / 1994 / 1998) G. corneo and0.) The individual effect function of Jeanne (2001) adopts the form of utility separability. The utility function includes consumption and assets. Through empirical analysis of the impact of gross domestic product (GDP), consumption index, deposit interest rate on individual utility, Jeanne (2001), The empirical results show that the overall trend of bank deposit interest rate is smaller and the impact on individual utility is negative. The welfare analysis of Chinese banks is mainly from two angles of financial leverage and tax shield effect. This paper empirically analyzes the balance sheet of enterprises from the perspective of tax shield effect, and finds that the tax shield effect of tax-exempt interest from bank loans is used to avoid tax reasonably, and that the more enterprises develop and utilize tax shield effect, the more obvious the trend is. The reasonable tax avoidance brought about by the tax shield effect can be said to be a kind of extra benefit to the enterprise by the bank. From the perspective of financial leverage, 123 listed real estate companies with large capital demand are analyzed. It is found that in the range of reasonable debt ratio, the enterprise value is proportional to the financial leverage ratio, and the higher the enterprise value is, the higher the financial leverage ratio is. Positive financial leverage can be seen as a welfare to an enterprise. The welfare effect of Chinese banking on government is mainly analyzed from two angles: bank loan, the relationship between bank loan interest rate and economic development. The economic development is good and fast, it can be said to be a kind of welfare to the government, the economic development is good, the unemployment rate is lower, the society is stable, is advantageous to the government ruling position. Firstly, the influence of bank loan on social welfare is analyzed empirically by constructing social welfare function. The empirical results show that the loan of China's banking industry has a significant positive impact on social welfare and a significant indirect welfare to the government. Then, by establishing regression analysis, the relationship between bank loan interest rate, fixed asset investment and GDP is obtained, and the reasonable loan interest rate is beneficial to the enthusiasm of bank lending and the efficiency of the use of funds. It is good for the development of economy.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.3

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