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  本文關鍵詞： 利率限制鐵律 信貸配給 利率市場化改革　出處：《浙江理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：以信息不對稱條件下的信貸配給模型為基礎,本文首先創(chuàng)新性地拓展了不對稱信息條件下金融機構信貸決策的理論分析框架,提出了隨著利率市場化的推進,農村金融機構邊際信貸供給決策,是在利率提高所帶來的風險補償效應、借款人類型結構效應和信息不對稱內生技術處理能力效應三者之間的權衡,在此基礎上考察利率市場化改革是否打破農村正規(guī)金融機構在利率限制條件下偏愛富裕農戶的“利率限制鐵律”行為。據(jù)此,本文提出了風險補償與內生技術能力效應在利率市場化改革前期占優(yōu)而借款人類型結構效應在后期占優(yōu)、利率市場化改革前期小農戶獲益更多而后期則大農戶獲益更多,以及正規(guī)金融機構內生信息處理能力會延遲小農戶受益相對受損時間的假說。在此基礎之上,本文的實證部分利用田野調查的樣本數(shù)據(jù),從機制與結論兩個方面對假說進行了經驗驗證。實證結果發(fā)現(xiàn):第一,利率市場化改革對大農戶信貸獲取容易程度的影響呈“U”形變化趨勢,正規(guī)金融機構對農戶類型識別的敏感度降低,以及小農戶從金融機構內生信息不對稱技術處理能力提高中獲益更多;第二,利率市場化改革顯著提高了農村正規(guī)金融機構的內生不對稱信息技術處理能力,而且這一效應的存在,比較明顯的延遲了正規(guī)金融機構對大農戶風險偏好的時間;第三,隨著利率市場化的推進,風險補償效應和內生技術能力效應對農村正規(guī)借貸供給的正向影響邊際減弱,而借款人類型結構對正規(guī)借貸供給的負向效應則持續(xù)增強。研究從經驗上證明了農村利率市場化改革確實對改善農村正規(guī)金融機構“利率限制鐵律”行為具有顯著的作用,但是由于三種不同效應在利率市場化階段的此消彼長,因此這一作用是動態(tài)和階段性的。最后,本文提出了應當階段性地看待利率市場化改革的作用,以及強化農村金融市場的競爭是非常重要的等政策含義。
[Abstract]:Based on the credit rationing model under asymmetric information, this paper first innovatively extends the theoretical analysis framework of credit decision-making of financial institutions under asymmetric information, and puts forward that with the promotion of interest rate marketization. The marginal credit supply decision of rural financial institutions is a trade-off between the risk compensation effect brought by the increase of interest rate, the type of borrower structure effect and the information asymmetry endogenous technology processing ability effect. On this basis, this paper investigates whether the reform of interest rate marketization breaks the "iron law of interest rate restriction" of rural formal financial institutions in favour of rich farmers under the condition of interest rate restriction. This paper puts forward that risk compensation and endogenous technical ability effect predominate in the early stage of interest rate marketization reform, while the borrower type structure effect dominates in the latter stage. On the basis of the hypothesis that the small farmers benefit more in the early stage and the large farmers in the later stage, and the endogenous information processing ability of the formal financial institutions will delay the relative damage time of the benefit of the small farmers. The empirical part of this paper uses the sample data of field survey to verify the hypothesis from two aspects of mechanism and conclusion. The empirical results are as follows: first. The influence of interest rate market-oriented reform on the easy access to credit of large farmers shows a "U" trend, and the sensitivity of formal financial institutions to the identification of farmers' types is reduced. And small farmers benefit more from the improvement of the technological processing ability of endogenous information asymmetry in financial institutions; Second, the market-oriented interest rate reform has significantly improved the endogenous asymmetric information technology processing capacity of rural formal financial institutions, and the existence of this effect. It obviously delayed the time of risk preference of formal financial institutions to large farmers; Third, with the promotion of interest rate marketization, risk compensation effect and endogenous technical ability effect on the rural formal lending supply of the marginal impact of the positive marginal weakening. However, the negative effect of borrower type structure on the supply of formal loans is continuously strengthened. The empirical study proves that the reform of marketization of rural interest rates does improve the "iron law of interest rate restriction" in rural formal financial institutions. Behavior has a significant effect. However, because of the three different effects in the interest rate marketization stage, so this role is dynamic and phased. Finally, this paper puts forward that we should treat the interest rate marketization reform in stages. And strengthen the competition of rural financial market is very important policy implication.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.35;F832.5

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