本文關(guān)鍵詞： 利率限制鐵律 信貸配給 利率市場(chǎng)化改革　出處：《浙江理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：以信息不對(duì)稱條件下的信貸配給模型為基礎(chǔ),本文首先創(chuàng)新性地拓展了不對(duì)稱信息條件下金融機(jī)構(gòu)信貸決策的理論分析框架,提出了隨著利率市場(chǎng)化的推進(jìn),農(nóng)村金融機(jī)構(gòu)邊際信貸供給決策,是在利率提高所帶來(lái)的風(fēng)險(xiǎn)補(bǔ)償效應(yīng)、借款人類型結(jié)構(gòu)效應(yīng)和信息不對(duì)稱內(nèi)生技術(shù)處理能力效應(yīng)三者之間的權(quán)衡,在此基礎(chǔ)上考察利率市場(chǎng)化改革是否打破農(nóng)村正規(guī)金融機(jī)構(gòu)在利率限制條件下偏愛(ài)富裕農(nóng)戶的“利率限制鐵律”行為。據(jù)此,本文提出了風(fēng)險(xiǎn)補(bǔ)償與內(nèi)生技術(shù)能力效應(yīng)在利率市場(chǎng)化改革前期占優(yōu)而借款人類型結(jié)構(gòu)效應(yīng)在后期占優(yōu)、利率市場(chǎng)化改革前期小農(nóng)戶獲益更多而后期則大農(nóng)戶獲益更多,以及正規(guī)金融機(jī)構(gòu)內(nèi)生信息處理能力會(huì)延遲小農(nóng)戶受益相對(duì)受損時(shí)間的假說(shuō)。在此基礎(chǔ)之上,本文的實(shí)證部分利用田野調(diào)查的樣本數(shù)據(jù),從機(jī)制與結(jié)論兩個(gè)方面對(duì)假說(shuō)進(jìn)行了經(jīng)驗(yàn)驗(yàn)證。實(shí)證結(jié)果發(fā)現(xiàn):第一,利率市場(chǎng)化改革對(duì)大農(nóng)戶信貸獲取容易程度的影響呈“U”形變化趨勢(shì),正規(guī)金融機(jī)構(gòu)對(duì)農(nóng)戶類型識(shí)別的敏感度降低,以及小農(nóng)戶從金融機(jī)構(gòu)內(nèi)生信息不對(duì)稱技術(shù)處理能力提高中獲益更多;第二,利率市場(chǎng)化改革顯著提高了農(nóng)村正規(guī)金融機(jī)構(gòu)的內(nèi)生不對(duì)稱信息技術(shù)處理能力,而且這一效應(yīng)的存在,比較明顯的延遲了正規(guī)金融機(jī)構(gòu)對(duì)大農(nóng)戶風(fēng)險(xiǎn)偏好的時(shí)間;第三,隨著利率市場(chǎng)化的推進(jìn),風(fēng)險(xiǎn)補(bǔ)償效應(yīng)和內(nèi)生技術(shù)能力效應(yīng)對(duì)農(nóng)村正規(guī)借貸供給的正向影響邊際減弱,而借款人類型結(jié)構(gòu)對(duì)正規(guī)借貸供給的負(fù)向效應(yīng)則持續(xù)增強(qiáng)。研究從經(jīng)驗(yàn)上證明了農(nóng)村利率市場(chǎng)化改革確實(shí)對(duì)改善農(nóng)村正規(guī)金融機(jī)構(gòu)“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(yīng)在利率市場(chǎng)化階段的此消彼長(zhǎng),因此這一作用是動(dòng)態(tài)和階段性的。最后,本文提出了應(yīng)當(dāng)階段性地看待利率市場(chǎng)化改革的作用,以及強(qiáng)化農(nóng)村金融市場(chǎng)的競(jìng)爭(zhēng)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(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.35;F832.5

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