CAJ | 학술논문

本文首先构建了一个贷款定价模型，分析了利率市场化背景下商业的战略转型。然后，基于商业银行的战略转型，在构建利率市场化指数的基础上，利用沪深两市718家企业2000—2012年的财务数据作为研究样本，实证检验了利率市场化对于中小企业融资约束的影响。结果显示：利率市场化背景下大银行更倾向于对大银行贷款，而小银行更倾向于对小企业贷款，这与新结构经济学最优金融结构理论相一致。基于利率市场化背景下的商业银行战略转型，中小企业融资约束有所缓解。据此，与总量上的金融发展和金融结构改革相比，强化竞争环境应在中国金融改革中占优先地位。
본문수선구건료일개대관정개모형，분석료리솔시장화배경하상업적전략전형。연후，기우상업은행적전략전형，재구건리솔시장화지수적기출상，이용호심량시718가기업2000—2012년적재무수거작위연구양본，실증검험료리솔시장화대우중소기업융자약속적영향。결과현시：리솔시장화배경하대은행경경향우대대은행대관，이소은행경경향우대소기업대관，저여신결구경제학최우금융결구이론상일치。기우리솔시장화배경하적상업은행전략전형，중소기업융자약속유소완해。거차，여총량상적금융발전화금융결구개혁상비，강화경쟁배경응재중국금융개혁중점우선지위。
In this paper,we construct a loan pricing model,analyzing the strategic transformation of commercial banks in the context of interest rate liberalization.Considering the transformation of commercial banks,on the basis of constructing the interest rate liberalization index,we use 718 listed companies’financial data,empirically testing the effect of interest rate liberalization on the financial constraints for SME.The expected results show:on the context of interest rate liberalization,large banks prefer lending to large corporations,while small banks prefer lending to small corporations.This outcome is consistent with the optimal financial structure theory of new structure economics.On the basis of the transformation of commercial banks in the context of interest rate liberalization,the financial constraint of SME is eased.The significance of this paper is that:Compared with the development and financial reforms on the financial structure ,attributable to strengthen priority in China’s financial reform competitive environment.