CAJ | 학술논문

利率市场化是提升金融资源配置效率的重要手段。本文通过分析利率市场化对商业银行信贷和企业融资行为的影响机制和理论模型，比较利率管制、利差管制和利率市场化条件下资本所有者、资本中介者和资本需求者的行为模式，指出利率市场化对资本所有者的收益、资本中介者的经营效率以及企业的融资结构、企业融资约束的放松都产生了积极正向的效应。“十二五”期间，我国需要有计划、有步骤、坚定不移地推进利率市场化改革，并以此为契机，提升商业银行经营效率，优化企业融资结构，缓解企业尤其是中小企业的融资困境。
리솔시장화시제승금융자원배치효솔적중요수단。본문통과분석리솔시장화대상업은행신대화기업융자행위적영향궤제화이론모형，비교리솔관제、리차관제화리솔시장화조건하자본소유자、자본중개자화자본수구자적행위모식，지출리솔시장화대자본소유자적수익、자본중개자적경영효솔이급기업적융자결구、기업융자약속적방송도산생료적겁정향적효응。“십이오”기간，아국수요유계화、유보취、견정불이지추진리솔시장화개혁，병이차위계궤，제승상업은행경영효솔，우화기업융자결구，완해기업우기시중소기업적융자곤경。
Marketization of interest rate is one of the key measures to improve the efficiency of financial resource allocations. This paper analyzes the influence mechanism and theoretical model for the relationship between commercial banks＇ credit anti enterprises＇ financing behaviors in different stages, such as interest control, interest gap control and deregulation, and demonstrates the positive impact of interest rate marketization on capital owne~＇ gains, intermedial＇y agencies＇ management efficiency, enterprises＇ financial structure, and enterprise financing constraints. It is essential, during the 12th Five-Year Plan period, to promote the interest rate marketing reform unswervingly and well-planned. The authority should take this opportunity to improve operating efficiency of commercial banks, optimize the enterprise financing programs, and mitigate fired-raising pressure for small and medium enterprises.