金融研究
金融研究
금융연구
Journal of Financial Research
2013年
3期
1~14
,共null页
民间借贷 民间投资 货币政策
民間藉貸 民間投資 貨幣政策
민간차대 민간투자 화폐정책
Informal lending; Private investment; Monetary policy
本文分析了2003年~2011年温州民间借贷利率的变化及相关影响因素,主要发现如下:(1)温州的民间借贷市场不是传统的民间借贷市场;(2)民间借贷规模既受到当地实体经济影响,又受货币政策和资产价格约束;(3)温州民间借贷的利率受货币政策工具、资产价格的影响显著;(4)民间借贷短期看是银行存款的替代品,长期看是银行贷款的补充。解决温州民间借贷中存在的问题,地方政府应当从实体经济入手,创造良好环境,促进产业升级,同时向民营资金开放部分原来垄断的行业,真正落实新旧36条,为民营资本提供更多的投资渠道。同时,鉴于实体经济所能承受利率有限,除了传统意义上的民间借贷外,非正规金融机构利率相对过高,无法服务实体经济发展。只有建立真正意义的民营银行,才能更有效地服务中小企业。
本文分析瞭2003年~2011年溫州民間藉貸利率的變化及相關影響因素,主要髮現如下:(1)溫州的民間藉貸市場不是傳統的民間藉貸市場;(2)民間藉貸規模既受到噹地實體經濟影響,又受貨幣政策和資產價格約束;(3)溫州民間藉貸的利率受貨幣政策工具、資產價格的影響顯著;(4)民間藉貸短期看是銀行存款的替代品,長期看是銀行貸款的補充。解決溫州民間藉貸中存在的問題,地方政府應噹從實體經濟入手,創造良好環境,促進產業升級,同時嚮民營資金開放部分原來壟斷的行業,真正落實新舊36條,為民營資本提供更多的投資渠道。同時,鑒于實體經濟所能承受利率有限,除瞭傳統意義上的民間藉貸外,非正規金融機構利率相對過高,無法服務實體經濟髮展。隻有建立真正意義的民營銀行,纔能更有效地服務中小企業。
본문분석료2003년~2011년온주민간차대리솔적변화급상관영향인소,주요발현여하:(1)온주적민간차대시장불시전통적민간차대시장;(2)민간차대규모기수도당지실체경제영향,우수화폐정책화자산개격약속;(3)온주민간차대적리솔수화폐정책공구、자산개격적영향현저;(4)민간차대단기간시은행존관적체대품,장기간시은행대관적보충。해결온주민간차대중존재적문제,지방정부응당종실체경제입수,창조량호배경,촉진산업승급,동시향민영자금개방부분원래롱단적행업,진정락실신구36조,위민영자본제공경다적투자거도。동시,감우실체경제소능승수리솔유한,제료전통의의상적민간차대외,비정규금융궤구리솔상대과고,무법복무실체경제발전。지유건립진정의의적민영은행,재능경유효지복무중소기업。
The paper analyzed the changes of informal lending rates in Wenzhou between 2003 and 2011. The major findings include: (i) the informal lending market in Wenzhou is not a traditional informal lending market ; ( ii ) the scale of informal lending is affected by the local real economy as well as monetary policy and asset prices ; (iii) the rate of informal lending in Wenzhou is significantly affected by the monetary policy and asset prices; (iv) informal lending is a substitute to bank deposit in shortterm, and a supplement to bank lending in long -term. To resolve the issues in Wenzhou's informal lending, the local government should start with creating an enabling environment for industry upgrading and opening some sectors to the private fund. That is, more investment channels should be created for the private fund. Besides, as informal financial service providers charge relatively high interest rates, private - owned banks are needed to provide low - cost funding to the small- and medium- sized enterprises.