【摘要】 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。更多还原

【Abstract】 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 short - term,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.更多还原