【作者】 张洁；

【导师】 杜朝运；

【作者基本信息】 厦门大学 ， 金融学， 2007， 硕士

【摘要】 长期以来,信贷市场一直是我国企业获得资金的主要融资方式。尽管证券市场在政府的支持下在近几年得到了飞速的发展,但信贷市场在我国货币资金配置中仍占据主导作用。在此背景下,信贷资金的配置不当问题将严重影响我国企业的发展,进而影响我国的经济发展速度。近年来我国信贷市场上的双重信贷配给现象比较严重,一方面是特殊性制度安排形成的非均衡信贷配给,致使大量信贷资金流向国有经济部门;另一方面是信息不对称条件下的均衡信贷配给,造成部分企业,特别是中小企业贷款难的现象越来越明显。这就把转轨时期我国双重信贷配给问题的研究摆在了眼前,研究中国的双重信贷配给问题,不仅在微观上有助于理解我国信贷市场所存在的问题,而且在宏观方面有助于改善我国融资结构,提高货币政策有效性。本文在国外信贷配给理论研究的基础上,结合我国实际情况,对我国信贷市场上的双重信贷配给现象进行了理论分析,尝试探讨我国在经济转轨时期双重信贷配给形成的原因,进而提出双重信贷配给造成的经济影响及相关的政策建议。论文的主要结论有:中国经济转轨中实施的制度安排如国有银行的利率管制、信用垄断和信贷规模管理等制度,保证了政府可以控制大量的信贷资金。这种金融控制使得国有银行的信贷活动产生较大的偏向性,在国有企业存在过度贷款需求的情况下,导致了非均衡信贷配给的产生。同时,随着经济体制改革的不断深化,银行的风险态度发生了改变,基于信息不对称等条件,我国出现了均衡信贷配给。在分析双重信贷配给的经济影响基础上,论文最后从进一步完善信贷市场运行机制、深化银行业改革、着手解决中小企业融资难和提高货币政策有效性四个方面提出相关的政策建议。更多还原

【Abstract】 Credit market has been the principle way of financing for Chinese enterprises for a long time. Therefore, the problem of unsuitable credit rationing has seriously affected the development of the enterprises of our country and then the development of economy. In recent years, there is a widespread phenomenon of double credit rationing on credit market of our country. On the one hand, formed under the special system institution, unbalanced credit rationing results in a great deal of credit funds flows to nation-owned economic department. One the other hand, it is the balanced credit rationing on the state of informational asymmetry that makes some enterprises, especially small and medium sized ones more and more difficult to borrow. So it is urgent to study the problem of double credit rationing in the transition period. It is not just helpful for understanding the exist problems on the credit market from micro view, but also for improving the macro financing structure and the efficiency of monetary policies.Based on the research on foreign credit rationing theories and current background of our country, this thesis analyzes the phenomenon of double rationing on the credit market in the transition period, probes into its causes and economic effects, and provides some practical guidance. The main conclusions are: first, some institutions in transition economy ensure that the government can control the credit funds. But it is the financial control that brings about the credit partiality of nation-owned banks and results in the unbalanced credit rationing under the excessive need for loans. In the mean time, as the economic institution reformation develops, banks’ attitudes towards risk have changed. Balanced credit rationing has emerged under some conditions such as informational asymmetry. Last, based on the analysis on economic effects of double rationing, this thesis discusses strategy from four points of view, including further improving the institution of credit market, deepening nation-owned commercial bank reform, solving the problem of financing difficulty of small enterprises, and improving the efficiency of monetary policies.更多还原