金融学院知识库

   中小企业是我国经济的主力军，而融资难、融资贵是其面临的主要问题，针对这个问题，2013年十八届三中全会在《中共中央关于全面深化改革若干重大问题的决定》中提出利率市场化改革要求，以及2019年8月16日，国务院常务会议明确要求运用市场化改革办法推动实际利率水平明显降低和解决实体经济融资难问题。因此，我国推进利率市场化以此来解决中小企业的融资问题。随着利率市场化的推进，我国货币政策进行调控方式的转型，在此框架下，LPR改革形成了新的利率传导途径，因此，利率传导机制在利率市场化影响中小企业融资成本的过程中发挥了桥梁作用。基于此，本文的研究对于深化利率市场化改革、降低中小企业的融资成本以及强化货币政策利率传导机制的引导作用具有一定的理论和实践意义。

  首先，本文在理论分析的基础上，阐述了利率市场化通过利率传导机制来影响中小企业融资成本的机理。其次，选取300家中小企业和300家大企业运用双重差分法进行准自然实验，分别检验了2013年LPR推出和2019年LPR改革影响中小企业融资成本的政策效应。此外，从货币政策利率传导机制的角度出发，以上文选取的300家中小企业为研究样本，运用面板回归模型分析不同阶段利率市场化通过利率传导渠道影响中小企业融资成本的效果，并分析了货币政策利率传导机制的作用。研究发现：与大企业相比，2013年LPR推出提高了中小企业的融资成本，2019年LPR改革降低了中小企业的融资成本；对比两次改革的影响效果发现，与2013年LPR推出相比，2019年LPR改革发挥了降低中小企业融资成本的正向引导作用。长期来看，随着货币政策框架的转型，利率市场化通过突破货币政策利率传导阻碍，降低了中小企业的融资成本，其中，利率传导机制推动了合理定价并发挥了正向引导作用。最后，本文提出了相应的政策建议：第一，完善信息披露制度；第二，制定倾向于中小企业的政策；第三，完善商业银行FTP机制；第四，加强资本市场建设；第五，深化利率市场化改革；第六，推进货币政策框架转型。

     Small and medium-sized enterprises are the mainstay of China's economy,while financing difficulties and expensively funded costs are the main problems they are facing.For this problem,the 18th Third Plenary Session of the Central Committee propose the claims of interest rate market reform in the Decision of the Central Committee of the Communist Party of China on Several Major Issues of Comprehensively Deepening Reform in 2013.On August 16,2019,the State Council executive meeting specifically demanded the use of market-oriented reform methods to promote an obvious reduction in the level of real interest rates and solve the financing difficulties of the real economy.In this way,China accelerates interest rate marketization to settle the financing matters of SMEs.With the boost of marketlization,China’s monetary policy is being transformed into a regulated mode.Under this framework,the reform of the LPR has formed a new way of transmitting interest rate.Therefore,the interest rate conduction mechanism has played a part in connecting the process where interest rate reform influences the financing cost.So the study of this paper has certain value for propelling interest rate marketization,decreasing the financing expense of SMEs,and intensifying the role of interest rate transmission mechanism theoretically and practically.

    First,on the basis of theoretical analysis,this paper expounds the theory that interest rates marketing through interest rates gear mechanism influences financial cost of SMEs.Next,apply the method of double differential structurally natural experiment,respectively check LPR 2013 and 2019 LPR reforms to influence the cost of financed small and medium undertakings political effect for 300 home ventures small business and three large undertakings.And with monetary policies interest rates transmission mechanism,using a regression model for analysis the effectiveness of marketing processes at various stages of interest rates through interest rate transmission channels,influencing the cost of financing SMEs.This statistic result was investigated and found:with large enterprises to compare,the introduction of LPR in 2013 increased the financing cost of SMEs,and the reform of LPR in 2019 reduced its cost.By comparing the results of the two reforms,it reveals that the reforms the 2019 LPR played a guiding role directly and correctly in cutting down the financing expense of SMEs compared to their launch in 2013.Taking the long view,as the monetary policy frame shifts,the interest rate marketization lowers the financing cost of SMEs by making a breakthrough at the block of interest rate conduction which drives fair pricing and play positive-going function.The policy proposals are as follows:first,complete the information disclosure system;secondly,prefer SMEs policy making;third,improve the FTP mechanism of commercial banks;fourth,reinforce construction of capital markets;fifth,impel interest rate marketization reform;sixth,promote the transformation of monetary policy framework.