利率市场化与信贷歧视——基于2004年贷款利率改革的倍差法检验
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| Title | Interest Rate Liberalization and Bank Discrimination
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| 作者 | 马弘 郭于玮 |
| Author | Hong Ma and Yuwei Guo |
| 作者单位 | 清华大学经济管理学院 |
| Organization | Tsinghua University |
| 作者Email | mahong@sem.tsinghua.edu.cn；guoyw.11@sem.tsinghua.edu.cn。 |
| 中文关键词 | 利率市场化 信贷歧视 倍差法 |
| Key Words | interest rate liberalization; bank discrimination; DID |
| 内容提要 | 现有研究通常认为，较高的风险和信息成本是民营企业在信贷市场受到歧视的原因，而忽视了贷款利率的价格调节作用。不存在利率管制时，银行可以向民营企业收取更高利率以弥补风险溢价和信息成本。本文利用2004年贷款利率改革的准自然实验，运用双重差分方法考察利率市场化对信贷歧视现象的影响。结果显示，放开对贷款利率上限的管制有利于提高民营企业的融资能力，进而对企业绩效产生积极影响。 |
| Abstract | Private firms in China faced bank discrimination due to higher risk and lower information transparency, and loan interest control further aggravated the situation. This paper investigates the impact of interest rate liberalization on private firms’ financing ability using difference-in-difference method. Empirical evidence suggests that interest rate liberalization improves private firms’ financing ability and performance. Furthermore, the reform has greater influence on private firms facing higher risks such as exporting firms. |
| 文章编号 | WP1099 |
| 登载时间 | 2016-08-16 |
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