关于利率市场化的思考——我国实行利率改革之不利因素分析及其对策建议-企业管理专业论文.docxVIP

关于利率市场化的思考 关于利率市场化的思考 第1页共60页 摘 要 过去的三十多年时间里，世界上大多数的发达国家和发展中国家都进行了以 利率市场化为重点的金融深化改革，由于各自所处的经济环境不同，各国改革的 结果也差异很大。总体来说，利率市场化的总体趋势是不可扭转的，利率由市场 决定可以提高资源的配置效率，可以促进消费和投资的增长，可以加快国有银行 的改革和非国有银行的发展。传统的利率管制政策扭曲了资金供求双方的市场行 为，束缚了金融机构的竞争能力，导致了金融部门发展的不平衡。自上世纪九十 年代中期以来，我国逐步进行了利率市场化改革的尝试。随着我国社会主义市场 经济体制的建立和不断完善，可以预见，今后，我国的利率管制会逐步放开。不 过，要真正实现利率的完全市场化，是一个长期的过程，我国实行利率改革还面 临着很多的障碍。我国转轨中的国有企业所有者缺位，改革、改组的成本较大； 银行部门背负着大量的坏账，内控机制不健全：国有商业银行的市场垄断地位造 成了中国金融市场的不充分竞争；金融市场的分割状态导致了各会融子市场之间 发展的不平衡，阻碍了资会在各市场间的自由流动：金融监管手段单一，会融法 制建设落后。我国应该根据自身的实际情况，借鉴国外利率改革的成功经验，进 行循序渐进的利率市场化改革。 关键词：利率市场化金融深化利率管制 差王型皇壹垄些塑昼耋 差王型皇壹垄些塑昼耋 塑!里茎竺蔓 Abstract Most of the developed countries and developing countries all over the world have deepened their financial system，especially in the interest rate field in the past thirty years．Owing to their respective economic environments，the effects of the reforms in these countries are different．Generally,the trend of interest rate liberalization cannot be avoided．Interest rate that is determined by market call improve the efficiency of resource allocation，increase the consumption and investment．drive the reform of SOEs and promote the development of non·SOBs． Traditional controls on interest rate have distorted behaviors of lenders and borrowers，limited competitions among financial institutions and caused a serious imbalance in the financial sector．China has made some attempts to deregulate gradually the interest rate since 1996．It Can be expected that China will deregulate interest rate in the end along with the foundation and perfection of the market economics．For the liberalization program to work，however,a number of conditions need to be met，including the restructure of SOEs，the recapitalisation(with regard to large non-performing loans)，wider financial competition,the liquidity of financial market，the development of financial market，the improvement of government supervisory and the perfection of financial legislation．China should phrise out interest rate controls gradually an