我国渐进式利率市场化改革能否促进商业银行之间的竞争并减少其利差,这对于能否真正实现利率完全由市场供求决定极为重要。借鉴代理商模型(Model of Dealership),本文证明利率市场化会通过“竞争效应”和“风险效应”这两种渠道影响商业银行利差,利率市场化对商业银行利差的整体影响取决于这两种效应的比较。本文还利用我国16家上市商业银行2010年第二季度至2015年第一季度的面板数据,估计两次重要利率市场化事件对商业银行利差的实际影响。结果发现,总体上我国利率市场化进程导致商业银行利差缩小,竞争效应超过风险效应,该结论对中小型商业银行也成立;但由于其优势市场地位,我国国有大型商业银行利差并未受到利率市场化的显著影响。 Whether China’s gradual reform of interest rate marketization can promote the competition among commercial banks and reduce their interest spreads is very important for whether the interest rate can be truly determined by market supply and demand. Based on Model of Dealership, this paper proves that the marketization of interest rate will affect the commercial bank spread through the two channels of “competition effect ” and “risk effect ”. The interest rate liberalization will not affect the whole commercial bank spread The impact depends on the comparison of these two effects. This article also uses the panel data of 16 listed commercial banks in China from the second quarter of 2010 to the first quarter of 2015 to estimate the actual impact of two major interest rate marketization events on commercial bank interest spreads. The results show that, generally speaking, the marketization of interest rate in our country leads to the narrowing of the spread of commercial banks and the competition effect over the risk effect. This conclusion also holds for the small and medium-sized commercial banks. However, due to its advantageous market position, the spread of China’s large state- Significant impact of marketization of interest rates.