论文部分内容阅读
中国金融市场资本融资发展缓慢,导致企业负债率较高及债务融资资金资本化倾向明显,对商业银行不良贷款和信贷风险损失造成重要影响。根据1992-2012年的经验数据推算,中国实际存贷款平均利差为4.1%,比成熟利率市场化国家美国同期水平高1.4个百分点。为了消除商业银行信贷风险,应当推动利率进一步市场化,逐步缩减存贷款1.4个百分点超额利差直至完全放开存款利率限制。
The slow development of capital financing in China’s financial market has led to a high debt ratio of enterprises and a tendency of capitalization of debt financing funds, which has a significant impact on the non-performing loans and credit risk losses of commercial banks. According to the empirical data from 1992 to 2012, the average real spread between deposits and loans in China was 4.1%, 1.4 percentage points higher than the same period in the United States of mature interest-rate-liberalized countries. In order to eliminate the credit risk of commercial banks, interest rates should be further marketized and the deposit deficit should be gradually reduced by 1.4 percentage points until the deposit rate limit is completely liberalized.