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根据可贷资金供求理论从资金的供求角度分析,在利率由市场决定时,具有相同特征的股份制商业银行存款利率高于国有银行。采用对5家国有银行和7家股份制商业银行从2012~2016年的季度平衡面板数据,运用固定效应模型对国有银行与股份制商业银行的存款利率进行验证。实证结果发现具有相同特征股份制商业银行存款利率显著低于国有银行,这表明我国存款利率实际上并未完全由市场决定,政府补贴和行政干预等因素造成了存款定价的扭曲。资金价格的扭曲不利于中小企业融资和化解金融风险,政府需要减少对银行补贴和干预,推进更深层次的“利率市场化”。
According to the theory of supply and demand of loanable funds, from the perspective of supply and demand of funds, the interest rates of joint-stock commercial banks with the same characteristics are higher than the state-owned banks when interest rates are determined by the market. Based on the quarterly panel data of five state-owned banks and seven joint-stock commercial banks from 2012 to 2016, the fixed-effects model was used to verify the deposit interest rates of state-owned banks and joint-stock commercial banks. The empirical results show that the deposit interest rate of joint-stock commercial banks with the same characteristics is significantly lower than that of state-owned banks. This shows that the deposit interest rate in our country is actually not entirely determined by the market. Government subsidies and administrative interventions have distorted deposit pricing. The distortions in funding prices are not conducive to SME financing and financial risk mitigation. The government needs to reduce subsidies and interventions to banks and promote a deeper “marketization of interest rates.”