摘要

1993年，在《关于建立社会主义市场经济体制若干问题的决定》和《国务院关于金融体制改革的决定》两份文件中，我国首次提出利率市场化，自此开启利率市场化改革。中小企业融资难、融资贵的问题成为制约实体经济发展的重要原因，因此，利率市场化改革的长远目标是发挥市场配置资源的决定性作用，以此解决中小企业的融资问题，支持实体经济的发展。利率市场化改革遵循基本思路，为保证利率市场化平稳进行，政府采取利率管制措施，首先放开货币市场和债券市场利率，其次实现存贷款利率市场化，导致当前市场利率体系双轨运行，因此推进“两轨并一轨”成为利率市场化的重要一环。实现贷款利率完全市场化，并形成银行间基准利率，是实现“两轨并一轨”的基础工作，这项工作分为两步，第一步为2013年推出LPR，第二步为2019年进行LPR改革。利率市场化改革为促进货币政策转型创造了条件，有利于培育关键政策利率和形成银行间基准利率，有利于疏通货币政策利率传导渠道，强化货币政策实施效果。因此，利率市场化改革对于促进市场优化配置资金，降低中小企业融资成本，以及疏通货币政策利率传导渠道具有一定的理论和实践意义。

基于此，本文的研究内容主要包括六个部分，第一部分为绪论，第二部分为利率市场化改革、融资成本与货币政策的理论基础，第三部分为利率市场化改革以及货币政策利率传导机制影响中小企业融资成本的机理分析，第四部分为利率市场化改革影响中小企业融资成本的实证检验，第五部分为货币政策利率传导机制影响中小企业融资成本的实证检验，第六部分为结论与建议。本文研究结果发现，与大企业相比，2013年LPR推出提高了中小企业的融资成本，2019年LPR改革降低了中小企业的融资成本，对比两次改革的政策效应，证明2019年LPR改革有利于降低中小企业的融资成本，在此基础上，从货币政策利率传导机制的角度研究发现，长期来看，2019年LPR改革疏通了货币政策利率传导渠道，有助于进一步降低中小企业的融资成本。基于此，提出本文政策建议：第一，完善信息披露制度，缓解银企之间的信息不对称问题；第二，倾向于中小企业制定政策，助力实体经济发展；第三，完善商业银行内部资金转移定价机制，推动贷款合理定价；第四，完善资本市场建设，扩大中小企业的直接融资比例；第五，深化利率市场化改革，促进“两轨并一轨”有序进行；第六，推进货币政策转型，创新直达性、精准性的货币政策工具，提高利率传导效率。

关键词：利率市场化改革 中小企业 融资成本 货币政策 利率传导机制

Abstract

In 1993, China first proposed interest rate liberalization in two documents,Decision on Several Issues Concerning the Establishment of a Socialist Market Economic System and Decision of the State Council on the Reform of the Financial System. Since then, the reform of interest rate liberalization began.The difficulty and high cost of financing for SMEs has become animportant factor restricting the development of the real economy. Therefore, the long-term goal of interest rate liberalization reform is to giveplay to the decisive role of the market in allocating resources,so as to solve the financing problems of SMEs and support the development of the real economy. Market-oriented interest rate reform follows the basic train of thought,to ensure that the interest rate marketization smoothly,the government to adopt interest rate controls,first of all, let go of monetary market and bond market interest rates, secondly realize the deposit and lending interest rate marketization, leading to the current market interest rate system dual-track running, thus promoting "two rail and rail" has become one of the most important aspects of the interest rate marketization. Full marketization of lending interest rates and the formation of inter-bank benchmark interest rates are the basic work to realize the "two-track integration". The work is divided into two steps: the first step is to launch the LPR in 2013, and the second step is to carry out the LPR reform in 2019. Interest rate liberalization reform creates conditions for promoting monetary policy transformation, is conducive to cultivating key policy interest rate and forming inter-bank benchmark interest rate, is conducive to dredging the transmission channel of monetary policy interest rate, and strengthens the effect of monetary policy implementation. Therefore, the interest rate liberalization reform has certain theoretical and practical significance for promoting the optimal allocation of funds in the market,reducing the financing costs of SMEs, and dredging the transmission channels of monetary policy interest rates.

Based on this, this paper research content mainly includes six parts, the first part is the introduction,the second part is the interest rate marketization reform,the cost of financing and the theoretical basis of monetary policy, the third part is the interest rate marketizationreform as well as the monetary policy transmission mechanism of interest rate affect the cost of small and medium-sized enterprise financing mechanism analysis, the fourth part is the market-based reform of interest rates affect the cost of small and medium-sized enterprise financing of empirical test, the fifth part for the transmit mechanism of monetary policy interest rates affect the cost of small and medium-sized enterprise financing of empirical test, the sixth is divided into conclusions and recommendations. In this paper, the results of the study showed that compared with large enterprises,LPR launched in 2013 to improve the small and medium-sized enterprise financing costs, 2019 LPR reform reduces the small and medium-sized enterprise financing costs,compared to two times the effect of the policy of reform,prove 2019 LPR reform can lower the cost of financing of small and medium-sized enterprises, on this basis, the study found that from the perspective of monetary policy interest rate transmission mechanism, in the long term, 2019 LPR reform dredge the monetary policy transmission channels, interest rates will help further reduce the small and medium-sized enterprise financing costs. Based on this, this paper puts forward the following policy suggestions: First,improve the information disclosure system to alleviate the problem of information asymmetry between banks and enterprises; Second,we are inclined to make policies for small and medium-sized enterprises to boost the development of the real economy. Third, improve the internal fund transfer pricing mechanism of commercial banks to promote reasonable pricing of loans; Fourth, improve the construction of the capital market,and expand the proportion of direct financing of SMEs; Fifth,deepen the reform of interest rate liberalization and promote the orderly progress of "two tracks combined with one track". Sixth, promote monetary policy transformation,innovate direct and precise monetary policy tools, and improve the efficiency of interest rate transmission.

Keywords: Interest rate liberalization reform;Financing cost of small and medium-sized enterprises;Monetary policy;Interest rate transmission mechanism