信贷配给理论初探

【作者】 刘智；

【导师】 邓乐平；

【作者基本信息】 西南财经大学 ， 金融学， 2004， 硕士

【摘要】 信贷是以偿还为条件的价值单方面的转移。如果从广义的角度来看，信贷就是信用；而从狭义的角度看，信贷是指通过银行的中介作用实现的资金借贷活动。信贷活动从其产生时就引起了经济学家的广泛关注，并产生了各种各样的信贷理论。西方的信贷理论大致上可以分为两大类：一类是均衡信贷理论，如可贷资金论；一类是非均衡信贷理论，如金融约束理论。不同的信贷理论反映在信贷政策上也具有很大的不同。在均衡信贷理论中，市场能够使资金供求自动实现均衡，主要是通过价格的作用，即利率的调节作用实现。然而在现实中，商业银行经常通过非价格手段部分的满足贷款需求，即进行信贷配给。从而使得一些贷款人在均衡利率水平上仍然得不到银行的贷款。所谓信贷配给是指商业银行在面临对贷款的超额需求时，不是通过提高利率的途径，来增加存款供给，同时抑制贷款的需求来实现信贷市场的均衡。信贷配给的存在说明，依赖信贷市场的自发作用，是难以达到借贷资金的供求均衡的。亚当．斯密和凯恩斯都曾注意到信贷市场上存在着这一现象，但都将其看成一个偶然现象并没有给予更多关注。1981年斯蒂格利茨和威斯以不完全信息理论对信贷配给现象进行了解释，通过对信贷市场上存在的逆向选择和道德风险进行分析，证明了信贷市场上可能存在着一种长期的配给均衡，这可以说是对古典经济学的又一重大挑战，他极大地推动了金融市场理论的发展。长期以来，我国理论界关于信贷理论和信贷政策问题的研究取得了一定的成果。但需要指出的是，我们对西方信贷理论之间的关系研究比较少。在提出建立社会主义市场经济体制以后，对于中央银行是否运用信贷政策调节结构，以及市场经济体制下还需不需要在资金市场上进行结构调节等理论问题存在着分歧。而在实践上，中央银行除<WP=4>了运用货币政策调节总量外，还继续发挥信贷政策的作用以调整经济产业结构。特别是90年代中期以来，信贷政策的结构调整功能不仅没有削弱，反而日益强化，并提出了建立和完善信贷政策体系的客观要求，这需要从理论上予以回答。因此，信贷理论与政策问题的研究不仅成为急需解决的理论问题，而且具有特别强的实践意义。本文的研究主线是以信贷市场均衡为起点，重点研究了信贷市场上出现的信贷配给现象，以此为背景对经济转轨时期我国商业银行微观信贷合约行为的演进过程进行了分析，并结合这种分析探讨了信贷配给对宏观经济波动的影响。全文共分五章：第一章是对早期信贷市场均衡理论的回顾，对完全竞争市场和不完全竞争市场的信贷市场均衡模型作了简单的分析。并以此作为本文研究和分析的基准点。第二章基于对新古典信贷均衡模型中信息成本和交易成本为零假设的扩展性解释，在非瓦尔拉均衡范式的基础上，引入了信贷配给的概念并对信贷配给均衡进行了一个简单的描述。第三章重点阐释了信息不对称情况下信贷配给，对西方的信贷配给理论进行了系统的总结。在这一章里，首先介绍了逆向选择下的Stiglitz-Weiss模型和贷款申请人的风险特征，然后介绍了道德风险下的Bester-Hellwig模型和Jaffee-Russell模型，随后讨论了多组情形下的信贷配给并进行了信贷配给的比较静态分析，最后对非价格配给——信贷市场的准入限制进行了分析。第四章对我国商业银行信贷合约行为进行了分析，通过对我国渐进改革逻辑下金融制度安排的考察和对商业银行信贷管理制度的历史沿革粗线条的描述，对我国商业银行在经济转轨初期的过度放贷行为和目前的银行惜贷行为进行了系统分析，认为我国的银行惜贷与西方的信贷配给行为有所不同，具有比较被动的特征。并在这些分析的基础上，建立了一个简单的模型研究了我国的信贷市场均衡，指出我国商业银行信贷供给的决定因素是外生的，即取决于国家的经济纲领及其实施方式以及各级政府对此的具体化程度，因而，这些信贷供给显然无法用商业银行自身的信贷行为解释。第五章主要是研究了信贷配给的宏观经济问题。由银行信贷行为<WP=5>与货币政策的关系入手，结合我国信贷市场的特点对中央银行进行货币控制的难点和风险进行了研究，认为信贷配给行为的宏观经济意义在于,它提供了利率之外又一条连接金融市场与总需求的货币政策传递渠道，可能加剧经济衰退或扩张的程度和延长其持续时间，部分地抵消宏观经济政策的有效性，这就是微观信贷配给行为集结而成的宏观外部性。通过以上的分析，本文认为，西方国家关于金融信贷的理论浩如烟海，但基本上都是以私人资本主义条件下的市场经济为制度背景和经济运行环境展开的，并主要以均衡论为其分析和研究的基本方法。信贷资金均衡论的基本观点是，市场本身能够实现资金供求的均衡。而对大多数发展中国家来说，市场机制还不完善，经济发展中资本严重不足，因此，那些均衡信贷理论对于发展中国家一般是不适合的。对于我国来说，在经济转轨过程中，银行业一直是政府在制定改革的日程表时优先考虑的行业，银行业的改革与企业的融资制度的变化是联系在一起的，这是由中国独特的改革路径所决定的。我国银行的改革为什么这么难，这主要是因为：（1）我国通过银行集中金融资源，以高度计划化的方式更多还原

【Abstract】 Loan and credit can be defined as the value transference that requires repayment in future. Generally speaking, it is credit; but narrowly speaking, it refers to the loan activity through banks. Loan and credit have attracted wide attention of economists since it originated. At the same time varieties of credit theories have been set up.There are two kinds of credit theories in foreign countries. One is equilibrium credit theory, such as The Loanable Funds Theory；The other one is none-equilibrium credit theory, such as financial restraint. In equilibrium credit theory, market can make the money demand and supply reach equilibrium automatically by the function of interest rate. However in practice, commercial banks usually make use of none-price methods to meet loan demands that is called credit ration. Thus some borrowers still can’t get loans from banks even if they are willing to pay the equilibrium interest rate. So what is the definition of credit ration? When commercial banks face the excessive loan demands, they often don’t increase savings supply by increasing the savings interest rate. On the contrary, they depress the loan demands to reach the equilibrium of credit market. The above phenomenon is called credit ration. The existence of credit ration shows that it is difficult to reach the credit equilibrium by the function of credit market automatically.Adam. Smith and Keynes noticed this phenomenon in the credit market, but they both considered it as a casual thing. In 1981 Stiglitz and Weiss explained it by using imperfect information theory. By analyzing the adverse choise and moral hazard in the credit market, they proved that there was a long-term ration equilibrium in it. Definitely it was another <WP=8>challenge for the classical economy and promote the financial market theory to develop.Over the past several years, China‘s academic field has conductednumerous researches on credit theories and policies, and has made some progress. But it should be noted that we have done very little comparative research on western credit theories. Since it becomes clear that the objective of China’s reform is to establish the system of socialist market economy, a lot of different views exist on such theoretical issues as whether the central bank should have the function of structural adjustment, whether we need the central bank to use credit policies to adjust the industrial structure, and under the market economic system, whether we need to adjust the structure of the financial market. In practice, the central bank has been using currency policies to adjust the structure in addition to adjusting the aggregates. Especially, since the mid of 1990‘s, the central bank’s structural adjusting function has been strengthened, rather than weakened, and thus credit policies system needed to be established or improved. A theoretical answer should be given on these issues. Therefore, the study of credit theories and policies is of both theoretical and practical significance.In this thesis, the author firstly analyzes the credit market equilibrium, then focuses on the research in the credit ration phenomenon in the credit market. In the end, the development proceedings of credit contract behavior of China’s commercial banks are discussed under the background of economic transmission, meanwhile, the impact on macro-economy by the credit ration is also analyzed. The whole thesis includes five chapters:To start with the recall of past credit equilibrium theory in credit market, the first chapter analyzed it both in perfect and imperfect competition, which is also the foundation of the whole thesis. Next on the basis of no-warlpas equilibrium，the author introduces the definition of <WP=9>credit ration and describes the credit ration equilibrium, which is the content of the second chapter. After that, the third chapter puts emphasis on the systematic summary on foreign credit ration theory. Several models are introduced and discussed including Stiglitz-Weiss Model and Bester-Hellwig Model and Jaffee-Russell更多还原