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本文在银行特许经营制度下,建立随机边界模型,测度银行和借款企业的议价能力及其对贷款价格的影响。实证分析发现:信贷议价过程中,银行的议价能力明显高于企业,使得贷款利率水平高于完全竞争条件下的“公正利率”;随着利率市场化的推进,银行和企业的议价能力差异会缩小,贷款利率同“公正利率”差距会减小;贷款期限越长,贷款利率高出“公正利率”的程度越大;银企关系有助于减小贷款利率同“公正利率”的差异;国有企业贷款利率与“公正利率”的差异小于民营企业。
Under the system of bank franchise, this paper establishes a stochastic frontier model to measure the bargaining power of banks and borrowers and their impact on loan prices. Empirical analysis shows that during the process of credit bargaining, the bargaining power of banks is obviously higher than that of enterprises, making the interest rate of lending higher than the “fair interest rate” under perfect competition conditions. With the marketization of interest rates, the bargaining power of banks and enterprises The difference will be reduced, the difference between lending rate and “fair interest rate ” will be reduced; the longer the loan term, the higher the lending rate will be “fair interest rate ”; the bank-enterprise relationship will help to reduce the loan interest rate The difference between “just interest rate” and “lending rate” of state-owned enterprises is less than that of private enterprises.