近年来,在物价平稳、经济下行压力较大和货币信贷条件总体宽松的情况下,实体经济一直存在的融资难、融资贵问题,引发了广泛关注,甚至被认为是经济发展进入新常态的一个特征。本文通过建立理论模型,分析在中国利率市场化尚未完成的情况下,不同利率之间的传导机制;并通过经验数据,分析了贷款利率、信托和民间融资成本的影响因素。研究发现,除贷款基准利率外,理财产品利率也是融资成本的重要决定因素;在贷款利率管制放开后,融资结构和贷款市场竞争程度对融资成本的影响显现。根据分析结论,本文认为在进一步推进利率市场化的同时,政府还应规范理财产品市场发展、努力降低财务软约束问题,并大力支持直接融资和民营金融机构发展,进一步改善融资结构和提高金融市场竞争程度。此外,央行还可以进一步改善流动性供给机制,加快货币政策向价格型调控转变。 In recent years, with stable prices, greater downward pressure on the economy and generally looser monetary and credit conditions, the persistent difficulties of financing and financing for the real economy have drawn widespread attention and even been considered as a feature of economic development entering a new normal. . By establishing a theoretical model, this paper analyzes the transmission mechanism between different interest rates under the condition that the marketization of interest rates in China has not yet been completed. And through the empirical data, the paper analyzes the factors that affect the interest rates of loans, trusts and private financing. The study found that, in addition to the benchmark lending rate, the interest rate of wealth management products is also an important determinant of financing costs. After the liberalization of lending rates, the impact of financing structure and loan market competition on financing costs appears. According to the conclusion of the analysis, this paper believes that while further promoting marketization of interest rates, the government should also standardize the development of wealth management products market, strive to reduce the issue of financial soft constraints, and strongly support the direct financing and the development of private financial institutions to further improve the financing structure and improve the financial markets Degree of competition. In addition, the central bank can further improve the liquidity supply mechanism and speed up the shift from monetary policy to price-based regulation.