金融中介及关系银行——基于广东外资企业银行融资数据的研究

本文根据外资银行和国有商业银行向在中国境内的外资企业提供的外币贷款和人民币贷款的数据 ,对金融中介及关系银行进行了实证研究。我们的主要结论有两点 :第一 ,企业与银行建立起来的金融业务关系越长久 ,那么其所获得的外币贷款利率就越低。这是对金融中介理论的支持。另外 ,外资控股、第三方担保等因素 ,也具有降低外币贷款利率的效应。第二 ,人民币贷款的利率随着外资企业与更多的银行建立和保持合作关系而降低。人民币贷款主要是由我国商业银行提供。如果商业银行间的竞争仅仅是用来作为信贷定价的主要决定因素 ,而不是用来推进金融创新 ,提供高质量的金融产品和服务 ,那么这将会损害我国商业银行的获利能力并进而影响金融系统的健康发展。

Financial Intermediation and Relationship Banking

The study finds empirical support to the financial intermediation theories that the longer the banking relationship, the lower the rate on the foreign currency loans. It also finds empirical support to the rate reducing effects of other key factors such as the majority shareholding by the foreign sponsors, provision of third party guarantee. However, the renminbi-denominated loan rate will be reduced as FIEs maintain relationship with more banks. This suggests that banks compete for customers by offering cheaper credits. If competition is the predominant determinant of loan pricing and that such level of competition does not stimulate more innovative and better quality bank services and products as a means of differentiation, the inflexible Renminbi loan pricing will ultimately deteriorate the profitability of the banks and affect the financial health of the banking system.