我国利率市场化的目标、障碍和对策探讨

利率市场化的实现表现在两个层面上:一是在宏观层面上,表现为借贷市场资金的供求均衡决定利率总水平;二是在微观层面上,表现为具体融资项目的当事人根据项目的特点,通过协商或讨价还价,自主决定融资项目的利率.目前,我国整个利率体系的基准利率确定困难、商业银行风险定价能力不足以及利率市场化之后可能出现的存贷利差缩小是推进利率市场化进程的主要障碍.本文认为:我们应根据现有市场条件构建基准利率指标,为各具特点的融资项目提供合理的定价基础;商业银行应在市场建设的同时积极实践,以提高风险定价能力;商业银行之间应避免过度竞争,以保持合理利差.

Probe into of the Objective of and Barrier to Marketization of Interest Rate in China and Countermeasures

Marketization of interest rate is represented on two levels:one is on macro-level,where equilibrium of capital demand and supply in loan market determines the general interest rate level;the other is on micro-level,where the borrower sets the rate on his own after consultation or bargaining subject to the project to be financed.At present,marketization of interest rate is bottlenecked by difficulty to determine the base rate of the overall interest rate system,inability of commercial banks to do risk pricing and consequent potential reduction of interest rate differentials of deposit-loan.It is believed that base rate index should be based on existing market conditions to provide a sound pricing benchmark to financial projects in light with their different nature.Commercial banks should also take an active part in market operation to enhance their ability of risk pricing and avoid excessive interbank competition and maintain reasonable interest rate differentials.