LPR改革对居民消费信贷的影响分析

作为利率市场化的关键一步,贷款市场报价利率(LPR)形成机制的改革有助于提高利率传导效率,并以市场化手段推动降低实体经济融资成本。这同样会对居民部门消费需求产生影响。特别是在居民杠杆率增长快、资产流动性不足、信贷渠道发挥的作用相对有限的背景下,以LPR为基础的贷款定价方式改革不仅有助于优化跨期消费决策,缓解偿债压力,强化直接利率效应,还可以通过提升企业经营效率以及居民收入,加强间接收入效应。

Analysis of the Impact of LPR Reform on Resident Consumer Credit

As a key step in the marketization of interest rates, the reform of the loan market quoted interest rate(LPR) formation mechanism is helpful for improving the efficiency of interest rate transmission. And it can push forward to the reduction of the financing cost of the real economy through market-oriented means. Meanwhile,it will also have an impact on consumer demands in the residential sector,especially under the background of rapid growth of residents’ leverage ratio,insufficient liquidity of assets,and relatively limited role of credit channels,the reform of LPRbased loan pricing methods can not only help to optimize inter-period consumption decisions, ease debt repayment pressure, and strengthen the direct interest rate effect but can also strengthen the indirect income effect by enhancing the operating efficiency of enterprises and the income of residents.