利率市场化能解决小微企业融资难问题吗*——基于行为金融学视角的分析

本文研究了银行信贷集中问题的成因，讨论了利率市场化背景下小微企业融资问题难的解决思路。本文首先以行为前景理论和心理账户理论为基础，考察授信者行为因素对银行授信决策的影响，以探讨小微企业融资困境形成和银行信贷集中问题产生的机制。然后本文讨论了分析信贷集中和小微企业融资问题所依赖的假设和变量，从收益和风险两个方面对商业银行信贷决策做出了研究。研究发现利率市场化改革可以有效缓解小微企业融资难和信贷资金集中于大中型企业的问题。

WILL INTEREST RATE LIBERALIZATION BE THE SOLUTION TO FINANCING PROBLEM OF SMES

Based on prospect theory and the theory of mental accounting, this paper tries to figure out what effects behavioral factors of banks would have on their credit decision about whether they would provide loan to an enterprise in certain size, through modeling the prospect of each credit decision of banks We find that, when banks are making credit decisions, behavioral factors will make banks prefer enterprises in bigger size to small and micro enterprises Then we analyze how credit concentration happens and the cause of small and micro enterprises financing problem from the point of view of behavioral finance theory Furthermore, we measure the influence of some certain factors, which are usually used to measure the credit risk of a certain loan, on the credit decisions of banks, and find that interest rate liberalization will help solve small and micro enterprises financing problem In addition, we provide some suggestions to small and micro enterprises, banks and the government to help relieve small and micro enterprises financing problem.