| 摘要: |
| 摘要：随着利率市场化改革的深入推进，地方性商业银行的信贷资源配置效率对支持实体经济高质量发展的重要性日益凸显。以2013年贷款利率管制全面取消为准自然实验，运用双重差分（DID）模型系统考察利率管制放松对城市商业银行（以下简称“城商行”）信贷配置效率的影响。研究发现，放松利率管制显著提升了上市城商行的信贷配置效率，且该效应呈现先增后减的动态演变特征，在改革后第二年达到最佳效果。机制分析表明，这一提升效应主要通过“竞争效应”“学习效应”和“治理效应”三条路径实现。具体而言，利率市场化通过竞争效益逼银行优化资源配置；放松管制促使城商行加大金融科技投入，通过学习效应提升风险管理与客户服务能力；同时，改革强化了公司治理结构，进一步改善经营效率。异质性分析进一步揭示，政策效果在经济政策不确定性较高、营商环境较好以及区域发展水平较高的地区更为显著。不仅为“制度变迁－银行行为－资源配置”理论提供了中国情境下的经验证据，也为健全市场化利率形成和传导机制提供了可操作的政策参考。 |
| 关键词: 关键词：利率市场化；信贷配置效率；城市商业银行 |
| DOI： |
| 分类号:F832.4 |
| 基金项目: |
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| Financial Marketization Reform and Credit Allocation Efficiency of City Commercial Banks：Evidence from China’s Interest Rate Liberalization |
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HUANG Ning，WANG Jin-bo
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（Chongqing Three Gorges Bank Co.，Ltd.）
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| Abstract: |
| Abstract：With the deepening of interest rate liberalization reform，the efficiency of credit resource allocation in regional commercial banks has become increasingly crucial for supporting the high quality development of the real economy.Using the comprehensive removal of loan interest rate controls in 2013 as a quasi-natural experiment，this study employs a Difference-in-Differences (DID) model to systematically examine the impact of interest rate deregulation on the credit allocation efficiency of city commercial banks (CCBs).The results show that deregulation significantly enhances the credit allocation efficiency of listed CCBs，with the effect exhibiting a dynamic pattern of initial increase followed by stabilization—peaking in the second year after the reform and remaining significant thereafter.Mechanism analysis reveals three primary channels：“competitive effects,” “learning effects,” and “governance effects.” Specifically，interest rate liberalization intensifies competition in the banking sector，prompting banks to optimize resource allocation；deregulation compels CCBs to increase investment in financial technology，thereby enhancing risk management and customer service through learning effects；furthermore，the reform strengthens corporate governance structures，improving operational efficiency.Heterogeneity analysis further reveals that the policy effects were more pronounced in regions with higher economic policy uncertainty，better business environments，and higher levels of regional development.This study not only provides empirical evidence from the Chinese context for the “institutional change-bank behavior-resource allocation” theory but also offers actionable policy references for improving the formation and transmission mechanisms of market oriented interest rates. |
| Key words: Key words：Interest Rate Liberalization；Credit Allocation Efficiency；City Commercial Banks |
