The Research Of Interest Rate Controls, The Bank Credit Rationing And Capital Allocation Efficiency Of Different Ownership Types

Money is one of the most important production factor in market economy, it can effective configuration not only relates to the healthy development of macro economy and the effective implementation of the macroeconomic regulation and control, more related to the number of micro economic subject development. But under the condition of interest rate controls, mainly on bank credit the financial resources of most of the configuration in monopoly phenomenon serious state-owned enterprises, led to the use of the lack of efficiency of funds, and a large number of high degree of marketization of the non-public enterprises often lack enough financial support, has long been encountered, such as single financing channel is narrow, by the financial policy and commercial Banks, such as discrimination, the influence of the difference of financing environment, hinder the survival and the development of non-public enterprises. But as a result of non-public enterprise for our country's economic development has contributed a lot of power, it is to promote the development of our country's economy, improve people's livelihood, strengthen employment and play an immeasurable role in the construction of urbanization. But under the condition of the above, no effective configuration of the credit, the serious influence the credit resources flow to growth better non-public enterprises, caused a great waste of resources.With the deepening reform of economic system of our country, especially the deep reform of the financial sector and the market economy is gradually perfect, the marketization of interest rate is also the inevitable requirements of the situation. In recent years, China has, in accordance with the loan before deposit, foreign currency after the first step, and thorough going efforts to promote the marketization of interest rate in our country, we can see that our country has entered the stage of the key and core of interest rate liberalization, interest rate leverage more highlighted. Because in the process of interest rate marketization, the microeconomic subject when making decisions, the decision conditions facing has also changed, its behavior pattern will also change, interest rate marketization reform of enterprises of different ownership very profound impact on the allocation of resources.Due to the current mismatch of bank credit funds, weak capital allocation efficiency, a large number of capital allocation in the low efficiency of the public sector of the enterprise, and the better growth non-public enterprise is facing credit constraints, face the problem such as financing difficulties, financing expensive. Marketization of interest rate, then, whether can non-public enterprises financing difficulties, financing difficulties, financing expensive), improve the efficiency of banking and finance capital allocation? On the public ownership enterprise and will produce what effect? In view of this, this article tries to answer the above questions, in the decision making reference.Research papers in the following several aspects:First of all, the comprehensive carding domestic and foreign interest rate marketization and the enterprise resource allocation efficiency of related literature, is divided into two broad categories. One is the foreign related research review, including the importance of interest rate marketization; Marketization of interest rate on bank credit and the influence of capital allocation efficiency; Credit rationing consequences. Second, the domestic related research review, the influence of marketization of interest rate on bank credit; The influence of interest rate marketization on the capital allocation efficiency. And review of existing research.Secondly, the theoretical analysis of interest rate regulation and bank credit. Since the capital allocation efficiency is capital can flow from inefficiency to efficiency enterprise, to maximize capital in different enterprise to obtain the distribution of the returns, starting from the reason of enterprises difficult to achieve the optimal configuration, focusing on the analysis of enterprise between capital can't flow freely to the influence of the optimal configuration. In the concrete analysis by considering the enterprise bankruptcy cost and without considering bankruptcy cost, the interest rate controls the flow of bank credit funds under study, and analyze the due to the flow of credit funds on the capital allocation efficiency.Again, by combining the current construction of marketization of interest rate marketization of interest rate in our country actual situation the total index, and the use of expected investment model to establish the efficiency, to measure of resource allocation efficiency of enterprises of different ownership, simultaneous both interest rate marketization and econometric analysis model of resource allocation efficiency of enterprises of different ownership types. Then, the data sources and sample selection, the resource allocation efficiency index to estimate the above econometric model and the data processing and correction, finally get the empirical results, and to explain and analyze.Finally, the conclusions and policy Suggestions. Study, the marketization of interest rate reduce the financing problems of non-public enterprises. For non-public enterprises, enlarge the scale of the non-public enterprises loan interest rate liberalization, easing the phenomenon of the mismatching of bank credit, eventually make the allocation of resources to the high efficiency of enterprises, but this suggests that early interest rate marketization reform of non-public enterprise financing difficult problem has a positive role in promoting, and the risk of non-public enterprise financing to all kinds of shadow Banks, normal and healthy development of the economy of our country economy. At the same time, the marketization of interest rate can also be a certain extent, improve the capital allocation efficiency of enterprises of different ownership types. Interest rate marketization can not only increase the non-public capital allocation efficiency, also can make the public ownership enterprise capital allocation efficiency. This shows that interest rate marketization can better play to the role of the market economy, better improve the efficiency of capital allocation of different ownership, will be conducive to the different ownership enterprises set up to adapt to the development of market economy improve its construction, improve the competitiveness of all kinds of capital. Conclusion the last part, the stock financing, price level and the financial crisis and the resource allocation efficiency of the enterprises of different ownership correlation explained, also puts forward relevant policy Suggestions.