利率市场化与我国国有商业银行对策.doc

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1、利率市场化与我国国有商业银行对策Interest rates liberalization with our country state-owned Commercial bank countermeasure利率市场化是中国金融体制改革的一项重要内容。随着中国金融市场的开放以及外资银行抢滩中国市场的深入，国有商业银行如何面对利率市场化的挑战，充分利用国际分工，积极参与国际金融竞争, 以适应国际经济、金融一体化的要求, 成为商业银行需要认真研究的课题。The interest rates liberalization is a China reform of monetary system i

2、mportant content. Hasten to ground the Chinese market along with China money markets opening as well as the Foreign bank thorough, how does the state-owned Commercial bank face the interest rates liberalization the challenge, the full use international division of labor, participates in the internat

3、ional finance competition positively, adapts the international economy, the financial integration request, becomes topic which the Commercial bank needs to study earnestly.什么是利率市场化Is assorted is the interest rates liberalization所谓利率市场化，是指金融市场资金供求双方自主确定利率水平的利率决定机制的变迁过程。具体讲，利率市场化是指中央银行根据货币政策的需要调控基准利率，

4、各商业银行根据资金市场的供求变化自主调节存贷款利率，最终形成以中央银行基准利率为引导，多层次、能够充分体现资金供求状况和反映中央银行货币政策意图的利率运行机制。利率市场化强调利率真实地反映资金成本与供求关系，灵活有效地发挥其经济杠杆作用The so-called interest rates liberalization, is refers to the money market fund supply and demand both sides independent determination interest rate level the interest rate decision

5、mechanism vicissitude process. Says specifically, the interest rates liberalization is refers to the Central Bank to need to regulate the datum interest rate according to the monetary policy, various Commercial bank saves the rate on loan according to the fund markets supply and demand change indepe

6、ndent adjustment, finally forms take the Central Bank datum interest rate as the guidance, multi-level, can manifest fund supply and demand condition and the reflection central bank money policy intention interest rate operational mechanism fully. The interest rates liberalization emphasis interest

7、rate reflected really the fund cost and the supply-demand relation, play its economic levers role effectively nimbly一、 我国利率市场化的现状First, our country interest rates liberalization present situation相对于中国经济改革和对外开放的整体步伐而言，利率市场化改革进展较慢。就目前情况看，我国尚未完全实现利率市场化，利率管制造成利率这一重要的价格杠杆在资源配置方面的作用受到严重约束，利率结构扭曲。我国利率体系的市场

8、化程度还比较低，主要表现在以下几个方面：Is opposite says in the Chinas economic reforms and the opening to the outside world overall step, the interest rates liberalization reform progresses slowly. Looked on the present situation that our country not yet completely realizes the interest rates liberalization, the inter

9、est rate control causes the interest rate this important price release lever to receive the serious restraint in the resources deployment aspect function, the rate structure distortion. Our country interest rate systems marketability degree is also quite low, mainly displays in the following several

10、 aspects:1利率管制程度高，利率水平和结构不尽合理，银行自主性受到限制。当前我国利率政策的运行环境以管制利率为主，利率水平的决定、差别利率政策的制订等有关利率的各个方面的政策都由政府严格控制，表现出高度的计划性和封闭性。1. the interest rate control degree is high, the interest rate level and the structure are incompatible, the bank independency is restricted. The current our country bank rate policys mo

11、vement environment controls the interest rate primarily, interest rate levels decision, the difference bank rate policys making and so on related interest rates each aspects policy by the government strict control, displays the high planning and closeness.2利率水平的确定带有一定的主观盲目性，利率调整的灵活度不够。目前我国利率水平的决定是由货

12、币政策委员会作出的，利率决策权高度集中于中央政府，利率的制定和调整存在着严重的时滞效应。2. interest rate levels determination has certain subjective blindness, the rate adjustment flexibility is insufficient. At present our country interest rate levels decision is makes by the monetary policy committee, the interest rate decision-making power

13、 high degree of concentration in the Central authorities, the interest rate formulation and the adjustment has the serious time-lag effect.3缺乏有效的市场基准利率。2003 年11 月1 日，全国人大常委会副委员长成思危在一次论坛上指出：“ 利率市场化的关键是确定基准利率。这个基准利率确定后，才能确定利率结构、风险结构。没有基准利率的确立，利率市场化就是一句空话。”基准利率在整个利率体系中起核心作用并能制约其他利率，从某种意义上说，基准利率的选择和确定是利

14、率市场化改革的核心步骤。3. lacks the effective market datum interest rate. on November 1, 2003, Standing Committee of the National Peoples Congress Vice Committee Chief Cheng Siwei pointed out at a forum: “interest rates liberalizations key is the definite datum interest rate. After this datum interest rate det

15、ermination, can determine the rate structure, the risk structure. Does not have the datum interest rate establishment, the interest rates liberalization is an empty talk.” the datum interest rate the key role and can restrict other interest rates in entire interest rate system, in a sense, the datum

16、 interest rates choice and the determination are the interest rates liberalization reform core steps.二、 国有商业银行利率市场化存在的问题Second, state-owned Commercial bank interest rates liberalization existence question（一） 资产和负债的结构单一(one)The property and the debt structure is unitary国有商业银行的资产结构单一，除存款准备金与备付金外,绝大部分为

17、贷款资产。在负债总量中，资金来源的95%依靠吸收各种存款。对利率敏感性较大，搭配极不合理，银行净利差波动较大。The state-owned Commercial banks assets structure is unitary, besides bank reserve against deposits and deposit, major part for loan property. In the debt total quantity, sources of funds 95_ dependence absorbs each kind of deposit. Is big to th

18、e interest rate sensitivity, matching is extremely unreasonable, the bank spread fluctuation is only big.（二） 业务与收入结构不合理(two)The service and the income structure are unreasonable主要表现在两个方面：一是仍以传统存贷款业务为主，利息收入所占比重较大；二是中间业务品种少，档次低，科技含量不高。从以下数字看出，2001年四大国有商业银行中间业务平均占比仅为8.5%，2002年，建设银行实现中间业务收入43.7亿元，占总收入的1

19、2.3%；工商银行实现中间业务收入50亿元，约占总收入的5%。虽然2002年中国银行的中间业务收入有所增长,但和国际银行业务相比还是低得多。与此同时，国内商业银行的赢利状况中，利息收入平均占总收入的七成左右，基层一、二级分行占比更高，不少达90%以上。即使在占比低的中间业务中，业务品种也非常单一。主要表现为一些筹资功能较强，操作简单的代理类业务以及跟单信用证、银行承兑汇票等与贸易相关的业务，而那些以为市场提供智力服务并从中收取手续费为主的业务相对较少，不少基层行甚至还未介入。Mainly displays in two aspects: First, still saved the loan

20、business by the tradition primarily, the interest return accounts for the proportion to be big; Second, the middle service variety are few, the scale is low, the technology content is not high. Sees from the following digit, in 2001 four big state-owned Commercial bank middle service occupied compar

21、ed to is only equally the 8.5_,2002 year, the Construction bank realizes the middle business income 4,370,000,000 Yuan, accounted for the gross income 12.3_; The Commerce bank realizes the middle business income 5,000,000,000 Yuan, approximately composes the gross income 5_.Although in 2002 Bank of

22、Chinas middle business income had the growth, but compared with the International bank service is much lower. Meanwhile, in the internal commerce banks profit condition, the interest return accounts for the gross income equally about 70%, the basic unit first-level, the second-level branch occupies

23、is higher than, many reaches above 90_.Even if in occupies compared to the low middle service, the service variety is also unitary. The main performance is strong for some fund raising function, simplicity of operator agent class service as well as freight bill letter of credit, bank acceptance and

24、so on with trade related service, but these thought that the market provides the intelligence service and gathers the handling charge service primarily to be relatively few, many basic unit lines have not even involved.（三） 利率水平和利率结构不合理(three)The interest rate level and the rate structure are unreaso

25、nable利率水平和利率结构不合理主要表现在：利率水平处于历史最低点，存贷款利差不断缩小。政府采取低利率政策，目的是维持宽松货币环境以促进经济增长但适得其反，不仅个人储蓄没有大量流失，相反个人储蓄在去年以18%的速度增长；利率管制导致银行利差缩小，尽管农村信用社贷款利率浮动40%50 %，但利差也仅五个百分点左右，这不仅抑制了商业银行发放贷款的冲动，而且还使商业银行经营活动的盈利性、安全性和流动性受到较大影响。The interest rate level and the rate structure unreasonable mainly display in: The interest r

26、ate level is in the historical bottom, saves the loan spread to reduce unceasingly. The government adopts the cheap money policy, the goal is the maintenance loose currency environment promotes the economic growth but to work just the opposite, not only individual deposit does not have the massive o

27、utflows, on the contrary individual deposit grew in last year by the 18_ speed; The interest rate control causes the bank spread to reduce, although the Rural credit cooperative rate on loan fluctuates 40_50 _, not only but about the spread also only five percentage points, this suppressed the Comme

28、rcial bank to provide the loan the impulsion, moreover also caused the Commercial bank operative activity the profit making, the security and the fluidity receives affects greatly.（四） 利率浮动权限受到严格管制,利率运用缺乏机动性和灵活性(four)The interest rate fluctuation jurisdiction receives the strict control, the interest

29、 rate utilization lacks the mobility and the flexibility由于受到中央银行利率管制的影响，商业银行的存款利率定价理念淡薄，缺乏存款利率定价机制研究的动力。在实际操作中,商业银行只是被动按既定的利率执行，难以考虑成本与效益；贷款利率定价既缺乏科学性，也缺乏弹性。Because receives the central bank rate control the influence, Commercial banks deposit interest rate fixed price idea is light, lacks the depos

30、it interest rate pricing mechanism research the power. In the actual operation, the Commercial bank is only passively according to the interest rate execution which decides, considers the cost and the benefit with difficulty; The rate on loan fixed price already lacks the scientific nature, also lac

31、ks the elasticity.三、 国有商业银行适应利率市场化改革的对策Third, the state-owned Commercial bank adapts the interest rates liberalization reform countermeasure随着利率市场化的推进，利率对国有商业银行的影响越来越大，在此情况下，国有商业银行应积极寻求应对策略。Along with interest rates liberalizations advancement, the interest rate is getting bigger and bigger to the s

32、tate-owned Commercial banks influence, under this situation, the state-owned Commercial bank should seek the dealing with strategy positively.1.建立金融产品定价体系。在利率市场化的情况下，商业银行能否制订一个科学合理的定价体系，具备灵活有效的报价能力，实现风险 收益之间的平衡，是其能否持续发展的关键。在这个过程中，要建立有效的综合收益测算体系，综合考虑客户对商业银行带来的综合收益，客户的信用风险大小，贷款期限的长短即利率风险大小，以及商业银行的筹集资金

33、成本和运营成本的分摊等方面的问题。1. establishment finance product fixed price system. In interest rates liberalizations situation, whether does the Commercial bank draw up a science reasonable fixed price system, has the nimble effective quoted price ability, realizes between risk - income balanced, is whether it s

34、ustained development key. In this process, must establish the effective comprehensive income reckoning system, the overall evaluation customer the comprehensive income which brings to the Commercial bank, the customer credit risks size, the length of maturity length is the interest risk size, as wel

35、l as Commercial banks raising fund cost and operation cost aspect and so on minute booth questions.2.增加中间业务产品开发能力，调整利润结构。利率市场化后，银行存、贷款利差缩小，利润水平降低，这就要求国有商业银行必须大力发展中间业务。银行可在积极拓展代收、代付等业务的同时，充分利用商业银行市场主体资格，积极为其他金融机构提供代理发行债券、银证转帐、代理保险、基金托管、代客理财、资产管理、财务顾问、投资咨询等，提高中间业务收人，积极主动地开发低风险、高收益的中间业务新品种，以此大幅度提升银行的盈利

36、能力，促进银行可持续发展。2. increases the middle service product development ability, the adjustment profit structure. After interest rates liberalization, the bank deposit, the loan spread reduce, the profit level reduces, this request state-owned Commercial bank must develop the middle service vigorously. The

37、 bank may while develop positively receives on anothers behalf, pays on anothers behalf and so on service, uses the Commercial bank market main body qualifications fully, provides the proxy issue debentures, the silver card account transfer, the proxy for other financial organ to insure, the fund tr

38、ust, the broker positively to manage finances, the asset management, financial consultant, the investment consultation and so on, enhances the middle service to buy a girl child, develops the low risk, the high income middle service new variety on own initiative positively, promotes the bank large s

39、cale by this profit ability, promotes the bank sustainable development.（三）分阶段推进利率市场化(three) advances the interest rates liberalization by stages第一步，从目前我国宏观经济的态势来看，经济发展速度虽然较快，但有效需求不足，货币政策的传导机制不灵，可以先放开贷款利率，如流动资金贷款利率，一年后将贷款利率全部放开; First step, looking from the present our country macro economics situati

40、on, the rate of economic development, although quick, but the effective demand is insufficient, monetary policys conduction mechanism does not work, may let loose the rate on loan first, if floating capital rate on loan, one year later the rate on loan will let loose completely; 第二步，根据贷款利率放开情况，将部分长期

41、存款利率放开，如一年期储蓄存款，协定对公存款等；Second step, lets loose the situation according to the rate on loan, lets loose the part long-term deposit interest rate, like one year time savings deposit, agreement to male deposit and so on;第三步，由中央银行总结经验，解决存在的问题后，将利率全面放开，即2005年实现利率市场化，与国际接轨。Third step, by the Central Bank

42、 lessons learned, after solution existence question, lets loose comprehensively the interest rate, namely in 2005 realizes the interest rates liberalization, with international trail connection.（四）强化全面成本管理，积极处置不良资产(four) strengthens the comprehensive cost management, handles the bad assets positivel

43、y第一，强化利率成本管理。存款利率的提高意味着银行成本的上升，贷款利率的降低意味着银行收入的减少。面对利率市场化，国有商业银行要做好利率定价工作，增强利率的效益意识,把利率政策管理与经营效益紧密结合，提高利率管理水平；First, strengthened interest rate cost management. Deposit interest rates enhancement means that the bank cost the rise, the rate on loan reduces means the bank income the reduction. Facing t

44、he interest rates liberalization, the state-owned Commercial bank must complete the interest rate fixed price work, enhancement interest rate benefit consciousness, unifies closely the bank rate policy management and the effectiveness of operation, raises the interest rate management level;第二，严格控制营业

45、费用支出。坚持量入为出、以收定支原则，将员工的劳动报酬与个人业绩、物质奖励与精神激励结合起来，防止人工费用任意扩大；Second, strict control working condition disbursement. Insisting that decides expenditures on the basis of income, receives decides a principle, staffs payment for labor with individual achievement, the material reward and the spirit drives u

46、nifies, prevents the artificial expense to expand willfully;第三，成立专门的不良资产清收部门集中清理处置不良贷款。不良资产清收部门的职责权限必须明确实行独立考核；Third, establishes the special bad assets recovery department to concentrate the cleaning up handling non-performing loan. The bad assets recovery departments responsibility jurisdiction mu

47、st implement the independent inspection explicitly;第四，积极探索不良资产的有效处置方法和手段，提高不良资产清收成效。Fourth, explores the bad assets positively the effective handling method and the method, enhances the bad assets recovery result.（五）建立利率风险预警系统，创新规避利率风险的金融工具(five) establishes the interest risk early warning system, t

48、he innovation circumvention interest risk financial instruments第一，制定和落实利率风险管理的岗位责任制，明确分工，各司其责，加强利率风险管理职责履行情况的监督和检查。First, formulates and carries out the interest risk management the system of personal responsibility, is clear about the division of labor, various Si Qize, strengthens the interest ris

49、k management responsibility fulfillment situation the surveillance and the inspection.第二，建立一套综合的利率评价指标体系。根据这套指标，判定商业银行的利率风险状况，预测市场利率的未来变化趋势。当利率风险超过一定的警界线时，该系统能够自动发出警报，银行决策者据此采取补救措施，将损失降低到最低。Second, establishes a set of comprehensive interest rate evaluating indicator system. According to this set of targets, the determination Commercial banks