内容摘要 西方国家最具代表性的金融制度结构有两种，一种是以美国、英国为代表的市场主导型的直接融资制度，另一种是以德国、日本为代表的银行主导型的间接融资制度。在市场主导型国家，企业外部融资以资本市场（股票市场和债券市场）为主。在银行主导型国家，企业外部融资主要来自于银行。由于历史原因，我国间接金融一直居于主导地位，银行业长期以来一直是我国资本、资源配置的基础，是我国经济发展的关键因素。随着金融改革的深入，以资本市场为主要渠道的直接融资将有较大发展，但是在相当长的时期内，信贷融资仍将在我国融资体制中占据主要地位。 近年来，信贷资金的低效配置已经成为影响我国经济发展的一个重要问题：一方面银行有大量的存款富余，另一方面一些企业（特别是中小民营企业）被银行拒之门外，或者即使得到贷款的企业，其获得的信贷资金数量少于他们对资金的需求，企业普遍反映资金紧张。这些问题的存在，都和信贷配给有密切关系。从我国现阶段的现实情况看，信贷配给现象存在的原因可以说是多方面的，既有管制和干预、技术操作形成的，又有信息不对称导致的，但更多的是政府干预和政策导向造成的信贷配给（如：利率管制、信用垄断、信贷规模控制等）。我国的信贷配给现象是经济转轨时期的特有现象，是转轨进程中制度性信贷配给和市场性信贷配给混合的产物。 文献中很早就有对信贷配给现象的记录，但直到20世纪50年代初开始，经济学家才开始寻找信贷配给存在的微观基础。50年代，经济学家从银行对不同资产的偏好以及市场本身的竞争不完全等角度分析信贷配给的成因；60年代到70年代中期，对信贷配给的理论解释中开始关注风险以及其他因素；70年代中期以后，信息经济学被广泛应用于信贷配给的解释中；80年代以来，合约理论也被引入信贷配给理论中。 本论文探讨了风险与信贷配给的关系，并得出如下结论：1，信用评级是银行信贷配给的依据。信用评级越高的企业，获得的信贷数量越多，贷款利率越低。并且基于信用评级的信贷配给是有效的。2，企业规模是银行信贷配给的依据。企业规模越大，获得的信贷数量越多，贷款利率越低。不同规模的企业在贷款可得性上存在明显差异。 论文探讨了客户关系与信贷配给的关系，并得出如下结论：1，企业年龄不能作为信誉的度量，越老的企业遭受信贷配给越严重。2，客户关系是银行信贷配给的依据。密切的银企关系不仅有助于企业获得贷款，还可以使企业获得贷款成本上的优惠。因此，客户关系是有价值的。3，对银行服务有较高需求的客户，可以提供更多关于企业的信息，与其他客户相比，这类客户获得了贷款成本上的优惠，因此客户关系是有价值的。 论文还探讨了抵押品与信贷配给的关系，检验了逆向选择模型和道德风险模型的适用性，并得出如下结论：道德风险模型更接近于我国信贷市场的现实情况。 论文还分析了影响信贷资源配置的四个因素：所有制性质、企业规模、行业类型以及区域分布，得出如下三个结论：1，国有银行倾向于向国有、大型、低利润的企业发放贷款。2，国有商业银行的贷款投放中，交通运输、仓储、邮政业和房地产两大行业的贷款集中度较高，并且房地产行业的贷款风险问题较为严重。3，出于追求利润最大化的理性需求，商业银行的信贷资源配置格局与区域经济发展的格局密切相关。东部发达地区是银行信贷资源配置的重点地区，西部地区和东北地区的贷款成本高于东部地区。 关键词：商业银行　信贷资源配置　信贷配给 ABSTRACT There are two representative financial systems in western countries, one of which is the market-oriented direct financing system, such as in US and in UK. The other one is the bank-oriented indirect financing system, such as in Germany and Japan. In the market-oriented countries, external financing is mainly from capital market (such as the stock market and the bond market). In the banking oriented financial system, external financing is mainly from banks. Due to some historical reasons, the intermediary financing is always in the leading position in China. The banking industry, a key element in domestic economic development, has long performed as the basis of capital and resource allocation. Although direct financing is expected to grow as the financial reform progresses, credit financing will remain predominant in our financing system over a long period of time. . The inefficient credit capital allocation is now a big issue to our economy: on one hand there are redundant funds in banks, on the other hand many businesses (especially small and medium-sized private enterprises) get rejected by banks or fail to obtain enough loan facility to meet their funding needs, resulting in common complaints about fund shortage. The existence of the problems is closely related to the credit rationing, and the reason of which varies: the government control and interference, technical manipulation, information asymmetry, and most important, the credit rationing caused by government interference and policy orientation (such as the interest rate governance, credit monopoly, and credit scale control etc). The phenomenon in our country is a special case in the economy transition, and is the consequence of the hybridization of the institutional and market credit rationing in the transition. There are documentaries long before regarding the credit rationing phenomenon, but economists were not digging for the microeconomic foundation until 50s of the 20th century. In 50s, the root cause was analyzed from different perspectives such as the banking preferences to different assets and the incomplete market competition; from 60s to mid 70s, it began to pay attention to the risks and other factors; after mid 70s, information economy was widely used in the explanation of credit facility allocation; from 80s, contract theory was also adopted in the credit rationing theory. The dissertation probes into the relationships between the risks and the credit rationing by summing up that: 1.Credit rating is the foundation for banks allocating credit facilities. The higher the rating, the more credit acquires, and the lower the interest rates. It approves that the allocation based on the credit rating is efficient. 2. The corporate scale is the foundation for banks allocating credit facilities. The larger the scale, the more credit acquires, and the lower the interest rates. Distinctive differences exist for corporates with different scales on credit acquirability. The dissertation probes into the relationships between the client relationship and the credit rationing by summing up that: 1. The age of a company is not the criteria for credit. The longer the company exists, the more severe it suffers from credit rationing. 2. Client relationship is the foundation for banks allocating credit facilities. The close relationship between company and bank would not only facilitate the loan acquisition, but would also achieve favorable loan cost. Thus the client relationship is valuable. 3. For clients with higher request of banking service, they could provide more company related information. Comparing with other client, they could achieve favorable loan cost. Thus the client relationship is valuable. In addition, the dissertation probes into the relationships between the collateral and the credit rationing, tested the applicability of the adverse selection model and the moral risk model, and concluded that the moral risk model is more close to the credit market practice in our country. The dissertation also analyses the four factors affecting the credit facility allocation: the ownership forms, company scale, industry category and geographic distribution, and come to three conclusions: 1. The state-owned banks prefer granting loans to state-owned, large scale, low-profit corporations; 2. The loans state-owned banks granted are concentrated in transportation、warehouse、postal service and real estate industries，and the credit risk issue in real estate industries is relatively serious; 3. Due to the rational pursuit of profit maximization, the credit facility allocation pattern closely relates to the pattern of the regional economy development. Eastern developed area is the emphases of the commercial bank credit facility allocation, and the loan cost of western and north-eastern area is higher than that of the eastern area. Key words: Commercial bank Credit facility allocation Credit rationing 目录 第一章　导论 1 1．1研究背景及意义 1 1．2论文框架及主要内容 2 1．3主要结论及创新之处 4 第二章　文献综述 6 1．0引言 6 1．1信贷配给的相关概念及分类 6 1．2信贷配给的微观理论基础及文献综述：发展脉络 8 第三章　我国信贷资源配置状况分析 16 1．0　引言 16 1．1我国信贷市场的发展历程与信贷资源配置 16 1．2我国现阶段信贷资源配置的基本特征 25 1．3中国金融市场－非均衡信贷配给向均衡信贷配给的过渡 27 第四章 样本描述 29 1．0引言 29 1．1样本总述 29 1．2样本一介绍 31 1．3样本二介绍 36 1．4样本三介绍 39 1．5样本四介绍 44 第五章　企业质量与信贷配给 48 1．0引言 48 1．1相关文献 49 1．2实证分析 50 1．3结论 54 第六章 客户关系与信贷配给 64 1．0引言 64 1．1相关文献 65 1．2实证分析 67 1．3结论 70 第七章 抵押品与信贷配给 81 1．0引言 81 1．1相关文献 81 1．2实证分析 83 1．3结论 86 第八章　所有制、规模、行业、区域与信贷资源配置 95 1．0 引言 95 1．1所有制性质、规模结构与信贷资源配置 95 1．2行业类型与信贷资源配置 100 1．3区域分布与信贷资源配置 101 第九章 结语 106 1．1 对论文的总结 106 1．2 不足之处 109 参考文献 110