The Impacts of Commercial Bank Ownership Reforms on Bank Loan Pricing
构建了银行贷款定价合理性的新指标，实证分析商业银行所有权改革对贷款定价决策的影响，发现国有银行对借款企业风险不敏感，而引入外国战略投资者能改善对银行成本约束的敏感性。
This paper constructs a new measure on rationality of bank loan pricing,and empirically analyzes the impacts of commercial bank ownership reforms on the bank loan pricing decision.We find that when setting a loan rate,stated - owned commercial banks do not take borrowing firms' risk factors into account,and are only insensitive to bank's cost constraint associated with non - performing loans.We also find that the significantly positive effects of the reform of ownership are found only for the improvement of sensitiveness to banks' cost constraints by introducing a foreign strategic investor but not by decentralizing the shareholder structure.We interpret the formalistic reform and regulation on deposit and loan rate outside as two explanations of the big gap compared to the optimal state of theories expect.Our findings not only contribute direct evidences to the dispute on bank loan pricing rationality and the effects of commercial bank ownership reform,but also have rich policy implications.