On the Banking System Reform,Marketization and Bank Credit Allocation
针对中国资本市场法律风险弱、所有权高度集中的特点，分析了银行信贷的预期违约风险，发现银行改革和市场化促使银行在信贷决策中更重视财务绩效和代理成本，推动了贷款决策的商业化。
In view of the weak legal risks and highly concentrated ownership in the capital market of China,the paper present a basic analysis framework for expected default risk on bank credit.And then the authors investigate the effects of banking system reform and marketization on the credit allocation.It is found that,banks will take financial performance and agency cost into account seriously when they make credit decision.Furthermore, both banking system reform and marketization have already promoted the commercialization of bank's lending decisions. This study provides the evidence on evaluating bank system reform and also contributes to the further reform.