Research On China's Dual Credit Rationing In Transition Economy

In 1998,China lifted line of credit restrictions,and began to implement asset liability ratio management.Therefore,time interval of this paper is from 1998 till now Based on retrospecting and analysising many references,we distinct characteristic of credit rationing both of Chinese and western country,research dual credit rationing according to Chinese real situation,and distinguish reasons of forming dual credit rationing,Some conclusion can be draw:1.The mechanism of rationing-formed between Chinese and westem is different. Early western rationg is result of government intervene,however credit of nowadays is choice of marketing itself,the two kind of credit never coexist with each other.In period of economic transition,however,allocation of planed economy and market economy co-effect operation of credit market,it formed Chinese dual credit rationing, two kinds of credit rationing can coexist.2.China do not differ disequilibrium credit rationing from equilibrium one according to whether it is result of government intervene or not as western countries. This paper consider equilibrium credit rationing is caused by discredit and risk-control in process of banking shareholding system reform,and disequilibrium one is the result ofgovnerment internene and interest rate non-marketization.3.Credit rationing based trust originates from discredit,it is a kind of equilibrium credit rationing.Banking implements credit concentration in high-end market and ration credit in low-end market using many discredit items.Therefore, China's credit rationing is trust-based.4.Banking shareholding system reform and risk-control during this period formed the other kind of equilibrium credit rationing.After discussing the correlation between stated-owned banking decreasing its branches and credit rationing,we find widening distance between firm and bank resulting from state-owned commercial bank consolidation worsen the situation of asymmetric information,and banks carry. out geographical credit rationing.5.Hindered financial intervene can result in disequilibrium credit rationing.In east and midland,hindered financial intervention means upholding on private business and ration credit to stated-owned business;In west areas,however,hindered financial intervention means upholding on stated-owned business and ration credit to private business.