Research On China's Double Credit Rationing In Transition Period

Credit market has been the principle way of financing for Chinese enterprises for a long time. Therefore, the problem of unsuitable credit rationing has seriously affected the development of the enterprises of our country and then the development of economy. In recent years, there is a widespread phenomenon of double credit rationing on credit market of our country. On the one hand, formed under the special system institution, unbalanced credit rationing results in a great deal of credit funds flows to nation-owned economic department. One the other hand, it is the balanced credit rationing on the state of informational asymmetry that makes some enterprises, especially small and medium sized ones more and more difficult to borrow. So it is urgent to study the problem of double credit rationing in the transition period. It is not just helpful for understanding the exist problems on the credit market from micro view, but also for improving the macro financing structure and the efficiency of monetary policies.Based on the research on foreign credit rationing theories and current background of our country, this thesis analyzes the phenomenon of double rationing on the credit market in the transition period, probes into its causes and economic effects, and provides some practical guidance. The main conclusions are: first, some institutions in transition economy ensure that the government can control the credit funds. But it is the financial control that brings about the credit partiality of nation-owned banks and results in the unbalanced credit rationing under the excessive need for loans. In the mean time, as the economic institution reformation develops, banks' attitudes towards risk have changed. Balanced credit rationing has emerged under some conditions such as informational asymmetry. Last, based on the analysis on economic effects of double rationing, this thesis discusses strategy from four points of view, including further improving the institution of credit market, deepening nation-owned commercial bank reform, solving the problem of financing difficulty of small enterprises, and improving the efficiency of monetary policies.