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当前实体经济融资成本偏高主要表现为:资金来源成本高、资金运用成本高、资金中介成本高。笔者认为,四个结构性“不协调”问题是导致当前实体经济融资成本偏高的主要原因。要想从根本上解决融资难和融资贵的问题,必须加快推进利率市场化改革,完善国债发行市场,健全反映市场供求关系的国债收益率曲线,同时完善央行利率调控框架和利率传导机制,使央行的宏观调控目标应从货币总量转向利率水平。
The current high cost of real economy financing mainly as follows: high cost of capital sources, the use of high cost of funds, high capital costs. The author believes that the four structural “uncoordinated ” issue is the main reason leading to the current high cost of real economy financing. To fundamentally solve the problem of financing difficulties and high financing costs, we must speed up market-based interest rate reform, improve the issue of government bonds, perfect the bond yield curve that reflects the market supply and demand, improve the central bank’s interest rate adjustment framework and interest rate transmission mechanism, The central bank’s macro-control targets should shift from the total amount of money to the interest rate level.