所有权、产业政策指导与银行贷款利率

以上市公司披露的银行信贷数据为样本，实证分析产业政策指导对企业贷款利率的影响。结果表明：产业政策指导中的重点支持类企业和一般支持类企业往往获得了银行贷款的利率优惠，商业银行较好地落实了国家的产业政策；相比于民营企业，与政府有密切关系的国有企业获得了较低的贷款利率，商业银行的信贷决策表现出一定程度的所有权金融歧视。

Ownership, Industrial Policy Guidance and Bank Loan Interest Rate

Whether industrial policy has value in the decision process of bank loan interest rate? This paper, based on the micro survey data of bank credit audit, studies the influence of industrial policy guidance on the non-listed firm loan interest rate. The results show that: (1) the key supported firms and the generally supported firms with the industrial policy guidance always enjoy preferential bank loan interest rates, which indicate that commercial banks properly implement the industrial policy; (2) compared with private-owned enterprises, the state-owned enterprises which have a close relationship with the government get lower loan interest rate. To a certain extent, the credit decision-making of commercial banks illustrates the financial discrimination in the nature of ownership.