摘要：2013年5月以来，我国金融市场呈现出流动性持续不足、资金价格上升的局面。6月中下旬，我国银行间市场跌宕起伏，金融秩序动荡不安，市场利率飙升，企业生产成本大涨，银行业闹起了“钱荒”。尽管每年的年中都会出现资金紧缩的现象，与以往不同的是，这次却更为严重。四处都可听见借钱的声音，资金价格一再地冲破预期，这般的盛况前所未有，市场几乎失控了。银行间市场资金不足的同时却存在着巨额的货币供应量，这形成了结构性矛盾。“钱荒”是货币大量流出、金融机构对央行的长期依赖性以及我国长期以来货币空转、信贷脱离实体经济，商业银行追求高额利润，“短存长贷、短贷长投”，被时点考核机制绑架的必然。此次“钱荒”对银行、股市、债市、房地产、中小企业及实体经济都产生了巨大的影响。应对“钱荒”需要转变商业银行的经营理念、推进实体企业的转型创新、引导资金有效地投资于实体经济、加快推进金融市场和监管体制改革。
关键词：实体经济 银行间市场 结构性失衡 金融体制
Abstract: In June 2013, China's interbank market was full of turbulence , the financial industry burst “money shortage “.There is a structural contradictions between the shortage of money in interbank market and real economy and the huge amounts of money supply (M2) and the excess liquidity."Money shortage" was mainly because of capital outflow, assessment at the end of season, forecast error and many other aspects.It is a structural imbalance from long time separation of financing and real economy and capital idling, inevitable result of bank’s pursuit of profits and kidnapping by assessment mechanism.The emergence of "money shortage" has brought huge impact into many aspects of social economy .Crack this problem needs to change bank's management idea, improve the efficiency of monetary circulation and the service efficiency of funds, enhance profitability of SME, "good with incremental, liquidize inventory", accelerate the reform of supervision system and financial markets.
Key words: substantial economy interbank market structural disequilibrium financial system
