中文摘要：

本文从商业银行金融中介功能的角度出发，系统地考察了银行业股份制改革过程中银行信贷筛选和定价能力对企业贷款可获得性和融资成本的影响。基于2004—2011年期间最新借款公告数据发现：更好的财务业绩、更低的代理成本以及更高的行业商业信用有助于企业获得更多的长期借款，却并不能有助于降低企业的融资成本。对银企关系的检验发现，国有企业借款成本显著低于民营企业，企业维持关系的银行数量越多，获得借款的可能性越大，借款金额也越高，却依然不能有助于企业降低借款融资成本。对银行类型进行细分后发现，股份制商业银行的信贷筛选与风险定价能力要强于其他类型银行。本文结果意味着，尽管银行业股份制改革以来商业银行的信贷配置效率得到改善，但在利率管制尚未完全放开的背景下，商业银行对企业信用风险进行合理定价的能力仍然有限。这一结论对近期中国人民银行决定全面放开金融机构贷款利率管制、银行自主确定贷款利率水平的进一步利率市场化改革实践提供了正面依据。

英文摘要：

This paper systematically investigates the effects of banks＇ credit allocation behaviors and credit pri- cing abilities as financial intermediaries on firms＇ loan availability and financing cost during the period of joint - stock system reform. By using the long - term loan data during 2004 - 2011, empirical results show that good firms with higher ROA, lower agency cost and higher business credit can get more loans, but can＇t reduce their financing cost from banks. Findings also suggest that the state - owned enterprises＇ financing cost is significantly lower than that of private enterprises. Maintaining relationships with more banks can help firms get more loans but make no effect on their financing cost. Furthermore, joint - stock commercial banks＇ are better than large state- owned commercial banks both on credit allocation and pricing ability. The above results mean that the banking credit allocation efficiency has been significantly improved after the joint - stock system reform. Howev- er, loan pricing ability of commercial banks remains limited despite the liberalization of lending rate caps from 2004. This study provides further evidence for banking credit pricing reform and the promotion of market - based reform of interest rates by People＇s Bank of China.