The Study of Intrinsic Mechanism that State-Owned Commercial Bank Credit Rationing Influences the Capital Allocation Efficiency

The capital allocation inefficiency has become an important factor that restricted China's sustained economic growth, long-term macroeconomic stability and low financial system risk. Along with the further reform and opening policy, the commercial bank credit rationing phenomenon is more obvious, it is easily viewed that, on the one hand there is over investment even malignancy capital increase in the state- owned major industry, on the other hand it is extremely difficult for the small and medium enterprise to get loan. This paper firstly establishes a two-stage state-owned commercial bank credit rationing model which is based on the bank manager and loan officer's utility maximization, then analyzes the intrinsic mechanism of capital allocation inefficiency, finally on the base of the theoretical analysis, this paper proposes the related conclusion and suggestions of improving the capital allocation efficiency in China.