Reform of interest rate mechanism is our country a series of commercializing in reform relatively the one annulus of lag. As the change of economic growth and structural adjustment, the condition that interest rate reforms matures gradually, the voice that pushs reform further is louder and louder also. Domestic side, the lag that interest rate reforms has become other innovation to advance what develop with performance to restrict an element; Exterior respect, join WTO to mean financial industry to must be in 5 years inside wide-open. Face domestic and international double pressure, our country government decides what achieve interest rate inside 3 years to commercialize reform. The order that interest rate unlocks is: Arrive from loan interest rate saving interest rate, arrive from the country city, reach state-owned bank from share-holding system commercial bank. This is the plan that commercializes what reform puts forward first to include specific measure and time span to interest rate. Current, reform had had the propulsion of materiality. Chinese people bank decides to begin from September 21, 2000, interest rate of active foreign currency of change our country runs system. Its are main content is: Determine interest rate of all sorts of foreign currency loan by financial orgnaization proper motion; 3 million (contain 3 million) dollar above or equivalence are other the level of interest rate of saving of big foreign currency of foreign currency talks things over by financial orgnaization and client affirmatory; Under 3 million dollar small level of saving interest rate is united by association of trade of Bank of China make. According to the process arrangement of reform, unlock next will be loan interest rate, and reform will final implementation decide loan interest rate independently by the commercial bank. If say outside unlocking, money interest rate is small only,try Niu Dao, so unlock putting loan interest rate is to touch war greatly, inevitable meeting is far-reaching to the fluctuant generation of pattern of whole money market influence. Because this is in henceforth inside a few years, the abidance that interest rate reform will be financial reform heat. Interest rate of article with a view to commercializes the effect that will produce to security market, what the purpose depends on be market participator is decision-making provide judgement basis. Influence interest rate walks along the element 　 of situation one, 　 of analysis of macroscopical economy element decides one country is balanced the foundation of interest rate level is a society long-term and average profit margin. Although the average yield of our country enterprise does not have accurate statistical data, but since the later period in 1990, move toward from shortage as economy superfluous, the level of average interest rate of the enterprise relatively high speed adds economy to glide for a long time is beyond question fact. Appear on the market this year of the company in the yield of average only capital fund that signs up for reflective enterprise has 4% only, annual is in about 8% the left and right sides, and at present a year period loan interest rate has 5.85% only. The market after this mirrorred loan interest rate to unlock is balanced interest rate level won't be excessive rise. Interest rate level is affected fluctuantly again by economic cycle, our country economy is walking out of cereal bottom gradually at present, because this looks from metaphase, balanced interest rate will be climbed somewhat litre. Macroscopical economy element still includes equality of water of interest rate of the monetary policy of central bank, international market, later development will define. 1. 　 of state of social capital supply and demand if the society is more intense to the demand of capital, so after unlocking loan interest rate, ascendant possibility is larger; If the supply and demand of market fund is main,achieve balanced, criterion interest rate is reduced more smoothly possibly somewhat even. GDP grows our country compared to the same period first half of the year 8.2% , enter new round of economy anabiosises periodicly level. Country of second half of the year will continue to execute vigorous finance policy to use civilian investment in order to pull. From look on the whole, the society will increase somewhat to the demand of capital. From the bank first half of the year put loan amount to look, deposit increased 837.6 billion, and loan increased 111.4 billion yuan only, borrow by bank cherish bring about put borrow hang a phenomenon very outstanding still. From the point of loan structure, business loan amplitude is compared first half of the year the corresponding period increased considerably last year, one year proportion of the following short term credit increases very fast. Develop according to this kind of trend, second half of the year still can increase to the demand of loan, will narrow stage by stage put the difference between loan, alter the aspect that capital begs for be more than, bring a bank to rise the anticipation of breath. And as whole and macroscopical economic situation improve gradually, long-term interest rate picks up gradually will make inevitable trend. The bond on market of the expression that each certificate plants 2 class market, one class issues the national debt of the near future the circumstance also reflected investor to rise to long-term interest rate anticipate. The Bao Gang that issued recently for instance secures interest rate bond, annual interest rate is 4% , prep above a year period saving interest rate 2.75% ; The country that the near future issues drives bond 6 months, two years period explain buy amount far outclass 5 years period bond of fixed interest rate. On 2 class market, float breath national debt also is to go strong ceaselessly, bond of float interest rate 010004 be chased after ardently by the market hold in both hands. These anticipation that mean the market to rise to interest rate are increasing ceaselessly. 2. The relation of economic cycle and interest rate. The relationship of economic cycle and interest rate is very close. Generally speaking, in periodic flat phase, lowest of interest rate level; When economic trend anabiosises, interest rate begins slow pick up, achieve to prosperous phase highest. Each our country index of macroscopical first half of the year economy all appears improve, after the abidance that means economy to grow to be as long as in the course 7 years drops, already began to enter new round of economy anabiosises periodicly level, what interest rate level has small to rise is necessary. In macroscopical economic norms, prices is the crucial index that reflects economic cycle. Our country economy realized soft landing 1996, old inflation gets inhibition, after this till 1999 the 2nd quarter, prices is in basically drop trend, here interest rate is reduced 7 times continuously. The Central Bank lowered interest for the last time in June 1999 when, retail price index is - 3.4% , consumptive price index is - 2.1% . After this, price index picks up steadily, the consumptive price index of our country grew 0.7% compared to the same period Feburary this year, first the fall since the pace gives 22 months passageway. After data price picked up October from last year, production maintains growth momentum all the time. In addition, fixed assets investment presents the evidence that grows quickly, imports and exports continues to carry ascendant current on the foundation that restores a gender to grow quickly, the amplitude prep above that imports especially is exported, mirrorred the company installation cost that drives by the entrance to increasing, invest confidence to restore somewhat. Afore-mentioned phenomena belong to economic growth to anabiosis the apparent feature of level, this means the market level of balanced interest rate falls impossibly again. If economy continues to anabiosis steadily, level of balanced interest rate will rise somewhat. 3. Level of international market interest rate. International money market is added generally breath. Beautiful couplet store had been increased 6 times continuously interest rate, federal fund interest rate from last year 4.75% on move to 6.5% , churchyard dollar a year period move to 5.0% on saving interest rate, still exist at present add breath space. European central bank raised its dominant interest rate 0.5 percent, japanese bank also announces to end policy of 0 interest rate, interest rate is moved on 0.25 percent, other and burgeoning industrialized country also raised the interest rate of native money. this pair of China that accelerating internationalization process, it is the external pressure of litre of breath undoubtedly. If lower interest again, will bring about capital outflow, go against the stability of RMB exchange rate. 2, the behavior of bank system analyses 　 　 1. The competitive power of the bank. From theoretic tell, in saving interest rate changeless circumstance falls, after loan interest rate is unlocked, the competition between the bank can bring about the fall of loan interest rate. But this is same the constituent structure of financial orgnaization has the state very big concern. If bank system presents monopoly structure, so put the difference that shift interest to be able to expand instead. From the point of the actual condition of Chinese banking system, be opposite in all banks in the indebted asset that is not financial department, 4 big state-owned commercial banks still are occupied 69% (1998) specific gravity, "Look simply, our country banking is in high monopoly position, but actually because implement huge branch system, the condition that intense competition is in between big bank " (gold is old, 2000) . On the other hand, the reform progress of financial system is rapidder in recent years, all sorts of local banks and the business that are not bank finance orgnaization are patulous and rapid, have very strong competition ability. At present commercial bank of domestic share-holding system mostly dimensions is lesser, belong local bank, main service at economy of local, civilian battalion, the Central Bank often takes guiding step to its, enjoys policy is more flexible, and local government also has to its tilt policy. So although commercial bank of local share-holding system is overall dimensions not as good as professional bank, but its yield however greatly prep above is former (see a table 1) . Data sources: Basis " almanac of Chinese finance statistic " in arranging 　 our country to negotiate in what join WTO 1998, come to an agreement to concerning financial industry to open. China will have limit ground to unlock business of foreign capital bank inside 3 years, the admittance that foreign capital bank cancels completely inside 5 years is restricted. As a result of actual strength of financing of foreign capital bank system of abundant, service is complete, potential wallop more not allow to ignore, domestic banking is put generally already in crisis feeling. Be exhibited as the bitter fleabane break out of commercial bank of burgeoning share-holding system accordingly and of foreign bank scope of business expand, the occurrence of banking competition pattern is inevitable trend, and all sorts of finance orgnaizations are in there are respective characteristic and difference on object of Wu of kimono of content of scope of operations, business. Unlock a process in interest rate accordingly in, appear likely the case that extent of not congenial wave motion of bank interest rate distinguishs somewhat. 2. Of the bank gain profit level. From the graph 1 can see, put the balance between loan interest rate to begin to expand since 1996. After lowering interest in December 1998 especially, to at present benefit difference has expanded to 3.6% , this number exceeds far before 1995 be less than the level of 1% . And the asset yield year after year that what run in the opposite direction to it is 4 big state-owned commercial banks drops, be in only at present 0.15% the left and right sides. One of reasons are long-term since a large number of bad assets bring about asset fluidity, gain profit ability drops; Because is loan amplitude,drop formerly bring about put borrow hang a phenomenon serious. According to the statistic 1999, financial orgnaization deposit is more than loan 1.5 trillion RMB. This part deposit cannot create loan interest, still want to pay deposit interest however. The 15% right-and-left scale in depositing money in the past exist in the reserve account of people bank, can achieve higher reserve saving interest rate. But after the course lowers interest continuously, current reserve interest rate also has 2.07% only, bank of this share capital gain profit ability is not worth badly. Be opposite especially state-owned commercial bank, common sense manages difficulty. After because this is unlocked,putting loan interest rate, benefit difference may rise. Above all, after loan interest rate is opened, the power that state-owned bank raises interest rate further is superabundant, and the capacity that stem from competitive pressure and issues standard of float interest rate is insufficient. From the point of the measure that pushs interest rate to commercialize further, unlock the interest rate control of average commercial bank above all, unlock the interest rate control of state-owned commercial bank next. And to a few burgeoning commercial banks character, as a result of its system lives and without bad Zhang package, have the capacity with narrow poor profit. Because this is reforming initial stage, those burgeoning commercial banks to attract a client, low loan interest rate will be moved on certain level. 3. The study ability of the bank. Our country moves toward interest rate to commercialize gradually from interest rate control, first link is a bank. As a result of long-term since of interest rate make depend on completely people bank, this money puts loan interest rate is made by people bank, people bank entrusts a Bank of China to make foreign currency puts loan interest rate. Other bank is used " gaze at " means fluctuates in fluctuation of standard interest rate is small. When facing interest rate to move toward complete floating situation face to face accordingly, each bank will experience a process that suits stage by stage. From the point of current condition, this process will be slower. Lack manpower resource above all. In the environment of float interest rate, interest rate price is a very complex process. Develop the market is based on long-term the practice experience since, built models of a variety of interest rate price. And the premise of these price models and condition do not suit our country's current and located specific period mostly, can have the referenced, effect that draw lessons from only accordingly. And home lacks relevant government person with ability more, and this one situation is in very hard short-term inside get alleviating. It is interior management next the system is diseased. The interest rate with the circumstance different set such as the capital supply and demand that float interest rate asks the basis is daily, ask the bank is consummate and fall, come to fall and go up rapid, nimble ground takes the market all sorts of signal. The head office reachs each branch to must be made effectively go out to hang out his shingle dailily interest rate. And at present each branch goes between, branch is the same as the couplet net between the head office to have not come true, the head office also cannot learn each branch to put loan dailily fluctuant circumstance. Although interest rate is unlocked, the head office also cannot be made effectively piece be based on the market the interest rate level of real capital requirement. From the point of this angle, because major bank is in short-term inside cannot get used to this transition process, because this opens initial stage in interest rate, still will be one, two capable to make action of the dominant since the bank of interest rate, the interest rate difference of each finance interagency won't be very big. Complete this learning process gradually as each bank, because state-owned bank, foreign capital bank is mixed,ability of the asset dimensions of civilian battalion bank, gain exists bigger difference, certain price competition behavior appearing to contend for market share between the bank avoid hard. The influence 　 interest rate that interest rate commercializes verify certificate market is one of price signal with the mainest money market, interest rate reforms the crucial link that also is financial reform. Commercialize those who reform pace to accelerate as interest rate, security market pattern produces heavy revolution necessarily. Interest rate commercializes inevitable effect macroscopical economy, and stock price can mirror macroscopical economy effectively to change; Interest rate commercializes the management that will produce structure, bank to enterprise outstanding achievement, finance endowment and certificate business to manage generation to affect, decided the security market such as flow direction of stock price, capital is primary thereby the change of the element. One, of macroscopical economy fluctuant will affect 　 of 　 of security market 1. Monetary policy conducts mechanism efficiency to will rise. After interest rate is commercialized, the condition of monetary policy shunt matures further, monetary policy can transform stage by stage for completely indirect adjusting control. The conduction of monetary policy has bigger change than meeting below mechanism and the condition in interest rate control. Below the condition of interest rate control, the behavior of the microcosmic main body such as bank and enterprise is complete the behavior of central bank of be enslaved to be enslaved to, the conduction of monetary policy the mechanism is out of order. And after interest rate implementation is commercialized, above all, commercial bank aux will be able to adjusts the interest rate level of oneself according to the monetary policy of central bank quite. Operation of the interest rate policy of central bank, open market will affect the credit behaviour of the commercial bank directly, realize the control of dimensions of pair of whole society credence thereby; Next, below the condition that commercializes in interest rate, monetary policy produces the earnings standard that causes all sorts of asset fluctuant, investor can undertake be adjustmented accordingly to its asset combination, achieve the goal of value of asset of central bank adjusting control thereby. 2. Interest rate rises won't control investment demand. Tell from common sense, interest rate rises to borrow money together demand is the concern that negative involves necessarily. But among them condition of a premise is the enterprise must have sensitivity to interest rate, and just does not hold water enterprise of this pairs of our country. This is advanced civil " blame market element " in discussing, had alluded. the state-owned company that takes bank loan majority to those, no matter how loan interest rate fluctuates, demand is very exuberant from beginning to end. On the other hand, after loan interest rate is opened, the bank can raise loan price appropriately according to state of the credit grade of the enterprise, risk, can make so a few was eliminated to obtain bank financing in the medium and small businesses besides bank credit mechanism in the past. But the consideration that stems from avoid risk, the bank often is not willing to provide loan for medium and small businesses again. These enterprises although capital requirement is very big, but a be in the minority that can realize investment demand. Because this is overall, after interest rate is unlocked, the bank will enlarge loan dimensions moderately. 3. Impact of demand of cost of interest rate ascendant offset is not big. Finance deepens one of theoretical core argument, ascendant meeting raises the interest rate after cancelling interest rate to restrain namely dweller deposit apiration, increase an enterprise to invest financing source thereby, achieve the goal that stimulative economy grows. But somebody is afraid, our country economy is current most the a Gordian knot is inadequacy of dweller spending trend, brought about an enterprise to invest slow down in demand secondhand. So if after unlocking saving interest rate, because interest rate rises,bring about a dweller to reduce consumption further, at present somewhat the economy of improvement cannot anabiosis further. We think, basis at 2 o'clock reason, interest rate rises won't excessive restrain consumption to affect economy to anabiosis further thereby: Lower interest from 7 and add after imposing accrual tax, dweller deposit drops continuously in light of, the sensitivity of dweller deposit is stronger. Accordingly, interest rate rises to bring about a dweller to change consumption to deposit necessarily. But in light of the advance gradually process that commercializes from interest rate, the time that has a year or so ability can unlock saving interest rate, and deposit is unlocked will begin from big, long-term deposit receipt. Because this looks from the near future, will not affect the impetus that spending increases steadily. Additional, the effective interest rate that since founding a state, our country deducted prices factor basically is. Although be in 1988 - 1989, 1992 - appeared 1993 serious inflation, but the government gives 3 years period above deposit was offerred protect a value to subsidize rate, basically made sure dweller deposit yield is. Plus the past lack invests channel, the dweller savings ratio of our country occupies world first place almost. Open gradually as stock, bond and foreign currency market, the abidance of deposit fund billabong is inevitable trend. Below the circumstance that rises in interest rate is minor, dweller deposit won't increase considerably. 4. Interest rate commercializes the influence to the enterprise. Commercialize the propulsion of reform as interest rate, the investment efficiency of the enterprise will rise. According to the concerned theory that finance deepens, interest rate is commercialized after advancing, market money rate rises somewhat, will give those yield clear under the market the enterprise of balanced level; On the other hand, because cancel credit admeasure system, those rely on a government to give aid to or support administration force obtains the enterprise of loan to will not obtain fund. After element of this two respects decided interest rate is commercialized, capital obtains more effective configuration, the investment efficiency of whole society will rise. Pass old company to reform, the management behavior of state-owned company had produced bigger change. On one hand, the ego of the enterprise restrains ability to strengthen, below the major premise that has entered buyer's market in commodity market, the management way that state-owned company invests blindly is restrained; On the other hand, the risk consciousness of the bank is strengthened, strengthened pair of business loan to examine and approve, the superintendency that exceed the time limit borrows money. Between bank and enterprise form strong credit tie already basically, market money rate becomes an enterprise to cast financing decision-making medium crucial factor. Because this interest rate is commercialized,reform to the enterprise character, although short-term inside interest expense rises will bring about business economic benefits to glide somewhat, but from which in light of long-term point of view, because resource configuration gets optimizing, the investment efficiency that can drive a business necessarily and the whole of management outstanding achievement rise. Additional, because the structure of loan interest rate produces change, interest rate class increases, difference pulls a general to have very big effect to the enterprise of different credence grade. Commercialize in unfulfilment previously, no matter the bank still is to the risk the company with small risk can take an interest rate only greatly, can drift inside certain extent at most. After unlocking interest rate, the extent of loan difference can be pulled big. Good to running a state, outstanding achievement compares stable company, loan interest rate will be reduced somewhat, outstanding achievement is likely because this is further upward; And the company with frequent to those outstanding achievement wave motion, management high risk, loan interest rate can rise, affect the outstanding achievement of these enterprises likely. 2, the amount that the fluctuation wave motion that flows to fluctuant influence 　 interest rate to capital can affect market fund supply and demand and quality. Behave the interactive sex between monetary market and capital market to strengthen above all, the reasonable flow of capital will raise his to configure efficiency; The financial capital proportion that is dweller hold next will produce change, make the financing of stock market shows flexibility for giving out. 1. Amount of capital supply and demand is comparative. From this year first since, area of stock market financing appears " two-way enlarge is allowed " new feature. From the point of the capital requirement of the market, main system is new now an enlarge look, match and turn match appear on the market, a few respects such as stamp duty and commission. According to estimation, the market needs 250 billion yuan or so about this year. Among them hind city capital requirement is controlled in 80 billion yuan. In addition, as 2 board of the market roll out enter time and state-owned change showing drawing near, the market is in to capital requirement will increase apparently inside a paragraph of period henceforth. From the point of the capital supply of the market, main body can invest the increment capital of the stock market in dweller and orgnaization now. According to computative, the dweller can throw the potential capital upper limit of the stock market to be controlled in 300 billion yuan this year, the capital entering town of orgnaization investor will achieve 100 billion yuan or so inside year. That is to say, two city of deep Shanghai's potential capital supply is controlled in 400 billion yuan. Compare with demand, capital range is relatively full. Such looking, if be moved on the end of the year or interest rate of bright the beginning of the year, to capital the face won't produce too big effect. But the propulsion that commercializes a process as interest rate, the fluctuant range of interest rate will be bigger and bigger. This kind of wave motion will raise fund the flow between monetary market and capital market, the supply that raises stock market fund thereby is stretch. 2. Not big to the investment act effect of the orgnaization. Will comparative henceforth a paragraph long inside period, as all sorts of orgnaization investor enter town in a large-scale, they will become the main source of stock market capital. To the orgnaization client such as investment fund, insurance fund, if short-term loan interest rate and loan interest rate rise, the capital that invests one class market will be affected. But at present average yield is in one class market 14% the left and right sides, be compared and character, gain profit the space is very large still, because this capital won't pour out of one class market in great quantities; The orgnaization invests the capital of 2 class market, basically give priority to with client capital or own reserves. The effect that own reserves suffers interest rate to change is not big, client capital basically originates entrust conduct financial transactions. And because the enterprise lacks investment direction at present, deliver fund the preference to security market to won't be changed. Accordingly on the whole, interest rate rises finite to the influence of orgnaization capital. 3. Dweller gold financing produces structural drift analysis. The investment that the financial capital of our country dweller basically includes to hold form of stock of deposit of cash, deposit, national debt a few kinds big. With bank deposit at present deposit is given priority to, fluctuant to interest rate sensitive degree is inferior (see a picture 2) . From the graph 2 can see, since 1990, the nominal interest rate of our country presents more apparent downtrend, effective interest rate suffers price impact to change bigger, and what deposit deposits money is fluctuant present completely contrary state, will 10 years stabilize growth all the time. The amplitude this year drops somewhat, but platoon of element of the interest rate in the reason of billabong is in the 3rd (the analysis that occupies institute of Chinese people bank, affecting the first factor with fluctuant deposit is the stock market, the 2nd it is income, the 3rd it is interest rate, finally is system element) . This shows, in existing dweller finance capital, deposit still occupies much, but had appeared the evidence that billabong quickens. As a result of the influence of all sorts of elements, in the billabong part that deposits money in dweller deposit, national debt and stock hold volume rise. Because the national debt amount in the light of the individual is opposite lesser, and its gross basically depends on the hair administration plan of the Ministry of finance, the room that the individual chooses is very little. Accordingly, the proportion in increasing national debt to manage some financial capital fund in the dweller is restricted certainly. Stock criterion otherwise. After 1996, because the government is right of stock market position and action approbate, make its dimensions expands ceaselessly, trade the improvement of method, site, the investment consciousness that adds a dweller increases ceaselessly, the stock combines medium proportion to will rise continuously in dweller asset. But after saving interest rate is unlocked, saving interest rate rises the profitability that brings about deposit capital fund rises, will bring about partial venture undoubtedly evasive model capital reachs a bank from stock market circumfluence deposit account. 3, beyond the general effect that interest rate commercializes the interest rate that to appearing on the market the influence 　 of the company raises besides above paragraphs place to commercialize pair of enterprises, still have a few special place. Above all, appear on the market the capital structure of the company is different from average company. Indebted rate is in the average capital fund of our country enterprise 80% the left and right sides. And appear on the market the company signs up for in this year (up to on August 29, 2000) show, a indebted rate is company average assets 43.1% , appear on the market it is thus clear that the indebted level of the company is far under average company. After because of this interest rate implementation is commercialized, although interest rate level will rise somewhat, but to appearing on the market the company, interest burden won't increase a lot of. More important is, interest rate is commercialized will bring about company capital structure to produce change. Although from theoretic telling equity financing is a the cost in all sorts of financing means is highest kind, but our country enterprise hopes to be able to be obtained appear on the market qualification, and appear on the market company more apt is passed match, add hair is new means financing. One of reasons: Equity financing does not have cost almost. Appear on the market the cost of company equity financing basically is rate of dividend share out bonus. According to statistic, two ground of annual deep Shanghai appeared on the market last year the company grants in all bonus 18 billion yuan, if be 4 trillion yuan according to average market prise, so investor dividend return rate has 0.45% only. Of the reason: Investor structure in order to come loose door give priority to, cannot to appearing on the market the management of the company is carried out supervise effectively. But move toward maturity gradually as Chinese security market, the proportion of orgnaization investor increases ceaselessly. Because orgnaization investor holds a proportion tall, and the management activity that has corresponding professional knowledge to superintend an enterprise, also rise necessarily to the requirement of business dividend distribution, accordingly equity financing cost rises somewhat necessarily, appear on the market the company changes the creditor's rights such as bond of bank loan, enterprise to possibly financing means. Next, the deadline structure that the enterprise borrows money will produce change. In traditional plan sexual system falls, the photograph of loan interest rate of different deadline is about the same. At present the interest rate of loan of company circulating fund of 6 months is 5.58% , and 5 years period loan interest rate has 6.12% only. Because of this enterprise often deflection satisfies short-term capital requirement at coming with long-term financing source, make capital applies loss of efficiency. After interest rate commercializes reform, the difference between the interest rate of different deadline structure will expand, the enterprise stems from cost effectiveness principle to use different deadline construction financing effectively to satisfy requirement of circulating fund, long-term capital, because this is short-term,the scale of circulating fund loan will rise somewhat. To the bank kind appear on the market the company, namely deep development and Pu Fayin go two, interest rate is commercialized produce an effect to its gain level above all. Initial stage is commercialized in interest rate, because saving interest rate keeps changeless at first, and loan interest rate will rise somewhat, put the difference that shift interest to will expand somewhat accordingly. Put the difference that shift interest to remain the main source of bank profit at present, the earnings level that these two banks will cause after benefit difference expands rises somewhat. But advance as what commercialize reform, saving interest rate also will be unlocked. As a result of the competition of banking, put loan interest to differ a level to will narrow, the gain level that causes a bank falls generally; From the point of the angle of management risk, a lot of countries are in unlock put after shifting interest rate control, the bank appears bad loan increases, the phenomenon that management risk increases. To our country bank, commercialize the propulsion of reform as interest rate, risk of battalion of silver-colored go by also will rise somewhat. The risk basically originates put the difference that shift interest to narrow, bad Zhang scale rises bring about bank profit level to drop, the bank is dovish the gender is browbeaten. The bank that appear on the market belongs share-holding system commercial bank, the measure that reforms according to interest rate is arranged, interest rate control will be unlocked before state-owned bank, this is a good development chance the commercial bank to share-holding system undoubtedly. Share-holding system bank is inferior to state-owned bank in the competition ability of the respect such as grade of capital dimensions, business site, credence, its competition advantage is centered in the respect such as service of business innovation, diversification. And unlock interest rate to be able to make the bank suits earlier to arrive from plan system undoubtedly above all the shunt of market system, can arouse the enthusiasm of battalion of silver-colored go by, innovation greatly. According to international experience, bank tradition puts the profit proportion that shifts business to drop is hasten of general trends place, the bank ability that also has those devoting oneself to that change financial innovation, actively only is in market competition remain invincible. Face send intense market competition pattern more, the commercial bank must initiate a tradition actively to put shift the other business beyond business, include business of intermediate business, economy business and network bank, fictitious bank to wait. Current, our country major bank agrees basically in the competitive start of financial innovation respect, be in very favorable position without which bank. Innovation business is compared with traditional business posture, proportion is very small still also. But the bank of local, civilian battalion with light, vivid mechanism faces those burdens early commercialized interest rate mechanism, will go up in these burgeoning business position of race to control. To other finance kind appear on the market company, include fiducial kind, negotiable securities kind the company, interest rate commercializes pair of its influences to be inferior to be opposite the bank is direct in that way, but also can affect its the respect such as business structure, management profit and risk management. To these companies, advocate business Wu by former fiducial business to transition of negotiable securities business, fiducial business gradually atrophic, negotiable securities business becomes main income and profit source. Because this interest rate commercializes the influence of these pair of companies,can consult the influence of pair of certificate business. 4, the income of influence 　 interest that interest rate commercializes pair of certificate business will decrease. Generally speaking, because term of short-term loan of a person of same business is very short, amount is larger, level of market money rate should deposit money under current interest rate. But be in our country, because market of the short-term loan between the bank is unlocked basically, interest rate level approachs the market more level of balanced interest rate, and saving interest rate still is in national control under, the inhibition with get certain, because this is both appear to hang a phenomenon. Average interest rate is our country's current short-term loan market 2.4% the left and right sides, and current saving interest rate is 2.25% . To certificate business, tear open client earnest money on market of short-term loan of a person of same business piece, as a result of interest rate of saving of current of prep above of interest rate of short-term loan of a person of same business, because amid of this certificate business acquires one part interest,need income. But as saving interest rate unlock stage by stage, saving interest rate can approach level of short-term loan interest rate gradually, level of interest rate of short-term loan of prep above of final and inevitable meeting. From this certificate business the loss one share profit needs income. Raise fund cost will rise. Indebted rate basically is in the average capital fund of business of our country certificate 90% the left and right sides, the flow in indebted structure is indebted proportion is very high, because this interest rate rises,raise cost of its finance affairs necessarily. Be opposite plus the country take up of client earnest money clear, certificate business seeks capital of bank credit, short-term loan and other and leasehold fund necessarily. Below the circumstance that rises in interest rate level, raise fund cost also will show ascendant trend. Via the influence of battalion business. Move toward times of float interest rate from times of fixed interest rate, investor is pressing need can the financial tool of risk of avoid interest rate, include crossing-over of period authority, futures, interest rate to wait for a variety of financial innovation tools. Although distance interest rate commercializes the current situation completely to still having very big difference, and superintendency authorities is applied to what finance derives a tool still be in limitative condition, but if certificate business can set out from this angle, design the product that offers asset to protect value, appreciation to serve for the client beforehand, can be in undoubtedly the market in the future wins position in competition. (www.my-paper.info my paper)