The reform of China's interest rate liberalization began in 1996 ,by October 2015 ,the central bank had liberalized the deposit interest rate cap .This means that the reform of interest rate liberalization has made a decisive progress , which has a great impact on China's financial institutions ,especially commercial banks .Firstly ,this paper explains the credit risk ,interest rate risk and liquidity risk faced by commercial banks under interest rate liberalization ,and puts forward research hypotheses . Secondly , through empirical analysis of the impact of interest rate liberalization on China's commercial banks ,the panel data model is constructed .This paper selects Z-SCORE and NPL as the explained variables which are used respectively to measure the bankruptcy risk and credit risk ,and the net interest margin as explanatory variable .The result is that the interest rate liberalization has no obvious effect on the bankruptcy of large commercial banks ,but it will increase the risk of bankruptcy for small and medium-sized commercial banks ;the interest rate liberalization has intensified the credit risk of commercial banks ,and the impact of interest rate liberalization on credit risk of large commercial banks is larger than that of small and medium-sized commercial banks . Finally , this paper puts forward suggestions for commercial banks to deal with interest rates liberalization.%中国利率市场化改革始于1996年,至2015年10月,央行放开存款利率上限管制,意味着利率市场化改革取得了决定性进展,对中国金融机构,尤其是商业银行产生了较大影响.首先,阐释在利率市场化下商业银行面临的信用风险、利率风险、流动性风险,并提出研究假设.然后,通过实证分析利率市场化对中国商业银行风险影响,构建面板数据模型,选取Z-SCORE和NPL作为被解释变量,分别衡量破产风险和信用风险,净利差作为解释变量.研究结果表明,利率市场化对大型商业银行发生破产的作用不明显,但会增加中小商业银行发生破产的风险;利率市场化加剧了商业银行信用风险,同时利率市场化对大型商业银行信用风险的影响大于中小型商业银行.最后,提出了商业银行应对利率市场化的建议.
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