利率市场化、上市公司信贷可获得性与债务融资成本——兼论区域金融发展水平的影响  

The Impact of Interest Rate Liberalization on Listed Company Credit Availability and Debt Financing Costs——An discussion on the Influence of Regional Financial Development

作　　者：张国法[1,2] 李心合 Zhang Guofa;Li Xinhe

机构地区：[1]南京大学商学院会计学系 [2]中国建设银行总行

出　　处：《投资研究》2021年第11期145-159,共15页Review of Investment Studies

摘　　要：本文以2007-2018年我国A股上市公司为样本,使用面板回归模型实证检验近十年来利率市场化改革两大举措——2013年取消贷款利率下限、2015年取消存款利率上限,对企业信贷融资"量价"的影响。研究发现:随着利率市场化推进,企业信贷可获得性上升,长期信贷余额占比上升,债务融资成本下降。进一步检验发现,区域金融发展水平与利率市场化存在替代关系。上市公司债务融资成本与央行基准利率相关性比债券市场利率更强,且下降主要受益于银行同业竞争。This article conducts an empirically study on the impact of two major reforms of interest rate liberalization in recent years(removal of the lower limit on loan interest rate in 2013 and the upper limit on deposit interest rate in 2015)on corporate credit financing,based on a sample of China’s A-share listed companies and its panel data regression analysis from 2007 to 2018.It is found that with the advancement of interest rate liberalization,the availability of corporate credit financing has enhanced,the proportion of long-term credit balance increased,while the cost of debt financing decreased.Further analysis finds that there is an alternative relationship between the level of regional financial development and interest rate liberalization.Compared with the bond market interest rate,the debt financing cost of listed companies has a stronger correlation with the central bank’s benchmark interest rate,and its decline also mainly benefits from inter-bank competition.

关 键 词：利率市场化 企业信贷融资 区域金融发展 

分 类 号：F832.4[经济管理—金融学] F832.5