金融市场化改革与企业“短贷长投”——基于利率市场化视角下的中国经验  

Financial Marketization Reform and Enterprise “Short-term Loan and Long-term Investment”——Based on China′s Experience from the Perspective of Interest Rate Marketization

作　　者：祝佳 孙念念 吴非[3] ZHU Jia;SUN Nian-nian;WU Fei(Guangdong University of Finance,a.Behavioral Finance and Regional Laboratory,Guangzhou 510521,China;School of Economics and Trade,Guangzhou 510521,China;Fintech Engineering Technology Development Center,Guangzhou 510521,China)

机构地区：[1]广东金融学院行为金融与区域实验室,广州510521 [2]广东金融学院经济贸易学院,广州510521 [3]广东金融学院金融科技工程技术开发中心,广州510521

出　　处：《商业研究》2022年第5期103-113,共11页Commercial Research

基　　金：国家社科基金一般项目“供给侧结构性改革背景下利率市场化的区域效应与金融风险防控研究”,项目编号:18BJL071。

摘　　要：基于中国新发展时期对经济转型的要求,本文借助2007-2018年中国沪深A股上市公司的数据,实证检验利率市场化对企业“短贷长投”行为的影响及其机制。研究发现,利率市场化进程的推进能够显著抑制企业“短贷长投”行为,对不同属性企业的“短贷长投”行为有着异质性的效果差异;从影响机制来看,利率市场化能够缓解企业的融资约束、减少企业的融资成本,又能够帮助企业降低金融杠杆,维护财务稳定,从而抑制企业的“短贷长投”行为,而政府层面的金融监管能够更大程度发挥利率市场化抑制异质性企业“短贷长投”的功效。Based on the requirements for economic transformation in China′s new development period, this article uses data from China′s Shanghai and Shenzhen A-share listed companies from 2007 to 2018 to empirically test the impact of interest rate marketization on corporate “short-term loan and long-term investment” behavior and its mechanism. The study found that the advancement of interest rate marketization can significantly inhibit the “short-term loan and long-term investment” behavior of enterprises. In particular, interest rate marketization has heterogeneous effects on the “short-term loan and long-term investment” behavior of enterprises with different attributes. From the perspective of the impact mechanism, interest rate marketization can ease the financing constraints of enterprises and reduce the financing costs of enterprises. It can also help enterprises reduce financial leverage and maintain financial stability, thereby inhibiting enterprises′ “short-term loans and long-term investment” behavior. Further, the government Financial supervision at the level can exert the effect of interest rate marketization in restraining heterogeneous enterprises′ “short-term loans and long-term investment” to a greater extent.

关 键 词：利率市场化 短贷长投 融资约束 脱实向虚 金融监管 

分 类 号：F832.5[经济管理—金融学]