放开贷款利率管制对企业创新投资的影响研究  

Does Lending Rate Marketization Increase Firms’ Innovation Investment?

作　　者：邵俊尧 张平 SHAO Junyao;ZHANG Ping(School of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《财经理论与实践》2023年第1期11-18,共8页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金重点项目(15AZD059)。

摘　　要：基于中国贷款利率市场化的准自然实验,利用沪深A股制造业上市公司2007—2020年数据,对放开贷款利率管制后的企业创新投资行为进行了研究。实证结果表明,放开贷款利率管制显著提升了企业创新投资水平,而这种提升作用主要通过增加企业长期贷款规模来实现。同时,相对于融资约束较小、技术水平较低的企业,放开贷款利率管制对企业创新投资的促进作用在融资约束较大、技术水平较高的企业中更为明显。Based on the quasi-natural experiment of China’s lending rate marketization, this paper uses the data of Shanghai and Shenzhen A-share manufacturing companies from 2007 to 2020 to study firms’ innovation investment behavior after the lending rate marketization. The empirical results show that the deregulation of lending rate significantly improves the level of enterprise innovation investment, which is mainly achieved by increasing the scale of long-term loans. At the same time, relative to enterprises with low financing constraints level or low technical level, the promotion effect of lending rate marketization on innovation investment is more reflected in enterprises with high financing constraints level or high technology level.

关 键 词：贷款利率市场化 创新投资 长期贷款 准自然实验 

分 类 号：F830.5[经济管理—金融学] F272.3