利率市场化能降低企业营运风险吗?基于融资约束和企业金融化的双重视角  

Does Interest Rate Liberalization Lower the Operational Risks of Enterprises? Dual Perspectives of Financing Constraints and Financialization

作　　者：司登奎 李小林[2] 孔东民[3] 江春[4] SI Dengkui;LI Xiaolin;KONG Dongmin;JIANG Chun(School of Economics,Qingdao University;School of Economics,Ocean University of China;School of Economics,Huazhong University of Science and Technology;The Center of Economic Development Research,Wuhan University)

机构地区：[1]青岛大学经济学院,山东青岛266061 [2]中国海洋大学经济学院,山东青岛266100 [3]华中科技大学经济学院,湖北武汉430074 [4]武汉大学经济发展研究中心,湖北武汉430072

出　　处：《金融研究》2023年第1期113-130,共18页Journal of Financial Research

基　　金：国家社科基金一般项目(22BJY184)的资助。

摘　　要：如何提高金融服务实体经济的结构性调节功能并促进企业有序运营与健康发展是金融供给侧结构性改革的重要目标。利率市场化改革作为金融领域最重要的改革之一,其在微观层面如何影响实体经济运行引起了高度关注。本文首先从理论上诠释了利率市场化通过缓解融资约束、抑制金融化进而降低企业营运风险的逻辑关系。为识别利率市场化与企业营运风险之间的因果效应,本文以中国人民银行2004年10月取消金融机构贷款利率上限和2013年7月取消金融机构贷款利率下限为外生冲击,基于融资约束差异构造准自然实验为上述理论推断提供经验证据。特别地,利率市场化每增加1单位标准差,企业营运风险平均约下降样本标准差的2.39%。异质性分析表明,利率市场化对企业营运风险的抑制效应在融资约束程度较高、行业竞争程度较高、投资机会较多的企业中尤为明显。本文研究对于进一步优化资源配置效率、实现金融与实体经济高质量发展具有一定参考意义。The COVID-19 pandemic caused profound and unprecedented changes,which have increased the complexity and uncertainty of both internal and external business environments.China is facing the triple pressures of shrinking demand,supply shocks and weakening expectations.Moreover,the production and operation of enterprises are facing severe challenges.One feature of the structural contradiction in China's economy is that when the financial sector grows rapidly,the real economy starts to decline.Consequently,non-financial enterprises shift from their main business to financial business,showing an obvious trend of financialization.This weakens the structural adjustment function of the financial sector to the real economy and aggravates the accumulation of risks in the real economy.The Fourteenth Five-Year Plan clearly states that there should be a focus on improving the financial system to effectively support the real economy.How to improve the structural adjustment function of the financial sector to the real economy is an important goal of financial supply-side structural reform.Interest rate liberalization reform has led to considerable concern in the government and among scholars regarding how it affects the real economy.This study provides a feasible explanation for the internal logic on how interest rate liberalization affects enterprise operational risk,with theoretical analysis showing that interest rate liberalization reduces enterprises'operational risk by easing their financing constraints and inhibiting their financialization.This study uses two external shocks to identify the causal effect of interest rate liberalization on enterprise operational risk,namely the deregulation of the upper limit of loan interest rates in October 2004 and the reduction of limits on loan interest rates in July 2013 by the People's Bank of China,and constructs quasi-natural experiments to verify the above theoretical inference.The empirical results show that interest rate liberalization reduces the operational risk of enterprises

关 键 词：利率市场化 营运风险 融资约束 企业金融化 

分 类 号：F832.4[经济管理—金融学] F272.3F275