利率市场化改革能促进企业创新吗?——基于中国人民银行取消贷款利率上下限的经验证据  

Can Interest Rate Liberalization Promote Enterprise Innovation?——Based on the Empirical Evidence from PBoC's Removal of Interest Rates Upper and Lower

作　　者：江春[1] 雷振锋 胡德宝 司登奎 Jiang Chun;Lei Zhenfeng;Hu Debao;Si Dengkui(The Center for Economic Development Research,Wuhan University;School of Economics and Management,Wuhan University;International College,Renmin University of China;School of Economics,Qingdao University)

机构地区：[1]武汉大学经济发展研究中心 [2]武汉大学经济与管理学院 [3]中国人民大学国际学院 [4]青岛大学经济学院

出　　处：《国际金融研究》2023年第4期29-38,共10页Studies of International Finance

基　　金：国家社会科学基金一般项目“中国系统性金融风险的高维时变测度、传播路径与防范对策研究”(22BJY184)资助。

摘　　要：本文从理论层面阐释了利率市场化影响企业创新绩效的微观机理,理论分析表明,利率市场化能够通过缓解融资约束、降低信贷扭曲促进企业创新绩效提升。为识别利率市场化与企业创新绩效之间的因果效应,本文基于中国人民银行取消金融机构贷款利率上限和下限为冲击构造准自然实验。结果显示:利率市场化每增加1单位标准差,企业创新绩效平均提升约样本标准差的65.086%。同时,利率市场化对企业创新绩效的影响在融资约束较高、融资依赖程度较高,以及信息不对称程度较高的样本中更为凸显。本文结论表明:有序推进金融市场化改革、健全金融有效支持实体经济的体制机制,能够为培育创新型经济发展提供重要支持。Under the impact of the COVID-19 pandemic,profound changes unseen in this century have accelerated,and the complexity and uncertainty of the internal and external environment have increased.Under these circumstances,the key to achieving stable and sustained economic development and starting the comprehensive construction of a socialist modern country on a solid footing is to deepen the reform of the financial market,support and guide the innovative development of the real economy,and stimulate the vitality of market entities systematically and comprehensively.This paper provides a theoretical analysis that focusing on the mechanism of interest rate marketization affecting enterprise innovation.The theoretical analysis shows that interest rate marketization can alleviate financing constraints,reduce credit distortions and therefore promote enterprise innovation performance.In order to identify the causal effect of interest rate marketization on enterprise innovation,this paper selects the cancellation of the upper and lower limits of loan interest rates of financial institutions by the people's Bank of China as exogenous shocks to construct a quasi-natural experiment.The results show that for each 1 unit standard deviation increase in interest rate marketization,the innovation performance of enterprises will increase by 65.086 percent of the sample standard deviation on average.The above innovation effect is more prominent in the samples with high financing constraints,high financing dependence and high information asymmetry.The marginal contributions of this paper are twofold.Firstly,this paper provides a theoretical interpretation of the feasibility of interest rate marketization in promoting the innovative development of enterprises by easing financing constraints and reducing credit allocation distortions.Secondly,by constructing quasi-natural experiments using external shocks of the People's Bank of China canceling the upper and lower limits of loan interest rates for financial institutions,respectively,this

关 键 词：利率市场化 创新绩效 融资约束 信贷扭曲 

分 类 号：F830[经济管理—金融学]