LPR改革对中小企业债务融资成本的微观效应  

The Micro Effects of LPR Reform on Debt Financing Costs of SMEs

作　　者：李中山 张心怡 LI Zhongshan;ZHANG Xinyi(School of Finance,Inner Mongolia University of Finance and Economics,Hohhot,China,010070)

机构地区：[1]内蒙古财经大学金融学院,内蒙古呼和浩特010070

出　　处：《财经理论研究》2024年第6期39-50,共12页Journal of Finance and Economics Theory

摘　　要：中国人民银行于2019年8月对LPR进行改革完善,目的是推动利率市场化进程,提高利率传导效率,这次改革从微观层面来讲,对降低中小企业债务融资成本具有重要影响。本文以深市2014—2022年中小板上市企业和主板上市企业作为研究样本,运用双重差分法对LPR改革对降低中小企业债务融资成本的实际效果进行验证。通过验证可以看出,相比大型企业,LPR改革对中小企业债务融资成本下降影响更加显著,并且这种影响会因为企业性质以及所处地区的不同存在差异,一方面,与国有企业相比,LPR改革使得民营企业中的大型企业和中小型企业的债务融资成本差异更加显著,另一方面,与经济发展水平较低的地区相比,LPR改革使得经济发展水平较高地区的大型企业和中小型企业的债务融资成本差异更加显著。也就是说,LPR改革显著降低了中小企业的债务融资成本。In August 2019,the People′s Bank of China(PBOC)reformed and improved the Loan Prime Rate(LPR)with the goal of advancing interest rate marketization and enhancing the efficiency of interest rate transmission.This reform has had a significant micro-level effect in reducing the debt financing costs for small and medium-sized enterprises(SMEs).Using data from small and medium-sized listed enterprises and main board listed enterprises in Shenzhen from 2014 to 2022,this paper applies a difference-in-differences(DID)method to assess the actual impact of the LPR reform on reducing SMEs′debt financing costs.The analysis reveals that,compared to large enterprises,the LPR reform had a more pronounced effect in lowering the debt financing costs for SMEs.This impact varies by the nature of the enterprise and the region.On the one hand,the reform has a greater impact on reducing the debt financing costs of private SMEs compared to state-owned enterprises.On the other hand,the difference in debt financing costs between large enterprises and SMEs is more significant in regions with higher levels of economic development than in regions with lower levels.In other words,the LPR reform has significantly reduced the debt financing costs for SMEs.

关 键 词：LPR改革 债务融资成本 双重差分 

分 类 号：F276.3[经济管理—企业管理] F832.4[经济管理—国民经济]