贷款利率市场化改革能提高企业会计稳健性吗?  

Does Market-based Reform of Lending Rates Improve Corporate Ac⁃counting Robustness?

作　　者：刘晓颖 鄢翔 陈卓 Liu Xiaoying;Yan Xiang;Chen Zhuo(Chinese Academy of Fiscal Sciences,Beijing 100142,China;International Business School,Anhui University of Finance and Economics,Bengbu 233030,Anhui,China;Jinan City Investment,Jinan 250101,Shandong,China)

机构地区：[1]中国财政科学研究院,北京100142 [2]安徽财经大学国际商学院,安徽蚌埠233030 [3]济南城市投资集团,山东济南250101

出　　处：《金融发展研究》2024年第11期16-27,共12页Journal Of Financial Development Research

基　　金：山东省自然科学基金青年项目“市场监管政府机构整合、企业财务信息治理与资本市场响应”(ZR2023QG055)。

摘　　要：基于我国利率市场化改革的准自然实验,考察资本要素市场管制放松后会计信息信号传递功能的变化及影响路径。研究发现,2004年贷款利率上限和2013年贷款利率下限放开后,企业会计稳健性水平显著提高。并且,2004年贷款利率上限放开后,民营企业基于获取银行贷款动机而更显著地提高了其会计稳健性;2013年贷款利率下限放开后,国有企业基于降低融资成本动机而更显著地提高了其会计稳健性。异质性分析显示,贷款利率上下限放开对民营和国有企业的影响,均在企业成长性较高、多元化程度较低时更为明显。基于经济效应的研究表明,2004年贷款利率上限放开后,民营企业会计稳健性水平提高,获得的银行短期贷款更多;而2013年贷款利率下限放开后,国有企业会计稳健性水平提高,银行贷款成本显著降低。研究证实了利率政策、会计信息与企业行为间的相互影响,丰富了对我国利率市场化改革经济效应的认识。Based on the quasi-natural experiment of China's interest rate marketization reform,we examine the changes in the signaling function of accounting information and the path of influence after the deregulation of the capital factor market.The study finds that the level of corporate accounting robustness increased significantly after the liberalization of the lending rate cap in 2004 and the lending rate floor in 2013.Moreover,after the liberalization of the lending rate cap in 2004,private firms increased their accounting robustness more significantly based on the incentive to obtain bank loans;after the liberalization of the lending rate floor in 2013,SOEs increased their accounting robustness more significantly based on the motive of reducing financing costs.Heterogeneity analyses show that the impact of the liberalization of the upper and lower limits of the lending rate on both private and state-owned firms is more pronounced when firms are higher in growth and lower in diversification.Research based on economic effects shows that after the liberalization of the lending rate cap in 2004,private firms increased their level of accounting soundness and received more short-term bank loans;and after the lower limit of lending rate was liberalized in 2013,the level of accounting robustness of state-owned enterprises increased and the cost of bank loans was significantly reduced.The study confirms the interplay between interest rate policy,accounting information and corporate behavior,enriching the understanding of the economic effects of China's interest rate marketization reform.

关 键 词：金融市场改革 贷款利率市场化 会计稳健性 银行贷款 

分 类 号：F830.5[经济管理—金融学]