利率市场化、非效率投资与资本配置——基于中国人民银行取消贷款利率上下限的自然实验

发布时间：2018-01-11 02:18

本文关键词：利率市场化、非效率投资与资本配置——基于中国人民银行取消贷款利率上下限的自然实验　出处：《金融研究》2017年05期 　论文类型：期刊论文

【摘要】：本文以2003-2015年非金融类上市公司为研究样本,以中国人民银行取消贷款利率上下限作为自然实验,实证检验我国利率市场化如何影响企业投资决策及其资本配置效率。本文研究发现:(1)利率市场化推进带来了企业非效率投资的减少,特别是对非国有企业尤甚;(2)相对于放宽贷款利率下限,放宽贷款利率上限更有助于抑制企业非效率投资;(3)随着利率市场化程度推进,企业投资的价值效应呈现不断提升趋势。本文检验还发现:利率市场化不仅显著抑制了企业非效率投资,而且还抑制了企业激进性负债程度。本文的发现为解读我国利率市场化如何影响企业投资决策及其资本配置效率提供了理论依据,同时对当前我国推行经济体制改革、推动供给侧结构性改革、进而实现"三去一降一补"五大任务也具有一定的借鉴意义。
[Abstract]:In this paper, the non-financial listed companies from 2003 to 2015 as the study sample, the people's Bank of China to cancel the lending rate of the upper and lower limits as a natural experiment. Empirical study shows how marketization of interest rate affects the investment decision and capital allocation efficiency of enterprises in China. This paper finds that the promotion of marketization of interest rate leads to the reduction of non-efficient investment of enterprises. Especially for non-state-owned enterprises; (2) relative to relaxing the lower limit of loan interest rate, relaxing the upper limit of loan interest rate is more helpful to restrain enterprises from investing inefficiently; With the promotion of interest rate marketization, the value effect of enterprise investment is increasing. This paper also finds that interest rate marketization not only significantly inhibits inefficient investment. The findings of this paper provide a theoretical basis for understanding how the marketization of interest rate affects the investment decision and the efficiency of capital allocation of enterprises. At the same time, it is of great significance for China to carry out economic system reform, promote supply-side structural reform and realize the five tasks of "three go, one decline and one supplement".
【作者单位】：武汉大学经济与管理学院;武汉市武昌区国有资产监督管理办公室;暨南大学管理学院;
【分类号】：F275;F832.2;F832.5
【正文快照】： 一、引言一直以来,我国经济增长存在效率不高的问题,而学术界普遍认为造成这种效率低下的主要原因之一在于要素市场化程度不够,其中借贷资本价格——利率的市场化进程也较为缓慢。这是因为,我国客观存在的银行主导型金融体系决定了银行借款是企业资金的主要来源,而利率作为调

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