中国利率市场化改革与民营企业融资约束：理论与实证研究

发布时间：2018-01-18 01:24

本文关键词：中国利率市场化改革与民营企业融资约束：理论与实证研究　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：利率机制在金融体制中有着举足轻重的位置,中国长时间利率管制的政策严重阻碍了市场经济的发展,逐渐放松利率管制已成必然趋势。中国利率市场化改革始于1986年,历经几十年的发展,随着2015年10月23日中国人民银行宣布放开金融机构存款浮动利率上限,利率市场化改革基本完成。民营企业能够创造相当于国内生产总值百分之六十的最终产品和服务的价值,是国民经济稳定发展的主要动力,但其融资难、融资贵的问题在多年以来也是不争的事实。在中国经济进入新常态并进行L型筑底的关口上,民营企业对于中国经济增速的贡献显得尤为重要。本文尝试将利率市场化改革纳入民营企业外部融资问题中,通过理论和实证分析利率市场化改革对于民营企业融资约束的影响,在此基础之上进一步分析利率市场化改革的不同阶段对企业融资约束造成的不同影响,以便为处于融资约束中的民营企业提出政策性建议。本文首先通过引用文献说明民营企业融资约束的成因,分别从信息不对称、金融机构、金融资源配置二元特性和信贷配给四个方面加以阐述。其次基于信息对称与信息不对称两种不同的均衡信贷理论模型对民营企业融资约束做出理论分析。本文选取了 1906家主板和中小板2004-2015年间的面板数据,运用投资-现金流敏感性模型进行实证研究。首先对民营企业和国有企业进行样本分组,然后运用投资-现金流敏感性的基准模型分别测度它们是否具有融资约束。其次,通过利率市场化改革的进程编撰出利率市场化测度指数RLI作为利率市场化的代理变量,并作为现金流的交互项引入到实证模型当中,通过实证分析利率市场化对民营企业融资约束的影响。实证结果表明民营企业具有显著的外部融资约束而国有企业不具有融资约束,且利率市场化改革能够有效缓解民营企业的融资约束。基于产权异质性的分组前提下,本文创新性的提出根据利率市场化指数,将样本(包括国有和民营两个样本)按时间纵向分为两个子样本对基准模型估计,进而根据结果来判断随着利率市场化改革的深入,民营企业融资约束是否得到改善。实证结果显示民营企业在利率市场化第一阶段具有显著的外部融资约束,但在利率市场化第二阶段却不具有融资约束,说明利率市场化改革的推进有效缓解了民营企业的外部融资约束。实证分析的最后阶段,本文使用2006-2015年全国各省份贷款利率浮动幅度表计算出银行贷款利率基于官方基准利率浮动幅度的方差FRV这个指标替代利率市场化测度指数RLI对模型进行稳健性检验,实证结果和前面实证结论相一致,证明了本文的实证结果是稳健的。本文最后在理论和实证研究的基础上,借鉴国外先进的理念并结合中国现阶段实情,对利率市场化背景下的民营企业融资提出了相应的政策建议。包括完善民营企业融资的制度环境、构建多层次的金融市场体系以及加快中小民营企业征信和增信体系建设等。
[Abstract]:The interest rate mechanism has an important position in the financial system, interest rate control China long time policy has seriously hindered the development of market economy, gradually relaxes the interest rate control has become an inevitable trend. Chinese interest rate market reform began in 1986, after decades of development, as of October 23, 2015 the people's Bank of China announced the liberalization of deposit financial institutions floating interest rate cap. The interest rate marketization reform basically completed. Private enterprises can create the final products and services equivalent to sixty percent of GDP value, is the main power for the stable development of the national economy, but the financing difficulties, financing expensive problem is an indisputable fact. In the years since China in the economy has entered a new normal and L type bottom the mark, private enterprises for China economic growth contribution is particularly important. This paper attempts to apply the market-oriented interest rate reform into people External financing problems in private enterprises, through the influence of the reform of theoretical and empirical analysis of the interest rate market for the financial constraints of private enterprises, on the basis of further analysis of the different effects of different stages of the market-oriented interest rate reform on financing constraints caused by the financing constraints in order for the private enterprises to put forward policy suggestions. Firstly, through reference the literature that causes the financial constraints of private enterprises, respectively, from the information asymmetry, financial institutions, rationing in four aspects of the allocation of financial resources and credit characteristics of two yuan are expounded. Secondly information makes the theoretical analysis of known information asymmetry and two different equilibrium credit theory model of private enterprises financing constraints. Based on the panel data of 1906 the motherboard and small plates during 2004-2015, using the investment cash flow sensitivity model for empirical research on private enterprises firstly. Industry and state-owned enterprises sample group, and then use the investment cash flow sensitivity benchmark model respectively measure whether they have financing constraints. Secondly, through the interest rate marketization of interest rate marketization compiled a proxy measure index RLI as the interest rate market, and as a cash flow interaction is introduced into the empirical model. Through the empirical analysis of the interest rate market impact of financing constraints on private enterprises. The empirical results show that the private enterprise has significant external financing constraints and state-owned enterprises with financing constraints, and the interest rate marketization reform can effectively alleviate the financial constraints of private enterprises. Based on the premise of packet property heterogeneity, this paper innovatively put forward according to the interest rate market the index, the sample (including state-owned and private two samples) according to the longitudinal time is divided into two sub samples of the benchmark model estimates, and According to the results to determine with the interest rate market reform, financing constraints of private enterprises is improved. The empirical results show that private enterprises of the first stage in the interest rate market has significant external financing constraints, but in the second stage of the interest rate market does not have the financing constraints, that promote market-oriented interest rate reform to effectively alleviate the external financing constraints of private enterprises. The final stage of empirical analysis, this paper uses 2006-2015 in the provinces of the country loan interest rate floating rate table to calculate the bank loan interest rate based on the official benchmark interest rate floating variance amplitude of FRV the index instead of the interest rate marketization index RLI for the robustness test of the model, consistent with empirical results and empirical conclusions show that the front. The empirical results are robust. Finally, on the basis of theoretical and empirical research, draw lessons from foreign advanced ideas Combined with the present stage of Chinese truth, under the background of interest rate marketization financing for private enterprises and puts forward some policy suggestions. Including to perfect the system of financing of private enterprises, to build a multi-level financial market system and speed up the credit and credit system construction of small and medium-sized private enterprises.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5;F276.5

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