利率市场化、区域金融发展与企业融资成本研究

发布时间：2018-06-22 04:40

本文选题：利率市场化 + 区域金融发展　；参考：《合肥工业大学》2017年硕士论文

【摘要】：放开利率管制,是社会主义市场经济发展到一定阶段的必然成果,也是近20年来中国政府一直在稳步推行的政策。自2012年十八大提出深化金融体制改革以后,我国利率市场化进程加快,2015年10月24日,商业银行存款利率上限的放开,标志着我国基本上放开利率管制,实现利率定价市场化。利率市场化改革的完成,对金融市场的稳定、金融产品的多样性以及银行业的发展定价都有重大的影响,金融市场的变化,不可避免的会影响到微观企业。不同的地区,区域金融发展程度高低不同,所受利率市场化的影响程度也不尽相同,从而该地区的企业受利率市场化改革的影响程度也不同。在当前阶段,研究利率市场化对公司资本成本的影响,以及对不同地区公司资本成本的影响程度,有助于发现利率市场化对公司资本资成本的影响机制,找到政府引导企业发展的方法,以及企业面对利率市场化应该采取的应对措施。考虑到前人的相关研究,多是基于国外放开利率管制的经验以及理论研究,本文构建衡量利率市场化程度指数,并且借鉴樊纲和王小鲁的市场化进程指数作为衡量一个地区金融发展程度的指标。通过国泰安和万得数据库选取了符合条件的9125家企业的实际数据,对本文的假设进行回归分析。研究发现:利率市场的程度越高公司的资本成本越高,尤其是非国有公司表现的更加明显;区域金融发展程度与公司的资本成本负相关;区域金融发展程度能够缓解利率市场化带来的企业融资成本上升幅度。最后根据上述结论本文从宏观与微观两个方面提出了降低放开利率管制后企业融资成本的措施。
[Abstract]:The liberalization of interest rate control is the inevitable result of the development of socialist market economy to a certain stage, and it is also the policy that the Chinese government has been steadily carrying out in the past 20 years. Since the 18th National Congress of the Communist Party of China proposed deepening the reform of the financial system in 2012, the process of interest rate marketization in China has been accelerated. The completion of interest rate marketization reform has great influence on the stability of financial market, the diversity of financial products and the development and pricing of banking. The change of financial market will inevitably affect micro enterprises. In different regions, the degree of regional financial development is different, and the degree of interest rate marketization is different, so the enterprises in this region are affected by the interest rate marketization. At the present stage, studying the influence of interest rate marketization on the capital cost of companies and the degree of influence on the capital cost of companies in different regions will help to find out the mechanism of the impact of interest rate marketization on the cost of capital of companies. Find out the way that the government guides the development of enterprises, and the countermeasures that enterprises should take in the face of marketization of interest rate. Considering the previous relevant studies, most of them are based on the experience of foreign countries to liberalize interest rate regulation and theoretical research, this paper constructs the index to measure the degree of interest rate marketization. And draw lessons from Fan Gang and Wang Xiaolu's marketization process index as an index to measure the degree of regional financial development. The actual data of 9125 qualified enterprises are selected through Cathay and Wanda database, and the hypothesis of this paper is analyzed by regression analysis. It is found that the higher the degree of interest rate market, the higher the capital cost, especially the performance of non-state-owned companies, and the negative correlation between regional financial development and capital cost. The degree of regional financial development can alleviate the increase of enterprise financing cost brought about by marketization of interest rate. Finally, according to the above conclusions, this paper puts forward the measures to reduce the financing cost of enterprises after the deregulation of interest rate from the macro and micro aspects.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5;F832.7;F275

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