摘要
促进中小企业融资以及完善货币政策的价格指导工具是利率市场化的两大重要目标。以不变替代弹性(CES)生产函数为起点,通过构建理论模型以及利用1 996-201 1年制造业上市企业的财务信息,采用面板回归方法对企业发展与融资成本因素(包括利率因素和对内源融资因素的敏感性变化情况)进行经验分析,结果表明:利率市场化显著改善了企业的融资约束,尤其是对规模较小企业的融资约束,促进了企业的发展,并刺激了银行对规模较小企业的差别定价;以基准利率为基础的货币政策价格指导工具的功能在逐渐减弱。
To facilitate SME financing and to improve price instrument mechanism of monetary policy are the two major objectives of interest rate liberalization.This study establishes the theoretic model based on the production function of CES.By making use of the financial data of those listed manufacturing firms during 1996-2011,it conducts an empirical analysis of the development of the enterprises and the factors of financing cost（including the interest rate factor and the sensitivity changes of the internal financing factors） with the method of panel regression.The results indicate that interest rate liberalization has greatly improved the financing restraints on the enterprises,especially for those small-scale firms,boosted their development,and stimulated the differential pricing by the banks towards the small-scale firms.The function of the monetary policy price-guidance based on the benchmark interest rates is declining.
出处
《当代财经》
CSSCI
北大核心
2013年第7期47-54,共8页
Contemporary Finance and Economics
基金
中国银行间市场交易商协会课题"利率市场化与金融市场改革发展的关系研究"的研究成果
上海财经大学研究生创新基金(CXJJ-2011394)资助
关键词
利率市场化
融资约束
差别定价
interest rates liberalization
financing constraints
differential pricing
