基准利率调整与企业投资行为——来自中国上市公司的经验证据

Benchmark Interest Rate Adjustment and Corporate Investment Behavior:Empirical Evidence from Listed Companies of China

本文以企业投资决策模型为分析框架,利用1999—2011年上市公司数据,采取SYS-GMM动态面板方法实证检验了基准利率调整对企业投资行为的影响。结果发现:总体而言,基准利率对企业投资具有显著的负向影响;然而,基准利率对不同所有制类型企业投资的负向影响存在差异,对民营控股企业的影响较大,对国有控股企业的影响相对较小;并且,基准利率对企业投资的影响效果在一定程度上取决于市场化程度,在市场化程度高的地区,基准利率对企业投资有显著负向影响,在市场化程度低的地区这种负向影响则不存在。

Based on the model of corporate investment, this paper uses panel data of China listed companies during 1999 and 2011 to empirically test the effect of benchmark interest rate on corporate investment. We find that in general, the benchmark interest rate has a negative and significant impact on corporate investment, while the effect is larger in private companies than on state-owned companies. We also find the effect is affected by the degree of marketization. The benchmark interest rate has a nega- tive and significant impact on corporate investment in regions with high marketization, but we can not observe this impact in re- gions with low marketization.