利率市场化改革降低了 上市公司债务融资成本吗?

Does Interest Rate Liberalization Reduce the Cost of Debt Financing

本文以沪深两市A股上市公司为样本,检验了利率市场化对上市公司债务融资成本的影响。研究发现:随着利率市场化进程的推进,上市公司债务融资成本逐渐降低;随着利率市场化程度提高,没有内部资本市场的上市公司债务融资成本会下降更快。本文的发现为宏观经济政策如何影响微观企业行为提供新的经验证据,并为研究内部资本市场与外部资本市场的互动关系提供新的视角。

In recent years, China has made lots of progress on interest rate liberalization, especially in cancelling the lower limit of loan interest rate in 2013. This provides a natural experimental area for us to prove how e-conomic policy influences company,s financing behavior. This paper examines the relationship between interest rate liberalization and cost of debt financing by using A share listed companies from 2007 to 2016. We find that companies obtain debt financing at a lower cost when the interest rate liberalization is at a higher level. Compared with companies which don * t have internal market, the ones with internal market get funds at a lower cost. With the development of interest rate liberalization, companies without internal market will have lower debt financing cost. Our findings have reference value for debt financing choice, internal markets and group financing companies.