放松利率管制、过度负债与债务期限结构

Deregulation of Interest Rates,Excessive Debt and Debt Maturity Structure

放松利率管制不仅消除了信贷市场摩擦,而且可以通过调整贷款利率水平以实现信贷风险与资金成本之间的匹配,从而对企业资本结构选择产生影响。本文以2000-2015年我国A股非金融类上市公司为研究样本,从企业杠杆选择和债务期限结构两个方面来实证检验放松利率管制如何影响企业资本结构。检验结果发现:放松利率管制不仅显著抑制企业过度负债,加快资本结构调整速度,而且延长企业债务期限。进一步检验还发现,放松利率管制显著抑制企业短贷长投行为,降低企业现金与现金流之间的敏感性。以上问题的研究不仅在理论上证实了放松利率管制影响企业杠杆选择以及资本错配的具体作用机理,而且在实践方面对于我们进一步推进利率市场化进程,完善市场在资源配置中的决定性作用具有重要的政策启示意义。

The interest rate marketization is conducive to eliminate the instability of credit market and lessen the constriction of corporate financing by matching interest rate and risk. By selecting a sample of Chinese non-financial listed company data from 2000 to 2015,this paper studied whether the interest rate marketization curbed the excessive liabilities or speed up the adjustment of capital structure. The results show that the interest rate marketization significantly inhibited the enterprise＇s excessive liabilities and accelerated the adjustment of capital structure. Based on the test grouped by nature of property right,this paper found the inhabitation of excessive liabilities and the acceleration of capital structure adjustment mainly in the sample of non-state-owned enterprises rather than that of state-owned enterprises. Based on the natural experiment of cancellation of upper and lower limits for loan interest rate by the People＇s Bank of China,the conclusion stands still under further control of endogenous factors. This provides important suggestions for policymakers of promoting the interest rate marketization and improving the critical role of market in resource allocation.