存款利率市场化改革与企业资金配置效率——基于现金持有的视角

Interest Rate Liberalization and Efficiency of Corporate Capital Allocation:Based on the Perspective of Cash Holding

本文基于现金持有视角,探究存款利率市场化对企业资金配置效率的影响机制。研究发现:存款利率市场化能够抑制企业现金持有水平,但存款利率市场化却能促进企业现金持有增量水平,尤其是筹资活动的现金持有增量水平;内部控制减弱了存款利率市场化对现金持有水平的抑制作用;代理成本则加剧了存款利率市场化对现金持有水平的抑制作用。上述发现有助于从现金持有视角,厘清我国存款利率市场化改革对企业资金配置效率的影响,通过强化微观企业资金配置的治理机制,提供优化企业资金配置结构的思路,为实现企业复杂宏观环境下"精准"匹配资金资源提供参考,同时通过微观企业的行为决策效应,为国家宏观经济政策实施提供微观层面的现实反馈。

Based on the perspective of cash holding, this paper explores the impact of marketization of deposit interest rate on the efficiency of capital allocation and finds that marketization of deposit interest rate can restrain the level of cash holding, but the marketization of deposit interest rate can promote the incremental level of cash holding of enterprises, especially the incremental level of cash holding of financing activities. The agency cost aggravates the inhibition of marketization of deposit interest rate on cash holding level. From the perspective of cash holding, this paper tries to clarify the impact of market-oriented reform of deposit interest rate on the efficiency of capital allocation of enterprises, and to provide ideas for optimizing the capital allocation structure of enterprises by strengthening the governance mechanism of capital allocation of micro-enterprises, it provides reference direction for realizing "accurate" matching of capital resources in complex macro-environment of enterprises. Through the behavior decision-making effect of micro-enterprises, it provides the micro-level realistic feedback for the implementation of National macro-economic policy.