利率市场化对企业债务融资成本的影响分析

The Impact Analysis of Interest Rate Marketization on Corporation’s Financing Debt Costs

2015年,我国基本实现了利率市场化,金融市场、金融工具以及金融机构的定价方式等都因此产生了很大变化。本文选取2000-2018年中国沪深A股6248家上市公司为研究对象,采用层次分析法构建衡量利率市场化程度的指标,研究利率市场化对企业债务融资成本的影响,根据理论分析提出利率市场化能降低企业债务融资成本的研究假设。研究结果发现:利率市场化能够降低企业债务融资成本;相较于大企业,利率市场化对中小企业债务融资成本的降低作用更显著。

China has basically realized the marketization of interest rate in 2015. Then pricing methods of financial markets, financial instruments and financial institutions have all changed. This paper selects 6248 listed companies of A-share in Shanghai and Shenzhen from 2000 to 2018 as research objects, constructs indexes to measure the degree of interest rate marketization by AHP and puts forward the research hypothesis that interest rate marketization can reduce the debt financing cost of enterprises according to the theoretical analysis. The results show that the marketization of interest rate can reduce the cost of corporate debt financing, and interest rate marketization has a more significant effect on the reduction of debt financing cost of small and medium-sized enterprises compared with large enterprises.