利率市场化对企业创新行为的激励效应研究——基于沪深A股上市企业的实证分析

Research on the Incentive Effect of Interest Rate Liberalization on Enterprise Innovation Behavior——Based on the Empirical Analysis of Shanghai and Shenzhen A-Share Listed Enterprises

利率市场化改革旨在改善信贷歧视,实现金融资源的有效配置和高效利用,激发市场活力和企业创新动力。基于2007年至2019年沪深A股上市公司数据集,实证检验了利率市场化改革对企业创新行为的激励效应及其机制。结果表明:利率市场化改革能够显著激励企业创新行为,且对国有企业和非高科技行业企业的激励效应更强。进一步研究发现,利率市场化通过缓解企业创新项目的融资约束,能提高企业创新项目的风险承担能力,进而形成对企业创新行为的激励。本文将研究深入到企业层面,剖析了利率市场化改革影响实体经济尤其是企业创新行为的内在机制,为提高企业创新水平的政策制定提供参考。

Interest rate liberalization reform aims to improve credit discrimination,realize effective allocation and efficient use of financial resources,and stimulate market vitality and enterprise innovation impetus.Based on the data set of Shanghai and Shenzhen A-share listed companies from 2007 to 2019,this paper empirically tests the incentive effect of interest rate liberalization reform on enterprise innovation behavior and its mechanism.The results show that the interest rate liberalization reform can significantly stimulate the innovation behavior of enterprises,and the incentive effect on state-owned enterprises and non-high-tech enterprises is stronger.Further research shows that interest rate liberalization can improve the risk bearing capacity of enterprise innovation projects by easing the financing constraints of enterprise innovation projects,and form incentives for enterprise innovation behavior.In this paper,the research goes deep into the enterprise level,and analyzes the internal mechanism of interest rate liberalization reform affecting the real economy,especially the innovation behavior of enterprises,so as to provide a reference for policy making to improve the innovation level of enterprises.