LPR改革缓解了企业融资难吗?——基于企业风险承担水平的准自然实验

Has the LPR Reform Eased the Financing Difficulties of Enterprises?A Quasi-natural Experiment based on Firms’Risk Taking Level

利率市场化是金融供给侧结构性改革的核心内容之一。贷款市场报价利率(LPR)已经成为金融机构贷款利率定价之“锚”,直接影响着各类经营主体的融资成本。对2017—2022年沪深A股上市企业的面板数据展开研究,通过构建双重差分模型,考察LPR改革对企业融资的影响。研究发现,LPR改革显著增加了低风险承担水平企业的融资规模,主要增加低风险承担水平企业的短期借款与长期借款;对样本进行机制分析发现:LPR改革通过缓解企业融资约束促进企业的短期借款与长期借款规模,同时银企信息对称性在LPR改革与企业长期借款中起到中介作用,在LPR改革与企业短期借款中起到遮掩作用。因此,加大对高风险承担水平企业的融资力度、优化长期贷款机制、发展多元融资渠道以及建立银企信息互通机制是改善企业融资的有效改革举措。

Interest rate liberalization is one of the core contents of the supply-side structural reform of the fi⁃nancial sector.The loan prime rate(LPR)has become the“anchor”of the loan interest rate pricing of financial in⁃stitutions,which directly affects the financing cost of various business entities.This paper studies the panel data of A-share listed companies in Shanghai and Shenzhen from 2017 to 2022,and examines the impact of LPR reform on corporate financing by constructing a difference-in-difference model.The results show that the LPR reform sig⁃nificantly increases the financing scale of enterprises with low risk level,mainly increasing the short-term and long-term borrowings of enterprises with low risk level.The mechanism analysis of the sample shows that the LPR reform promotes the scale of short-term and long-term loans of enterprises by alleviating the financing constraints of enterprises,and the asymmetric information of banks and enterprises plays an intermediary role in the LPR re⁃form and long-term loans of enterprises,and plays a concealing role in the LPR reform and short-term loans of en⁃terprises.Therefore,increasing the financing of high-risk enterprises,optimizing the long-term loan mechanism,developing diversified financing channels,and establishing a bank-enterprise information exchange mechanism are effective reform measures to improve enterprise financing.