所有权结构、利率管制放松与企业投资——基于我国非金融类上市公司的经验证据

Ownership Structure,Interest Rate Deregulation and Enterprise Investment——Empirical Evidence from Chinese Non-financial Listed Companies

在以银行占据主导的金融体系中,银行信贷在中国企业融资结构中占据非常重要的位置,而以利率管制放松为代表的市场化改革有效推进了信贷市场的市场化进程,这对于完善资本价格的形成机制、改善资本配置与企业投资效率具有重要意义。本文选择2003年至2015年我国A股上市公司为研究样本,研究利率管制放松如何影响企业投资行为及其经济后果。研究发现:利率管制放松显著提升企业投资与投资机会之间的敏感性,即企业投资效率得到提升;相比国有企业,利率管制放松抑制非国有企业的非效率投资行为(包括过度投资和投资不足)更显著;经济后果发现利率管制放松显著促进了公司投资价值的提升。拓展性检验还发现,利率管制放松对投资效率的促进作用在地区市场化进程较低的地区更显著。本文研究拓展了我国利率市场化的研究视野,揭示了利率市场化对企业投资行为的积极作用,同时对我国供给侧结构性改革也具有一定的借鉴意义。

In Chinese current bank-dominated financial system, bank credit occupies a very important position in the structure of enterprise financing. The market-oriented reform,represented by the interest rate deregulation,has effectively promoted the market process of the credit market. Thus this is of great significance to perfect the formation mechanism of capital price,ameliorate the capital allocation and improve the efficiency of enterprise’ investment. By selecting a sample of Chinese A-share non-financial listed company data from 2003 to 2015,this paper undertakes an empirical study how interest rate deregulation affects the enterprise’s investment efficiency and economic consequences. The study finds that,firstly,the loosening of interest rate deregulation was helpful to enhance the sensitivity of enterprise’s investment and investment opportunities, in other words, was helpful to improve enterprise investment efficiency; secondly,interest rate deregulation had significantly hindered excessive investment in state-owned enterprises than in non-state-owned enterprises; thirdly,the interest rate deregulation had significantly promoted the value effect of enterprise investment. Further test results showed that,the effect of interest rate deregulation on investment efficiency was more significant than that in the region with lower market process. The paper expend the horizon in the research field of China’s interest rate marketization,confirmed the positive role of interest rate marketization on corporate investment behavior and also had certain reference value for current supply side structural reform.