贷款利率市场化对上市公司融资结构的影响

发布时间：2018-03-12 21:47

本文选题：贷款利率　切入点：市场利率　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国金融改革的不断深入和国家创新体制需求的日益紧迫,利率市场化的进程已然加快。这不仅体现在自上而下的政策,也体现在自下而上的创新金融活动。本文试图找到利率非市场化这一因素究竟在何种程度上、如何影响了上市公司的融资结构,并预测在贷款利率市场化完成后,这些企业的融资结构会发生怎样的改变。这一研究对于指导和预测利率市场化有着非常现实和重要的意义。本文首先归纳总结了前人学者对公司融资偏好的研究成果,并整理了利率与公司融资结构关系的相关理论论点；接下来,详细探讨了我国上市公司当前融资结构的一般情况以及利率体系现状,并定性地阐述了两者之间的关系；其后,运用Panel Data模型分析了官方利率和市场利率对上市公司融资结构造成的影响,其中将240家样本公司分为国有企业和民营企业两类,进行比较讨论。基于以上分析,我们有以下发现：其一,样本企业的杠杆率普遍偏低,同时,中国上市公司普遍存在显著的股权融资偏好；其二,在所有的控制变量中,只有企业规模和资产抵押能力对企业借贷行为存在显著的影响,而其他要素重要性则不高；其三,银行提供的资金价格和市场资金价格二者,对企业融资结构的引导方向完全不一样,并且二者作用效果的统计特征也有很大的差异；其四,民营企业对利率的变化较国有企业更不敏感,这一点与一般看法相违背。本文对以上现象做出了详细分析。最后,本文通过对已经披露2013年年报的七十余家上市企业数据进行回归检验,预测贷款利率完全市场化后上市公司融资行为的变化。本文认为,在利率中枢整体上行的大背景下,国营企业杠杆率将提升,主要归因于负债向最优水平回归以及我国利率中枢的抬升；民营企业杠杆率亦将发生相同的变化,则主要归因于对利率敏感度的提高。根据全文的研究,本文提出了四条建议：首先,鼓励自上而下的金融创新,放开对民营企业金融产品有益创新的管制；其次,推动企业资信评估体系建设,以降低资金借贷双方信息不对称的风险,并促使借出方全面考量企业偿债能力；然后,利率市场化完成前尽量减少官方利率改变对企业行为的冲击；最后,为了扭转中国企业股权偏好,有关部门应加快企业债和公司债市场的建设,并敦促企业完善治理结构。
[Abstract]:With the deepening of China's financial reform and the urgent need of the national innovation system, the process of interest rate marketization has been accelerated, which is not only reflected in top-down policy, This paper attempts to find out to what extent the non-marketization of interest rate has affected the financing structure of listed companies, and to predict that after the marketization of loan interest rate is completed, this paper tries to find out how the non-marketization of interest rate affects the financing structure of listed companies. This study has a very realistic and important significance in guiding and predicting the marketization of interest rate. Firstly, this paper summarizes the research results of previous scholars' preference for corporate financing. Then, it discusses the general situation of the current financing structure of listed companies in China and the current situation of the interest rate system, and describes the relationship between them qualitatively. The Panel Data model is used to analyze the influence of official interest rate and market interest rate on the financing structure of listed companies. Among them, 240 sample companies are divided into state-owned enterprises and private enterprises. We have the following findings: first, the leverage ratio of the sample companies is generally low, and at the same time, there is a significant preference for equity financing of listed companies in China; second, in all the control variables, Only the size of the enterprise and the ability of asset mortgage have significant influence on the enterprise's lending behavior, while the other elements are not of great importance. Third, the price of the capital provided by the bank and the price of the market capital. The guiding direction of financing structure of enterprises is completely different, and the statistical characteristics of the two effects are also very different. Fourthly, private enterprises are more insensitive to the change of interest rate than state-owned enterprises. This is contrary to the general view. This paper makes a detailed analysis of the above phenomena. Finally, this paper makes a regression test on the data of more than 70 listed enterprises that have already disclosed the annual report of 2013. This paper predicts the change of financing behavior of listed companies after the complete marketization of loan interest rate. This paper holds that under the background of the overall upward movement of interest rate center, the leverage ratio of state-owned enterprises will increase. It is mainly attributed to the return of debt to the optimal level and the rise of the interest rate center in China. The same change in the leverage ratio of private enterprises will be attributed to the improvement of the sensitivity to interest rates. This paper puts forward four suggestions: first, to encourage financial innovation from top to bottom, and to liberalize the regulation of beneficial innovation to the financial products of private enterprises; secondly, to promote the construction of enterprise credit rating system. To reduce the risk of asymmetric information between lenders and borrowers, and to encourage lenders to consider comprehensively the solvency of the enterprise; then, to minimize the impact of changes in official interest rates on corporate behavior before the marketization of interest rates is completed; and finally, In order to reverse the equity preference of Chinese enterprises, relevant departments should speed up the construction of corporate debt and corporate bond markets, and urge enterprises to improve their governance structure.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.4;F832.51

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