本文關(guān)鍵詞：中國利率市場化改革與民營企業(yè)融資約束：理論與實(shí)證研究　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 民營企業(yè)融資約束 利率市場化 均衡信貸配給 投資-現(xiàn)金流敏感性

【摘要】：利率機(jī)制在金融體制中有著舉足輕重的位置,中國長時(shí)間利率管制的政策嚴(yán)重阻礙了市場經(jīng)濟(jì)的發(fā)展,逐漸放松利率管制已成必然趨勢。中國利率市場化改革始于1986年,歷經(jīng)幾十年的發(fā)展,隨著2015年10月23日中國人民銀行宣布放開金融機(jī)構(gòu)存款浮動(dòng)利率上限,利率市場化改革基本完成。民營企業(yè)能夠創(chuàng)造相當(dāng)于國內(nèi)生產(chǎn)總值百分之六十的最終產(chǎn)品和服務(wù)的價(jià)值,是國民經(jīng)濟(jì)穩(wěn)定發(fā)展的主要?jiǎng)恿?但其融資難、融資貴的問題在多年以來也是不爭的事實(shí)。在中國經(jīng)濟(jì)進(jìn)入新常態(tài)并進(jìn)行L型筑底的關(guān)口上,民營企業(yè)對(duì)于中國經(jīng)濟(jì)增速的貢獻(xiàn)顯得尤為重要。本文嘗試將利率市場化改革納入民營企業(yè)外部融資問題中,通過理論和實(shí)證分析利率市場化改革對(duì)于民營企業(yè)融資約束的影響,在此基礎(chǔ)之上進(jìn)一步分析利率市場化改革的不同階段對(duì)企業(yè)融資約束造成的不同影響,以便為處于融資約束中的民營企業(yè)提出政策性建議。本文首先通過引用文獻(xiàn)說明民營企業(yè)融資約束的成因,分別從信息不對(duì)稱、金融機(jī)構(gòu)、金融資源配置二元特性和信貸配給四個(gè)方面加以闡述。其次基于信息對(duì)稱與信息不對(duì)稱兩種不同的均衡信貸理論模型對(duì)民營企業(yè)融資約束做出理論分析。本文選取了 1906家主板和中小板2004-2015年間的面板數(shù)據(jù),運(yùn)用投資-現(xiàn)金流敏感性模型進(jìn)行實(shí)證研究。首先對(duì)民營企業(yè)和國有企業(yè)進(jìn)行樣本分組,然后運(yùn)用投資-現(xiàn)金流敏感性的基準(zhǔn)模型分別測度它們是否具有融資約束。其次,通過利率市場化改革的進(jìn)程編撰出利率市場化測度指數(shù)RLI作為利率市場化的代理變量,并作為現(xiàn)金流的交互項(xiàng)引入到實(shí)證模型當(dāng)中,通過實(shí)證分析利率市場化對(duì)民營企業(yè)融資約束的影響。實(shí)證結(jié)果表明民營企業(yè)具有顯著的外部融資約束而國有企業(yè)不具有融資約束,且利率市場化改革能夠有效緩解民營企業(yè)的融資約束�；诋a(chǎn)權(quán)異質(zhì)性的分組前提下,本文創(chuàng)新性的提出根據(jù)利率市場化指數(shù),將樣本(包括國有和民營兩個(gè)樣本)按時(shí)間縱向分為兩個(gè)子樣本對(duì)基準(zhǔn)模型估計(jì),進(jìn)而根據(jù)結(jié)果來判斷隨著利率市場化改革的深入,民營企業(yè)融資約束是否得到改善。實(shí)證結(jié)果顯示民營企業(yè)在利率市場化第一階段具有顯著的外部融資約束,但在利率市場化第二階段卻不具有融資約束,說明利率市場化改革的推進(jìn)有效緩解了民營企業(yè)的外部融資約束。實(shí)證分析的最后階段,本文使用2006-2015年全國各省份貸款利率浮動(dòng)幅度表計(jì)算出銀行貸款利率基于官方基準(zhǔn)利率浮動(dòng)幅度的方差FRV這個(gè)指標(biāo)替代利率市場化測度指數(shù)RLI對(duì)模型進(jìn)行穩(wěn)健性檢驗(yàn),實(shí)證結(jié)果和前面實(shí)證結(jié)論相一致,證明了本文的實(shí)證結(jié)果是穩(wěn)健的。本文最后在理論和實(shí)證研究的基礎(chǔ)上,借鑒國外先進(jìn)的理念并結(jié)合中國現(xiàn)階段實(shí)情,對(duì)利率市場化背景下的民營企業(yè)融資提出了相應(yīng)的政策建議。包括完善民營企業(yè)融資的制度環(huán)境、構(gòu)建多層次的金融市場體系以及加快中小民營企業(yè)征信和增信體系建設(shè)等。
[Abstract]:The interest rate mechanism has an important position in the financial system, interest rate control China long time policy has seriously hindered the development of market economy, gradually relaxes the interest rate control has become an inevitable trend. Chinese interest rate market reform began in 1986, after decades of development, as of October 23, 2015 the people's Bank of China announced the liberalization of deposit financial institutions floating interest rate cap. The interest rate marketization reform basically completed. Private enterprises can create the final products and services equivalent to sixty percent of GDP value, is the main power for the stable development of the national economy, but the financing difficulties, financing expensive problem is an indisputable fact. In the years since China in the economy has entered a new normal and L type bottom the mark, private enterprises for China economic growth contribution is particularly important. This paper attempts to apply the market-oriented interest rate reform into people External financing problems in private enterprises, through the influence of the reform of theoretical and empirical analysis of the interest rate market for the financial constraints of private enterprises, on the basis of further analysis of the different effects of different stages of the market-oriented interest rate reform on financing constraints caused by the financing constraints in order for the private enterprises to put forward policy suggestions. Firstly, through reference the literature that causes the financial constraints of private enterprises, respectively, from the information asymmetry, financial institutions, rationing in four aspects of the allocation of financial resources and credit characteristics of two yuan are expounded. Secondly information makes the theoretical analysis of known information asymmetry and two different equilibrium credit theory model of private enterprises financing constraints. Based on the panel data of 1906 the motherboard and small plates during 2004-2015, using the investment cash flow sensitivity model for empirical research on private enterprises firstly. Industry and state-owned enterprises sample group, and then use the investment cash flow sensitivity benchmark model respectively measure whether they have financing constraints. Secondly, through the interest rate marketization of interest rate marketization compiled a proxy measure index RLI as the interest rate market, and as a cash flow interaction is introduced into the empirical model. Through the empirical analysis of the interest rate market impact of financing constraints on private enterprises. The empirical results show that the private enterprise has significant external financing constraints and state-owned enterprises with financing constraints, and the interest rate marketization reform can effectively alleviate the financial constraints of private enterprises. Based on the premise of packet property heterogeneity, this paper innovatively put forward according to the interest rate market the index, the sample (including state-owned and private two samples) according to the longitudinal time is divided into two sub samples of the benchmark model estimates, and According to the results to determine with the interest rate market reform, financing constraints of private enterprises is improved. The empirical results show that private enterprises of the first stage in the interest rate market has significant external financing constraints, but in the second stage of the interest rate market does not have the financing constraints, that promote market-oriented interest rate reform to effectively alleviate the external financing constraints of private enterprises. The final stage of empirical analysis, this paper uses 2006-2015 in the provinces of the country loan interest rate floating rate table to calculate the bank loan interest rate based on the official benchmark interest rate floating variance amplitude of FRV the index instead of the interest rate marketization index RLI for the robustness test of the model, consistent with empirical results and empirical conclusions show that the front. The empirical results are robust. Finally, on the basis of theoretical and empirical research, draw lessons from foreign advanced ideas Combined with the present stage of Chinese truth, under the background of interest rate marketization financing for private enterprises and puts forward some policy suggestions. Including to perfect the system of financing of private enterprises, to build a multi-level financial market system and speed up the credit and credit system construction of small and medium-sized private enterprises.

【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.5;F276.5

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