本文選題：貸款利率　切入點：市場利率　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國金融改革的不斷深入和國家創(chuàng)新體制需求的日益緊迫,利率市場化的進程已然加快。這不僅體現(xiàn)在自上而下的政策,也體現(xiàn)在自下而上的創(chuàng)新金融活動。本文試圖找到利率非市場化這一因素究竟在何種程度上、如何影響了上市公司的融資結(jié)構(gòu),并預(yù)測在貸款利率市場化完成后,這些企業(yè)的融資結(jié)構(gòu)會發(fā)生怎樣的改變。這一研究對于指導(dǎo)和預(yù)測利率市場化有著非�，F(xiàn)實和重要的意義。本文首先歸納總結(jié)了前人學(xué)者對公司融資偏好的研究成果,并整理了利率與公司融資結(jié)構(gòu)關(guān)系的相關(guān)理論論點；接下來,詳細探討了我國上市公司當前融資結(jié)構(gòu)的一般情況以及利率體系現(xiàn)狀,并定性地闡述了兩者之間的關(guān)系；其后,運用Panel Data模型分析了官方利率和市場利率對上市公司融資結(jié)構(gòu)造成的影響,其中將240家樣本公司分為國有企業(yè)和民營企業(yè)兩類,進行比較討論�；谝陨戏治�,我們有以下發(fā)現(xiàn)：其一,樣本企業(yè)的杠桿率普遍偏低,同時,中國上市公司普遍存在顯著的股權(quán)融資偏好；其二,在所有的控制變量中,只有企業(yè)規(guī)模和資產(chǎn)抵押能力對企業(yè)借貸行為存在顯著的影響,而其他要素重要性則不高；其三,銀行提供的資金價格和市場資金價格二者,對企業(yè)融資結(jié)構(gòu)的引導(dǎo)方向完全不一樣,并且二者作用效果的統(tǒng)計特征也有很大的差異；其四,民營企業(yè)對利率的變化較國有企業(yè)更不敏感,這一點與一般看法相違背。本文對以上現(xiàn)象做出了詳細分析。最后,本文通過對已經(jīng)披露2013年年報的七十余家上市企業(yè)數(shù)據(jù)進行回歸檢驗,預(yù)測貸款利率完全市場化后上市公司融資行為的變化。本文認為,在利率中樞整體上行的大背景下,國營企業(yè)杠桿率將提升,主要歸因于負債向最優(yōu)水平回歸以及我國利率中樞的抬升；民營企業(yè)杠桿率亦將發(fā)生相同的變化,則主要歸因于對利率敏感度的提高。根據(jù)全文的研究,本文提出了四條建議：首先,鼓勵自上而下的金融創(chuàng)新,放開對民營企業(yè)金融產(chǎn)品有益創(chuàng)新的管制；其次,推動企業(yè)資信評估體系建設(shè),以降低資金借貸雙方信息不對稱的風(fēng)險,并促使借出方全面考量企業(yè)償債能力；然后,利率市場化完成前盡量減少官方利率改變對企業(yè)行為的沖擊；最后,為了扭轉(zhuǎn)中國企業(yè)股權(quán)偏好,有關(guān)部門應(yīng)加快企業(yè)債和公司債市場的建設(shè),并敦促企業(yè)完善治理結(jié)構(gòu)。
[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.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.4;F832.51

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