摘要
本文采用手工收集的数据,统计2005—2018年31个省(自治区、直辖市)贷款利率相对于基准利率上浮、下浮的幅度,以此来衡量贷款利率市场化程度,使用空间计量模型分析贷款利率浮动幅度的影响因素。在此基础上,利用沪深两市A股上市公司数据,计算贷款利率上、下浮动幅度对企业融资约束的影响。进一步地,本文以2013年贷款利率下限取消为准自然实验,采用DID模型检验这种效应。研究发现,经济发展水平、市场化程度、人口规模、金融机构规模和数量对贷款利率浮动幅度具有显著影响。贷款利率下浮和适当的上浮有助于缓解企业融资约束压力,过度的贷款利率上浮会增加企业融资约束。对融资约束的影响受地区差异、企业所有权和规模差异的影响。本文结论对于进一步深化贷款利率市场化改革和缓解企业融资约束具有重要的启示作用。
Based on provincial data from 2005 to 2018, the floating ranges of loan interest rate are calculated, and the determining factors of these floating rates are empirically examined by using spatial econometric model, while the effects of floating rates on corporate financing constraints are analyzed. Furthermore, taking the cancellation of the floor rate in 2013 as a natural experiment, difference-in-difference is applied to test the above effects. The results show that economic development, degree of marketization, population, number and scale of financial institutions have significant impacts on the floating loan interest rate;the downward floating and moderate upward floating rate may mitigate financing constraints, but excessive up ward floating rate will deteriorate financing constraints. Those effects on financing constraints vary across heterogeneities in regions, enterprise ownerships and enterprise sizes, indicating that credit structure imbalance still exist even after the marketization of lending rates. Policy implications and suggestions are also given in the paper.
作者
周先平
皮永娟
向古月
Zhou Xianping;Pi Yongjuan;Xiang Guyue(l.School of Finance,Zhongnan University of Economics and Law;College of Economics and Management,Jingchu University of Technology)
出处
《国际金融研究》
CSSCI
北大核心
2021年第11期23-32,共10页
Studies of International Finance
基金
国家社会科学基金重点项目“全球价值链动态优化与金融稳定研究”(20AJY025)资助。
关键词
贷款利率浮动
空间异质性
企业融资约束
空间计量模型
DID
Floating Loan Interest Rate
Spatial Heterogeneity
Financing Constraint
Spatial Model
Difference-in-Difference
