利率市场化与上市公司创新产出

摘要 2013年9月24日,贷款基础利率(Loan Prime Rate,LPR)集中报价和发布机制实施,同年中国人民银行选定9家银行为首批LPR报价行,进一步深化利率市场化自主定价机制。基于2008—2017年A股上市公司数据,使用多期DID模型,以中国人民银行选定首批LPR集中报价行作为准自然实验,检验利率市场化对上市公司创新行为影响的经济后果。实证结果表明:(1)受到利率市场化影响的上市公司创新产出明显降低;(2)考虑企业规模和风险差异,检验发现受到利率市场化影响的小规模和高风险的上市公司创新产出被明显抑制,但对大规模和低风险的上市公司没有影响;(3)进一步研究表明,受到利率市场化影响,上市公司创新融资约束趋紧,导致上市公司减少创新投入从而抑制了创新产出。这说明在推进利率市场化的同时,应优化融资结构,提高直接融资比例,缓解创新融资约束,推动企业创新发展。

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关键词：利率市场化银行贷款企业创新融资约束企业规模企业风险

Abstract： On September 24, 2013, the loan base rate (Loan Prime Rate,LPR) centralized quotation and issuance mechanism was implemented. In the same year, the People's Bank of China selected nine banks as the first batch of LPR quotation banks to further deepen the market-oriented and independent pricing mechanism of interest rates. This paper takes the implementation of the first batch of LPR centralized quotation banks selected by the People's Bank of China as a quasi natural experiment to test the economic consequences of the impact of interest rate marketization on the innovation behavior of listed companies. Based on the data of A-share listed companies from 2008 to 2017, this paper uses a time-varing DID model and the empirical test finds the following results. (1) The innovation output of listed companies affected by the marketization of interest rate decreases obviously. (2) Considering the difference of enterprise size and risk, it is found that the innovation output of small-scale and high-risk listed companies affected by interest rate marketization is significantly suppressed, but this effect has no effect on large-scale and low-risk listed companies. (3) After the robustness test, further study shows that due to the impact of interest rate marketization, listed companies' innovation financing constraints become tighter, resulting in listed companies to reduce innovation input and thus restrain innovation output. This paper points out that while promoting the marketization of interest rate, we should optimize the financing structure, increase the proportion of direct financing and ease the constraint of innovative financing for improving corporate innovation.

Keywords： Interest Rate Marketization Bank Loans Corporate Innovation Financing Constraints Enterprise Scale Enterprise Risk

收稿日期 2020-09-11; 接受日期 ;

基金资助:天津市研究生科研创新项目(2019YJSB059);中国博士后基金面上项目(2020M670003)

作者简介: 武晨(1995— ),女,四川广元人,博士研究生,主要从事企业创新与公司金融研究;王可第(1988— ),男,辽宁北镇人,博士,主要从事公司金融与资本市场研究。王可第为本文通讯作者。

引用本文:

武晨, 王可第.利率市场化与上市公司创新产出[J]. 经济经纬, 2022,2: 131-140

WU Chen, WANG Kedi.Marketization of Interest Rate and Innovation Output of Listed Firms[J] Economic Survey, 2022,V39(2): 131-140

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I2/131