信息不对称、利率市场化和融资约束的关系研究

Research on the Relationship among Information Asymmetry, Interest Rate Marketization and Financing Constraints

摘要: 融资约束作为困扰企业发展的一大因素，在理论界和实务界备受关注。本文的研究对象选择2011~2019年沪市深市A股上市企业，运用实证分析讨论了信息不对称、利率市场化和融资约束三者间的关系。研究结果显示：1) 企业存在的信息不对称程度越高，越容易出现融资困境的局面；2) 利率市场化程度的提高可以显著缓解信息不对称对融资约束的影响。本文的研究为企业缓解融资约束提供了参考价值，具有一定的现实意义。

Abstract: Financing constraints, as a major factor hindering the development of enterprises, have attracted much attention in the theoretical and practical circles. The research object of this paper is the A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2019. The em-pirical analysis is used to discuss the relationship among information asymmetry, interest rate marketization and financing constraints. The results show that: 1) The higher the degree of infor-mation asymmetry, the more likely the financing dilemma is; 2) The improvement of interest rate marketization can significantly mitigate the impact of information asymmetry on financing con-straints. This study provides a reference value for enterprises to ease financing constraints, and has certain practical significance.