贷款利率市场化对上市企业投资效率的影响

The Effect of Loan Interest Rate Marketization on the Investment Efficiency of Listed Enterprises

摘要: 利率市场化改革后，为了研究贷款利率市场化对上市企业投资决策的影响，更好地发挥市场对资源配置的决定作用，需要关注贷款利率市场化对上市企业投资效率的作用机制。本研究选取2009~2022年我国A股上市公司的财务报表数据，以2013年我国实行的贷款利率市场化改革作为外生冲击，构造准自然实验框架并用双重差分法进行实证分析。研究发现：贷款利率市场化通过抑制非效率投资提升投资效率。中介效应显示：贷款利率市场化通过缓解融资约束来提高投资效率。研究结论对于完善我国市场经济体制改革和推进我国经济高质量发展具有重要意义。

Abstract: After the reform of interest rate marketization, in order to study the impact of loan interest rate marketization on the investment decision-making of listed enterprises and give the decisive role of the market in the allocation of resources, China needed to pay attention to the mechanism of loan interest rate marketization on the investment efficiency of listed enterprises. In this study, we selected the financial statement data of China’s A-share listed companies from 2009 to 2022, and used the difference-in-difference method to empirically analyze the data by using the exogenous impact of China’s loan interest rate market-oriented reform implemented in 2013. The results showed that the marketization of loan interest rates improved investment efficiency by inhibiting inefficient investment. The intermediary effect showed that the marketization of loan interest rates improved investment efficiency by alleviating financing constraints. The conclusions of this study were of great significance for improving the reform of China’s market economy system and promoting the high-quality development of China’s economy.