黃賢環fa) θ偃貸(dai)款利率市場(chang)化與企業dao)鶉謐什蹲(dun)剩閡種隻故(gu)譴chun)進[J].南京審計學院學報(bao),2021,(2):
貸(dai)款利率市場(chang)化與企業dao)鶉謐什蹲(dun)剩閡種隻故(gu)譴chun)進
  
DOI︰
中文關(guan)鍵詞(ci):  貸(dai)款利率市場(chang)化  金融資產投dun)/u>  金融化  脫實di)蛐/u>  金融風(feng)險  貨幣政策(ce)  融資約束
英文關(guan)鍵詞(ci):marketizationof loan interest rate  financial assets investment  financialization  removing from the real to virtual  financial risk  monetary policy  financing constraints
基金項目:教育部(bu)人文社會科學研究青年項目(19YJC630058);山西省高(gao)等(deng)學校哲學社會科學研究項目(2019W066);山西省哲學社會科學規(gui)劃課題(2019B136;2019B135)
作者單(dan)位
黃賢環fa) θ偃/u> 山西財(cai)經大(da)學 會計學院山西 太原 030006 
摘要點(dian)擊次(ci)數: 128
全文下載次(ci)數: 154
中文摘要:
      選取2007—2017年我國滬深上市公(gong)司的(de)數據,實di)?煆榱舜dai)款利率市場(chang)化對(dui)企業dao)鶉謐什蹲(dun)市形 de)影ba) Q芯糠fa)現,貸(dai)款利率市場(chang)化顯著推動(dong)了企業dao)鶉謐什蹲(dun)市形  庵饕 且蛭 dai)款利率市場(chang)化使gu)笠的(de)芄gou)獲取更(geng)多(duo)的(de)長(chang)期資金用于金融資產投dun)省=徊bu)研究發(fa)現︰相對(dui)于金融資產投dun)式隙duo)的(de)企業dan) dai)款利率市場(chang)化對(dui)金融資產投dun)市形﹦仙俚de)企業dao)哂懈geng)明顯的(de)促(chun)進作用;同時bao) dai)款利率市場(chang)化使gou)de)企業dao)閬蠐詼dui)長(chang)期金融資產的(de)投dun)剩緩旯guan)經濟越不(bu)景ba) dai)款利率市場(chang)化越能促(chun)進企業dao)鶉謐什蹲(dun)剩 er)貨幣政策(ce)寬松程度(du)對(dui)二(er)者關(guan)系dang)bing)不(bu)存(cun)在顯著影ba) Q芯拷崧勰芄gou)揭示貸(dai)款利率市場(chang)化與企業dao)鶉謐什蹲(dun)市形 de)關(guan)系dan) ﹦徊bu)考察(cha)貸(dai)款利率市場(chang)化的(de)經濟後果以及更(geng)具針對(dui)性地(di)防(fang)控實di)迤笠怠(dai)巴(ba)咽迪(di)蛐欏狽(bei)縵仗 gong)新的(de)微觀(guan)層(ceng)面證據。
英文摘要:
      Based on the data of listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2017, this paper empirically tests the impact of marketization of loan interest rate on financial asset investment behavior of enterprises.The study finds that the marketization of loan interest rate significantly promotes the financial asset investment behavior of enterprises, which is mainly because the marketization of loan interest rate enables enterprises to obtain more long-term funds for financial asset investment.It is further found that the marketization of loan interest rate has an effect on enterprises with less financial asset investment behavior. And the marketization of loan interest rate makes enterprises more inclined to invest in long-term financial assets. When the macro-economy is more depressed, the marketization of loan interest rate promotes the financial asset investment of enterprises.However, the degree of monetary policy easing has no significant effect on the relationship between the two. The conclusion of this paper can reveal the relationship between the marketization of loan interest rate and the financial asset investment behavior of enterprises,and provide new micro-level evidence for further investigating the economic consequences of the marketization of loan interest rate and more targeted prevention and control of the real enterprise from the real risk to the virtual risk.
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