Reform Of Chinese Interest Rate Market And The Financing Constraints Of Private Enterprises:Theoretical And Empirical Research

Interest rate mechanism in the financial system has a pivotal position,China's long time interest rate control policy has seriously hindered the development of the market economy,gradually easing interest rate control has become an inevitable trend.China's interest rate market reform began in 1986,after decades of development,with the people's Bank of China in October 23,2015 announced the liberalization of financial institutions deposit floating interest rates,interest rate market reform basically completed.Private enterprises to create the final products and services equivalent to sixty percent of GDP value,is a major driving force for the steady development of the national economy,but the financing difficulties,financing expensive problem is also an indisputable fact in years.In the Chinese economy into the new normal and L bottom of the mark,private enterprises for China economic growth contribution is particularly important.This article will try to interest rate marketization reform into the external financing problems of private enterprises,through the influence of the reform of theoretical and empirical analysis of the interest rate market for the financial constraints of private enterprises,on the basis of further analysis of the financing in different stages of the interest rate marketization reform of enterprises about different effects caused by the beam,so as to put forward policy recommendations for the financing constraints in the the private enterprise.Firstly,this paper explains the reasons of the financing constraints of private enterprises by citing the literature,which are from the four aspects of information asymmetry,financial institutions,financial resources allocation two yuan characteristics and credit rationing.Secondly,the theory of the private enterprise financing constraints is made based on the two kinds of balanced credit theory model,which is based on information symmetry and information asymmetry.In this paper,we select the panel data of 1906 main boards and small and medium-sized panels 2004-2015,and use the investment cash flow sensitivity model to make empirical research.First of all,the private enterprises and state-owned enterprises are divided into groups,and then use the benchmark model of investment cash flow sensitivity to measure whether they have financing constraints.Secondly,through the interest rate marketization of interest rate marketization compiled a proxy measure index RLI as the interest rate market,and as a cash flow interaction is introduced into the empirical model,through the empirical analysis of influence of interest rate marketization of financing constraints on private enterprises.The empirical results show that the private enterprises have significant external financing constraints and the state-owned enterprises do not have the financing constraints,and the interest rate market reform can effectively alleviate the financing constraints of private enterprises.Based on the premise of grouping property heterogeneity under the proposed based on the interest rate marketization index,the sample(including state-owned and private two samples)according to the longitudinal time is divided into two sub samples of the benchmark model estimates,and then according to the results to determine with the interest rate market reform deepening,the financing constraints of private enterprises are to improve.The empirical results show that private enterprises of the first stage in the interest rate market has significant external financing constraints,but in the second stage of the interest rate market does not have the financing constraints that promote market-oriented interest rate reform to effectively alleviate the external financing constraints of private enterprises.The final stage of empirical analysis,this paper uses 2006-2015 in the provinces of the country loan interest rate floating rate table to calculate the bank loan interest rate based on the official benchmark interest rate floating variance amplitude of FRV the index instead of the interest rate marketization index RLI for the robustness test of the model,consistent with empirical empirical results and previous conclusions,the empirical results of this paper are proved sound.On the basis of theoretical and empirical research,this paper draw lessons from foreign advanced concept and combined with China's current situation,and put forward the corresponding policy recommendations to the private enterprise financing in the context of interest rate marketization.Including the improvement of private enterprise financing system environment,building a multi-level financial market system and speed up the credit and credit system construction of small and medium-sized private enterprises.