Interest Rate Liberalization?Regional Financial Development And Enterprise Financing Costs

The implementation of interest rate marketization is the inevitable requirement of the development of China's market economy,and in the past 20 years,China has been steadily implementing the policy.Since the 18 th in 2012 to deepen the reform of the financial system,China's interest rate marketization process to speed up.At October 24,2015,the bank deposit interest rate ceiling release,China's interest rate market reform basically completed.The completion of market-oriented interest rate reform has great influence on the stability of financial market.The change of financial market will cause the micro-enterprise influences.Different regions has the different degree of regional financial development,and the degree of interest rate market impact of the degree of change is not the same,so the region's interest rate market reform by the impact of the degree of change is also different.In the context of the basic completion of the market-oriented interest rate reform,the study of the impact of interest rate marketization on the financing costs of enterprises and the impact on the financing costs of enterprises in different regions will help to find out the mechanism of interest rate marketization to the financing costs of enterprises.Good way to guide the development of enterprises,as well as enterprises to respond to the impact of interest rate market measures.This paper constructs an index to measure the degree of marketization of interest rate,and draws on the marketization process index of Fan Gang and Wang Xiaolu to measure the degree of regional financial development,which is based on the experience of foreign interest rate marketization reform and theoretical research.The actual data of 9125 enterprises were selected by Guotai An and WanDe database,and the hypothesis of this paper was analyzed by regression analysis.The study found that the interest rate market is negatively correlated with the the cost of financing;The degree of regional financial development is positively correlated with the financing cost of the enterprise,what is more,the degree of regional financial development can alleviate the increase of the financing cost brought by the interest rate marketization,.Finally,this paper puts forward the measures to reduce the cost of corporate financing after the reform of interest rate marketization from macro and micro aspects.