The Impact Of Interest Rate Marketization On Enterprise Innovation Investment

As China's economic development enters a new normal,the extensive economic growth mode and the factor-driven development model have been difficult to ensure the sustainability of economic growth,and the innovation drive will replace the factor drive to become the core driving force for future economic growth.As an important market innovation subject,the innovation ability of the enterprise is not only related to the development prospects of the enterprise,but also an important part of the national innovation capability.Judging from the current status of enterprise innovation in China,both enterprise innovation investment and innovation output lag far behind the average level of developed countries.This situation is not only caused by the lack of innovation capability and willingness to innovate,but also the external system of China.The result of the long-term development of the environment.Technological progress is endowed by the national institutional environment.A good external institutional environment can effectively stimulate technological innovation of enterprises and is a key guarantee for enhancing the driving force of innovation.Interest rate marketization reform is an important part of financial liberalization reform.It is of great significance to eliminate capital price distortions,regulate capital demand and flow,reduce inefficient investment,and improve the efficiency of social resource allocation.From the beginning of the 1980 s,China began to try to start the interest rate marketization reform.By 2004,the cancellation of the financial institution loan interest rate ceiling and the cancellation of the deposit and loan interest rate ceiling in 2015 marked the basic completion of China's interest rate marketization reform.It also indicates that the process of interest rate liberalization in China has entered a new stage.Under this circumstance,can interest rate become an effective adjustment mechanism for enterprises to carry out financing for innovation activities? Can the improvement of interest rate marketization improve the dilemma of financing innovation activities of Chinese enterprises,and whether it can contribute to the innovation investment of Chinese enterprises? The role of promotion?Based on financial repression and financial deepening theory,information asymmetry theory and credit rationing theory,this paper comprehensively analyzes the external causes of corporate innovation financing constraints and the ways of interest rate marketization to alleviate innovative financing constraints,and builds interest rate marketization to influence enterprises' innovative investment.Theoretical framework.On this basis,this paper selects the relevant data of China's A-share listed companies,and validates the theoretical hypothesis by establishing an empirical model,and draws the following conclusions: First,China's listed companies are facing relatively serious innovation financing constraints,which is not conducive to the development of corporate innovation activities,especially non-state-owned enterprises and high-tech enterprises.Second,the reform of interest rate marketization will help improve the innovative financing of listed companies in China.Constraints,especially the mitigation effect of financing constraints on enterprise exploratory innovation activities,are more obvious.Finally,based on the results of the research,this paper proposes a series of feasible policy recommendations: First,enterprises should optimize the corporate governance structure,improve the financial information disclosure system,and actively seek to reduce information asymmetry with credit institutions to achieve Credit institutions gain more financing support for innovative investments and enhance their innovation capabilities and output levels.Second,credit institutions should adjust their business strategies,strengthen financial innovation,improve risk control capabilities,and actively participate in the support of innovative investment in the context of market competition caused by interest rate liberalization.Third,the marketization of interest rates is not to completely abandon the role of the government.The government should re-examine its role and focus more on maintaining the stability of the financial environment,building an efficient corporate financial service system and financing platform,and creating enterprises.Innovative financing diversified service platform to improve the financial market supervision service function.