The Influence Of The Reform Of Interest Rate Marketization On The Commercial Credit Of Small And Micro Enterprises

Based on the quasi-natural experiment of the loosening of the lower limit of loan interest rate in July 2013 and the upper limit of deposit interest rate in October 2015,this paper divides the enterprises into small and micro enterprises and large and medium-sized enterprises according to the company size,using the financial data of the enterprises listed on the New Third Board,This paper builds a double difference model to examine the impact of interest rate liberalization reform on the commercial credit of small and micro enterprises,and analyzes the heterogeneity characteristics of enterprises such as financing constraints,market power,and the level of financial development in the region.The research results are as follows: First,in terms of overall impact,compared with large and medium-sized enterprises,small and micro enterprises increased their commercial credit significantly more after the lower limit of loan interest rates was lifted,and decreased their business credit significantly more after the upper limit of deposit interest rates was lifted.Second,after distinguishing the heterogeneity characteristics of enterprises,the impact of the lower limit of loan interest rate or the upper limit of deposit interest rate on the commercial credit of small and micro enterprises mainly exists in those with low financing constraints,strong market power and low level of financial development in the region.Third,through a series of robustness tests,such as parallel trend test,placebo-controlled test,random definition of control group and treatment group,consistent conclusions have been obtained.In order to further improve the reform of interest rate marketization and promote the financing of small and micro enterprises,this paper proposes to further promote the reform of interest rate marketization,improve the construction of social credit system,develop commercial credit financing for small and micro enterprises,and explore new modes of financing portfolio for small and micro enterprises,so as to achieve economic balanced development.This paper provides empirical support from small and micro enterprises for the interactive relationship between bank credit and commercial credit,which is instructive for understanding the impact of interest rate liberalization reform on financial decision-making of small and micro enterprises,as well as the financing effect of corporate commercial credit.It can provide some reference for regulators to improve interest rate related policies,and can also provide useful reference for small and micro enterprises to deal with exogenous shocks.