卢垚,项后军.利率市场化:影响企业创新的双刃剑——银行信贷决策视角的理论机制与经验证据[J].西部论坛,2021,31(1):84-100
利率市场化:影响企业创新的双刃剑——银行信贷决策视角的理论机制与经验证据
The Two-sided Effect on Enterprise Innovation:Interest Rate Marketization—Theoretical Mechanism and Empirical Evidence on a Perspective of Bank Credit Decision-making
  
DOI:
中文关键词:  利率市场化  企业创新  银行信贷决策  贷款规模  贷款期限  净息差  融资成本
英文关键词:interest rate marketization  enterprise innovation  bank credit decision-making  loan scale  loan duration  net interest margin  financing cost
基金项目:
作者单位
卢垚,项后军 广东金融学院 金融与投资学院广东 广州 510521 
摘要点击次数: 77
全文下载次数: 167
中文摘要:
      企业创新需要金融支持,目前银行信贷依然是中国企业创新的主要融资渠道。由于商业银行的信贷决策通常具有较高的风险规避偏好,而企业创新活动往往具有高风险、长周期的特点,导致企业银行贷款规模的增长可能抑制其创新活动,其中长期贷款增加不利于企业创新投入和产出的增长,而短期贷款增加有利于企业创新投入增长;同时,银行净息差的收窄降低了企业短期融资成本,进而有利于企业创新投入的增长。利率市场化增强了商业银行的贷款定价权和银行间的竞争,使其获取风险溢价的机会和动机增强,进而改变银行的信贷决策,并可能对银行信贷的企业创新效应产生双面影响:增加对企业创新项目的贷款(尤其是长期贷款),从而弱化贷款规模增长和长期贷款增加对企业创新的抑制作用;强化对企业创新项目贷款利率的调整(尤其是短期贷款),从而弱化银行净息差收窄和短期贷款增加对企业创新投入的促进作用。利用2008—2017年沪深A股非金融类上市公司数据的分析表明,利率市场化总体上促进了企业创新活动,但也确实是通过银行信贷影响企业创新的一把“双刃剑”:一方面减弱了贷款规模增长和长期贷款增加对企业研发投入和产出的抑制效应,另一方面也减弱了银行净息差收窄和短期贷款增加对企业研发投入的促进效应。进一步的分析发现,对于不同产权性质、行业和规模的企业,利率市场化通过银行信贷对其创新活动的影响具有异质性,而且五大国有商业银行与其他股份制商业银行在此过程中也有不同的表现。应积极推进利率市场化改革,不断建全公平竞争的金融市场机制,充分发挥政策性银行的支持作用,并进一步加强对中小银行和中小企业的政策扶持,以提高商业银行信贷决策的创新项目偏好,进而有效降低企业创新的融资成本,促进企业创新投入和产出增长。
英文摘要:
      Enterprise innovation needs financial support, currently, bank credit is still the main financing channel for China’s enterprise innovation. Because the credit decision-making of the commercial banks usually has higher risk evasion preference, the innovative activities of the enterprises always have the characteristics of high risk and long cycle, which cause that the growth of bank loan scale of the enterprises is possible to restrain their innovative activities, among which long-term loan is not conducive to enterprise innovation, but the increase of short-term loan is helpful to enterprise innovation. Meanwhile, the narrowing of the net interest margin of the banks reduces the short-term financing cost and is further conducive to the increase of enterprise innovation input. The interest rate marketization enhances the pricing right of the loan of the commercial banks and inter-bank competition, makes the banks increase the opportunities and motive for obtaining risk premium price, further changes banks’ credit decision-making and possibly has two-sided impact on enterprise innovation effect of banks’ credit. The banks increase the loan for enterprise innovation items (especially long-term loan), weakening the restraining effect of loan scale increase and long-term loan growth on enterprise innovation. The banks strengthen the adjustment of the loan interest rate for enterprise innovation items (especially short-term loan), weakening the promotion effect of the net interest margin of deposit and loan of the banks and the increase of short-term loan on enterprise innovation. The analysis of the data of A-share non-financial listed companies in Shanghai and Shenzhen from 2008 to 2017 shows that interest rate marketization as a whole promotes R&D activities of the enterprises but is “a double-edged sword” to affect enterprise innovation through bank credit, on the one hand, weakening the restraining effect of loan scale increase and long-term loan growth on the input and output of the enterprises’ R&D activities, on the other hand, weakening the promotion effect of loan interest rate reduction and short-term loan increase on the input and output of the enterprises’ R&D activities. Further analysis finds that the enterprises with different ownership, industries and scales have the heterogeneity for the impact of interest rate marketization on their innovation activities through bank credit and that five state-owned commercial banks and other stock commercial banks have different performances in this process. We should actively boost interest rate marketization reform, continuously perfect the financial market mechanism for fair competition, let policy-bank play the support role, further consolidate the policy support for medium-sized and small banks and medium-sized and small enterprises, improve the innovative item preference of commercial bank credit decision-making so as to effectively reduce the financing cost of enterprise innovation to boost the input and output growth of enterprise innovation.
查看全文  查看/发表评论  下载PDF阅读器
关闭
《西部论坛》编辑部 版权所有
地址:中国 重庆市 南岸区学府大道19号,重庆工商大学学术期刊社 邮编:400067
电话:023-62769479 传真:
您是第1763690位访客
关注微信二维码