信贷规划管理下利率市场化改革对企业融资约束的影响

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Abstract Large quantities of empirical researches prove the interest rate marketization helps to ease financial constraints on enterprises. However, the interest rate marketization reform over the past twenty years has not effectively dealt with the financing difficulties and the high financing cost for enterprises. This paper uses the model of supply and demand to analyze the impact of interest rate marketization reform on financial constraints of enterprises. The findings indicate when keeping a ceiling only on deposit rate with the loan rate open the central bank effectively controlled the excess liquidity and intensified financial constraints with tough lending standards. The current measure of giving up credit planning to ease the financial constraints has not achieved obvious effect, and it may even aggravate the volatility of the credit market. This paper therefore suggests promoting the deposit rate marketization reform, increasing the supply of credit funds to reduce loans rate, and changing banks’ preference for state-owned enterprises to ease the financial constraints for enterprises.

Key words： interest rate marketization interest rate control equilibrium interest rate financial constraint lending plan

Received: 27 May 2015

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F830

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	LIANG Tao

Cite this article:

LIANG Tao. The Impact of Interest Rate Marketization Reform on Financial Constraints of China’s Enterprises from the Perspective of Credit Management[J]. , 2015, 32(6): 54-61.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2015/V32/I6/54

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