贷款利率市场化降低了企业债务违约风险吗？

吴锡皓; 陈佳馨

贷款利率市场化降低了企业债务违约风险吗？

引用本文：吴锡皓，陈佳馨.贷款利率市场化降低了企业债务违约风险吗？[J].财经理论与实践,2022,(1):74-80

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作者	单位
吴锡皓，陈佳馨	（海南大学管理学院,海南海口 570228）

中文摘要:以中国人民银行放开贷款利率上限和下限为准自然实验，检验贷款利率市场化如何影响企业债务违约风险。研究发现：贷款利率上限的放开对企业债务违约风险的影响不明显，但下限的放开却能显著降低企业债务违约风险，并且这种作用一部分是通过遏制“短贷长投”的渠道实现的；此外，异质性检验表明，下限放开降低企业债务违约风险的作用在规模小以及研发投入高的企业中更明显。

中文关键词:贷款利率市场化企业债务违约风险短贷长投

Does Loan Interest Liberalization Reduce the Risk of Corporate Debt Default?

Abstract:Using China’s Central Bank’s liberalization of the upper and lower limits of loan interest rates as a quasi-natural experiment, this paper investigates how the liberalization affects the default risk. The results show that the effect is insignificant of liberalizing the upper limit of loan interest rate on the risk. However, the default risk is significantly decreased after liberalizing the lower limit of loan interest rate through the channel of curbing "short-term loans and long-term investments". In addition, the effect is more pronounced in small-scale and high R&D companies.

keywords:liberalization of loan interest rate default risk short-term loan and long-term investment

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