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| Interest Rate Marketization、Life Cycle and Corporate Financing Constraints |
| ZHU Jia1,ZHENG Wenhua2,WU Fei1 |
1. Laboratory for Behavioral and Regional Finance, Guangdong University of Finance
2. School of Economics, Jinan University
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Abstract Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2017, the impact of China's interest rate liberalization reform on corporate financing constraints and its different characteristics at different life cycle stages are revealed. The study found that the marketization of interest rates has a significant easing effect on corporate financing constraints, and has significant effects in growth and maturity periods. Mechanism research shows that the interest rate marketization can alleviate financing pressure by reducing the financialization of enterprises, financial costs and long-term investment with short-term financing. Further research found that after the embedment of the financial sector development, despite the developing situations of the banking sector, the interest rate marketization can use it as a carrier to help alleviate the constraints on financing. Under the circumstances, it is difficult to make effective use of the interest rate marketization. Finally, the corresponding policy recommendations are put forward from three aspects: promoting the construction of interest rate liberalization, implementing differentiated policy supply, and improving the construction of the financial system.
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Received: 12 January 2020
Published: 15 March 2020
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Corresponding Authors:
WU Fei
E-mail: wufei@m.scnu.edu.cn
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2020, Vol. 40 
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