A Study On The Impact Of Marketization Of Deposit And Lending Interest Rate On The Financing Structure Of Listed Companies In China

The structural reform of the supply side,interest rate marketization reform is on the supply side of the financial industry structure,the interest rate to the market,will be to promote the efficient allocation of capital,so as to better serve the real economy.The structure of the financing is composed of the value of the various capital of the enterprise and its proportional relationship,which is the combination of the enterprises to obtain the funds and their mutual relations.On the one hand,it is the company's debt guarantee,the external performance of financing risks,on the other hand has a strong impact on the company's market value,financing costs,property rights,etc.The rationalization of the financing structure can effectively reduce the financing costs and enhance the market competitiveness of enterprises,thus make the enterprise value maximization.Listed companies occupying a large number of social resources,and as the market main body,marketization of deposit and lending interest rate has important influence on them.Deposit and lending interest rate marketization on the influence of the financing structure of listed companies is to finance supply side effect of the structural reform,as well as the effect of interest rate marketization reform,to improve the structure of corporate finance,promote the healthy development of the listed companies,promote the optimized allocation of resources,and for later after the marketization of interest rates on deposits prediction fully market-oriented interest rate's influence on the market have a certain reference significance.This paper first introduces the related theory of the interest rate marketization and financing structure and related literature,the domestic scholars in the field of interest rate marketization and the financing structure of listed companies research is less.Most studies only involves the loan interest rate marketization of enterprise financing structure or the influence of capital structure,less individual deposit interest rate marketization is put forward for the influence of the financing structure of listed companies.Secondly,in this paper,the whole process of marketization of interest rate in our country are reviewed,emphatically analyzes the deposit and lending interest rate marketization process change trend of financing structure of listed companies in our country.And then an overview of interest rate liberalization in developed countries that have already achieved interest rate liberalization.By comparing the interest rate marketization process of developed countries and analyzing the trend of the leveraged rate of listed companies in developed countries,this paper forecast the financing structure of listed companies in China after the interest rate marketization of our country.Thirdly,through carried on the empirical analysis,panel data model analysis found that the interest rate marketization has significant effects on the financing structure of listed companies in our country.In general,the marketization of deposit and loan interest rate has made the leasing ratio of listed companies decline,the extension of the debt period longer,and after the implementation of deposit interest rate market,the effect of the marketization of interest rate on the enterprise financing structure is more obvious,the enterprise financing structure is more reasonable,enterprises with high debt risk cannot get more long-term liabilities.This paper also analyzes the impact of interest rate marketization on the financing structure of listed companies from the perspective of firm size,business risk and growth opportunity.Finally,The above conclusions are summarized,and the corresponding countermeasures are put forward.