Effects Of Interest Rate On Chinese Manufacturing Enterprises' Investments:An Empirical Analysis

Interest rates is one of the main tools of the central bank to regulate and control the macroeconomic enterprise investment through monetary policy.Central bank change interest rates to affect the middle index,thus influence enterprise investment decision,finally realizes the expected effect of policy.As China's economic growth in investment under the premise of the main driving force,the interest rate policy can affect corporate investment research has practical significance.According to the Keynesian theory,monetary policy through the interest rate transmission channels play a role,as the demand of capital investment and the capital supply of savings through rate reached equilibrium.Rate determines the cost of capital of the enterprise and the enterprise investment behavior restricted by capital use cost to a great extent.Existing research on market interest rates to invest in enterprises are mostly focused on data index in macro Angle,there is little that enterprise specific investment behavior from the microscopic view aspects were discussed,and macroscopic Angle and micro Angle between the fault.So we can research the market interest rates to the enterprise investment behavior of the real impact,verify the central bank interest rate policy and the investment behavior of listed companies in our country.In this paper,enterprise investment behavior can be divided into two aspects of investment spending and investment efficiency,to Keynesian theory of interest rate conduction,hicks-Hansen model and the theoretical basis of McKinnon and show's theory of financial repression,first analyzes the domestic and foreign scholars on the relation between interest rate and investment research status,and the related literature were reviewed.Then on the basis of previous study,selecting Shanghai and Shenzhen two city A share from 2011 to 2015,A total of 492 manufacturing listed companies as samples,the empirical research model is set up,using panel data regression method,the analysis of interest rate market mechanisms that affect the investment behavior of the listed companies.Through the empirical study shows that interest rate changes and there is a positive correlation relationship between enterprise investment spending;Interest rates for the influence of different nature of the ownership of enterprise investment behavior was not significant;Interest rates for the efficiency of investment has obvious role in governance.According to the results of this study,combined with the loan interest rate marketization in our country has been completed,the present situation of the marketization of interest rates further,in order to promote economic growth,optimizing the enterprise investment decision,this paper concludes that the following policy implications: first,to further promote interest rate marketization;Second,deepen the reform of state-owned enterprises,developing private enterprises at the same time;Third,to strengthen the understanding of the interest rate policy,to help investors to make the right decisions.