Study On The Effect Of Interest Rate Liberalization On Financing Constraints Of Listed Companies

Firstly,this paper summarizes the relevant theories and empirical researches on interest rate marketization reform and corporate financing constraints at home and abroad.Then,starting from the existing theoretical analysis,it analyzes the formation reasons of corporate external financing constraints from the perspectives of information asymmetry,financial structure,duality of financial resource allocation and credit rationing,based on the S-W asymmetric information balanced credit rationing theory,This paper analyzes and explains the influence mechanism of interest rate liberalization on corporate financing constraints,and introduces the existing problems of external financing constraints in some companies based on the actual situation in China.Based on the existing theories,it is proposed that corporate financing constraints will be gradually eased with the increase of interest rate liberalization,and listed companies of different scales,different types of property rights and different industries will be subject to interest rate liberalization Based on the assumption that there are differences in the impact of the reform,based on the interest rate marketization composite index IRL and the company's endogenous financial indicators(asset liability ratio,capital expenditure ratio,the average growth rate of the company's main business income for three consecutive years,the proportion of the current net operating cash flow,the proportion of the net cash flow generated by investment activities,and the proportion of the increase in current liabilities),the investment cash flow sensitivity model is adopted By adding the cross multiplication of interest rate marketization index and cash flow product,further forming the expansion model,taking the ratio of net cash flow generated from investment activities to total assets as the explanatory variable,conducting empirical test,explaining the impact of interest rate marketization on financing constraints of listed companies of different natures in groups and levels,and verifying the relationship between interest rate marketization and financing constraints of listed companies The actual relationship between them is explained,and then combined with the empirical results,it is concluded that the financing constraints of listed companies are gradually alleviated with the increase of interest rate marketization,the effect of interest rate marketization policy in 13 years and later is more significant,there is no obvious financing constraints for state-owned enterprises,and the financing constraints of private small and medium-sized enterprises and processing manufacturing enterprises are promoted by theinterest rate marketization policy Conclusion of significant remission.Finally,according to the conclusion of the empirical analysis,five suggestions are put forward to broaden the financing channels of small and medium-sized micro enterprises,improve the financing system of the financial market,establish a special support mechanism for the industry of agriculture,rural areas and farmers,further accelerate the reform process of interest rate marketization,improve the transmission efficiency,and improve the risk early warning and prevention mechanism of enterprises themselves.