摘要
放开利率管制，是社会主义市场经济发展到一定阶段的必然成果，也是近 20
年来中国政府一直在稳步推行的政策。自 2012 年十八大提出深化金融体制改革以
后，我国利率市场化进程加快，2015 年 10 月 24 日，商业银行存款利率上限的放
开，标志着我国基本上放开利率管制，实现利率定价市场化。利率市场化改革的
完成，对金融市场的稳定、金融产品的多样性以及银行业的发展定价都有重大的
影响，金融市场的变化，不可避免的会影响到微观企业。不同的地区，区域金融
发展程度高低不同，所受利率市场化的影响程度也不尽相同，从而该地区的企业
受利率市场化改革的影响程度也不同。在当前阶段，研究利率市场化对公司资本
成本的影响，以及对不同地区公司资本成本的影响程度，有助于发现利率市场化
对公司资本资成本的影响机制，找到政府引导企业发展的方法，以及企业面对利
率市场化应该采取的应对措施

考虑到前人的相关研究，多是基于国外放开利率管制的经验以及理论研究，
本文构建衡量利率市场化程度指数，并且借鉴樊纲和王小鲁的市场化进程指数作
为衡量一个地区金融发展程度的指标。通过国泰安和万得数据库选取了符合条件
的 9125 家企业的实际数据，对本文的假设进行回归分析。研究发现：利率市场的
程度越高公司的资本成本越高，尤其是非国有公司表现的更加明显；区域金融发
展程度与公司的资本成本负相关；区域金融发展程度能够缓解利率市场化带来的
企业融资成本上升幅度。最后根据上述结论本文从宏观与微观两个方面提出了降
低放开利率管制后企业融资成本的措施

关键词：利率市场化；区域金融发展；产权性质；融资成本II
ABSTRACT
The implementation of interest rate marketization is the inevitable requirement of the
development of China&39;s market economy, and in the past 20 years, China has been
steadily implementing the policy. Since the 18th in 2012 to deepen the reform of the
financial system, China&39;s interest rate marketization process to speed up. At October 24,
2015, the bank deposit interest rate ceiling release, China&39;s interest rate market reform
basically completed. The completion of market-oriented interest rate reform has great
influence on the stability of financial market. The change of financial market will cause
the micro-enterprise influences. Different regions has the different degree of regional
financial development, and the degree of interest rate market impact of the degree of
change is not the same, so the region&39;s interest rate market reform by the impact of the
degree of change is also different. In the context of the basic completion of the
market-oriented interest rate reform, the study of the impact of interest rate
marketization on the financing costs of enterprises and the impact on the financing costs
of enterprises in different regions will help to find out the mechanism of interest rate
marketization to the financing costs of enterprises. Good way to guide the development
of enterprises, as well as enterprises to respond to the impact of interest rate market
measures.
This paper constructs an index to measure the degree of marketization of interest rate,
and draws on the marketization process index of Fan Gang and Wang Xiaolu to measure
the degree of regional financial development, which is based on the experience of
foreign interest rate marketization reform and theoretical research. The actual data of
9125 enterprises were selected by Guotai An and WanDe database, and the hypothesis
of this paper was analyzed by regression analysis. The study found that the interest rate
market is negatively correlated with the the cost of financing; The degree of regional
financial development is positively correlated with the financing cost of the
enterprise ,what is more, the degree of regional financial development can alleviate the
increase of the financing cost brought by the interest rate marketization,. Finally, this
paper puts forward the measures to reduce the cost of corporate financing after the
reform of interest rate marketization from macro and micro aspects.
KEYWORDS: Interest rate liberalization; Regional financial development; Nature of
property right; Enterprise financial costs.III
目 录
第一章 绪论.....1
1.1 选题背景与意义 . 1
1.1.1 选题背景....... 1
1.1.2 研究意义....... 2
1.2 研究思路与研究内容 ..... 3
1.2.1 研究思路....... 3
1.2.2 研究内容....... 4
1.3 研究方法与创新 . 5
1.3.1 本文的研究方法....... 5
1.3.2 本文可能的创新之处........... 6
第二章 概念界定、文献综述与理论基础.....7
2.1 概念界定 . 7
2.1.1 利率市场化... 7
2.1.2 利率市场化的原因及其发展进程... 8
2.1.3 区域金融....... 9
2.2 国内外文献综述 ........... 10
2.2.1 利率市场化与企业融资约束....
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