Deregulation of Interest Rates, Excessive Debt and Debt Maturity Structure
WANG Hongjian, YANG Zheng, RUAN Gangming, CAO Yuqiang
Economics and Management School, Nanchang University; Economics and Management School,Wuhan University; Accounting School, Shanghai University of Finance and Economics; Management School, Jinan University
Abstract:
The interest rate marketization is conducive to eliminate the instability of credit market and lessen the constriction of corporate financing by matching interest rate and risk. By selecting a sample of Chinese non-financial listed company data from 2000 to 2015, this paper studied whether the interest rate marketization curbed the excessive liabilities or speed up the adjustment of capital structure. The results show that the interest rate marketization significantly inhibited the enterprise's excessive liabilities and accelerated the adjustment of capital structure. Based on the test grouped by nature of property right, this paper found the inhabitation of excessive liabilities and the acceleration of capital structure adjustment mainly in the sample of non-state-owned enterprises rather than that of state-owned enterprises. Based on the natural experiment of cancellation of upper and lower limits for loan interest rate by the People's Bank of China, the conclusion stands still under further control of endogenous factors. This provides important suggestions for policymakers of promoting the interest rate marketization and improving the critical role of market in resource allocation.
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