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| Interest Rate Marketization, Inefficient Investment and Capital Allocation:Based on the Natural Experiment of Cancellation of Upper and Lower Limits for LoanInterest Rates Set by PBoC |
| YANG Zheng, LIU Fang, LI Mangmang
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Economics and Management School, Wuhan University;
Wuhan Wuchang District State-owned Assets Supervision and Administration Office;
Management School, Jinan University |
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Abstract The cancellation of upper and lower limits on loan interest rates by the People’s Bank of China declared that Chinese market-oriented interest rate reform had been basically completed. By selecting a sample of Chinese non-financial listed company data from 2003 to 2015, based on the natural experiment of cancellation of upper and lower limits for loan interest rates, this paper undertook an empirical study how the process of interest rate marketization affected the enterprise’s investment decision and capital allocation efficiency. This study found that: (1) The interest rate marketization significantly inhibit the inefficient investment, especially in non-state owned enterprises; (2) Compared with the relaxation of the lower limit of loan interest rate, the relaxation of upper limit of the loan interest rate is more conducive to curb inefficient investment, showing the impact of asymmetry;(3) With the deepening of interest rate marketization, the value effect of enterprise investment shows a rising trend. Further tests show that the interest rate marketization not only significantly inhibited the inefficient investment, but also curb the radical liabilities. The results of this study provide theoretical evidence of how Chinese interest rate marketization influence the enterprise’s investment decision and capital allocation efficiency, at the same time, has certain reference significance on carrying out Chinese subsequent economic system reform, promoting the supply side reform and achieving the “Three Reduce, One Drop and One Supplement”.
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Received: 22 November 2016
Published: 18 January 2018
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