金融发展环境、利率市场化与债务融资决策

采用稳健OLS回归方法对利率市场化与债务融资决策关系进行研究显示，较之国有企业，民营企业债务融资决策受利率市场化影响长期借款比例显著降低；较之利率管制时期，在利率市场化时期处于金融环境较好地区企业无论是债务融资成本还是长期借款比例均显著降低；此外，在利率市场化时期企业的长期借款比例与债务融资成本受地区金融发展环境差异的影响减弱。这说明利率市场化改革起到了赋予金融机构竞争手段、改善金融竞争环境以及削弱地区金融环境差异的政策效应。

Financial Development Environment, Interest Rate Liberation and Debt Financing Decision

Based on the ecological financial development index of the Chinese cities being disclosed by Li Yang etc. （2005, 2007）, this paper indicates the NSOEs debt maturity became shorter than the years before the interest rate liberation comparing with the SOEs by using robust OLS regression method. Meanwhile, compared to the interest rate regulated period, the interest rate liberation reform not only helped to cut the cost of the firms＇ debt but the debt maturity became shorter for those located in financially developed areas. In addition, during interest rate deregulated period, the influence of the financial development on the long term loan ratio and cost of the firms＇ debt became more moderate. From the above mentioned results, the paper demonstrates that the interest rate liberation reform was playing an important role in contributing banking competitiveness and enhancing financial environment infrastructure.