利率市场化与企业投融资决策-政治经济学专业论文.docxVIP

《利率市场化与企业投融资决策》摘 《利率市场化与企业投融资决策》 摘 要 I利率市场化是我国金融体制改革中最关键的问题。长期以来，我国利率管制 ＼。 政策抑制了金融市场的发展，资源配置效率低下，企业投融资机制扭曲，阻碍了 储蓄一投资的转化，严重制约经济增长“本文通过分析利率对企业投融资决策的影 ／ 响，提出了在利率市场化条件下，企业投融资体制改革的对策。 第一章从传统的利率决定理论入手，说明利率是在市场中形成并由市场供求 力量决定的。但发展中国家的利率机制并不能发挥调节投资的作用，原因是政府 实行严厉的利率管制，由此引出以麦金农等为代表的金融深化理论，其核心是必 须解除利率管制，使利率充分发挥调节投资的功能。 第二章分析了我国长期以来实行的利率管制政策和企业融资机制的变迁，说 明金融市场的发展受到严重抑制，企业融资渠道单一，过分依赖银行贷款，造成 ’、，，-。-。●‘●_。-_。一 企业投融资体制的扭曲，投资资金使用效率低下，利率根本无法发挥调节企业投 资的作用，因此必须进行利率市场化改革。 第三章分析了利率市场化对企业投资及企业间接融资和直接融资市场的影 响，说明利率市场化后，利率能真正发挥调节作用，必须具备一定的条件，即投 资主体产权明晰，预算约束硬化；同时，金融市场发展完善、功能强大。 第四章通过以上分析提出作者观点，要达到利率市场化改革的目的，就必须 进行企业产权制度改革，同时大力发展金融市场，在我国形成一个规范的、多元 化的投融资体制，使企业真正拥有独立自主的投融资决策权，充分发挥利率对投 资的调节作用，促进金融和经济的增长。 关键词：利率市场化i利率管制，。企业投融资决策。 ， 2 !型垩亘塑些兰垒些塑墼塑盗墨!ABSTRACT !型垩亘塑些兰垒些塑墼塑盗墨! ABSTRACT marketization of the interest rate iS the crux of the reform of our financial system currently． Over 10ng period of time．the constraint policy of the interest rate has limited development of our financial market． consequently curbing our economic growth．By analyzing the impact of businesses，the writer proposes countermeasures for business reform in investment and financing system，under the condition of marketization of the interest rate． In the first chapteg initially with support of traditional economic theories about decision of the interest rat．the writer shows that it iS in the market that the interest rate is determined by the market power of supply and demand．However,the rate mechanic in developing countries iS not capable of function as investment adjustment，because of government severe constraint of the interest rate．Then in this part the writer introduces the theory of financial deepening represented by R．L．Mckinnon．whose kemel iS to abolish constraint of the interest rate SO that it can freely adjusts investment． In the second chapter,the writer reviews Chinas constraint policy of the interest rate over the past long time。and changes in business financial mechanism as well，suggestion that the development of China