利率市场化对企业融资成本的影响-应用经济学专业论文.docxVIP

关键词 关键词：利率市场化，融资成本，贷款，债券 摘 要 利率市场化是指通过市场和价值规律机制，在某一时间点上由供求关系决定 的利率运行机制，它是价值规律作用的结果。企业融资成本是指企业获得经营投 资所需资金支付的费用。利率市场化通过影响资金价格变化，进而影响企业融资 成本。企业融资是企业发展过程中重要的环节，其融资成本的高低不仅影响企业 投资项目的盈利能力，甚至可能关系到企业的生死存亡。随着我国利率市场化的 深入，企业融资成本发生了较大的改变。 本文首先介绍了利率市场化的相关理论，我国货币市场、债券市场、存贷款 市场利率市场化的进程；其次，对利率市场化过程中不同企业贷款融资成本、债 券融资成本的变化进行了深入研究；然后，回顾了美国、日本等发达国家利率市 场化的过程，及其对企业融资成本的影响，总结经验、教训。最后，提出总结及 政策建议，对企业来说，应该加强管理，提高资信水平，合理选择融资渠道，降 低融资成本；对政府监管部门来说，应该完善债券市场，规范商业银行的经营和 竞争，加强对中小企业的扶持力度，避免利率市场化过程中利率大幅波动，降低 企业的融资成本。 K Keywords：Marketization of interest rate, Bank loans, Bond financing Abstract Marketization of interest rate (MIR) means the interest rate is determined by supply and demand in markets, through the market and the law of value. Enterprises require funds for investment, the cost of which is enterprise financing cost. By influencing the variation of rate, MIR affects the enterprise financing cost. Enterprise financing is important for an enterprise, the cost of which determines the profitability, and sometimes even leads to business failure. With the development of the MIR in China, the enterprise financing cost changes significantly. First part of this article is the introduction of the related theories and the evolution and development of marketization of interest for the monetary market, bond market and deposit and loan market. Secondly, bond financing costs, loan financing costs are discussed during the MIR. Thirdly, the history of MIR of America, Japan is studied, and experience and lessons are summarized. Finally, conclusion and policy suggestions are proposed. Enterprises should strengthen the management, improve the level of credit, choose reasonable choice for financing, and reduce financing costs. Government should improve the bond market, standardize the competition of banks, strengthen efforts to support SMEs, avoid volatility in interest rates during MIR, and reduce financing costs for enterprises. 目录 第 1 章 引言 1 1.1 选题背景及研究意义 1 1.2 文献综述 2 1.3 研究内容 3 1.4 研究方法 4 1.5 可能