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Volume 35 Issue 1
Jan.  2021
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Article Navigation >  Accounting and Economic Research  > 2021  >  35(1): 77-91
Shen Yongtao, Chen Song, Zhou Rui, Wang Hongjian. 2021. Interest Rate Marketization Reform and the Firms’ High-quality Development: Empirical Evidence from a Perspective of Credit Capital Flow. Accounting and Economic Research, 35(1): 77-91.
Citation: Shen Yongtao, Chen Song, Zhou Rui, Wang Hongjian. 2021. Interest Rate Marketization Reform and the Firms’ High-quality Development: Empirical Evidence from a Perspective of Credit Capital Flow. Accounting and Economic Research, 35(1): 77-91.
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Interest Rate Marketization Reform and the Firms’ High-quality Development: Empirical Evidence from a Perspective of Credit Capital Flow

  • 1.

    Institute of Soft Sciences, Guangzhou Academy of Social Sciences, Guangzhou Guangdong 510410, China

  • 2.

    School of Economics and Management, Nanchang University, Nanchang Jiangxi 330031, China

  • 3.

    China Railway Corporation Limited, Beijing 100039, China

  • 4.

    School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, China

  • Received Date: 2020-01-13
  • Publish Date: 2021-01-25
    Abstract
  • Taking the full liberalization of China’s loan interest rate in 2013 as a quasi-natural experiment and constructing a double differential model based on differences in the productivity of enterprises, we find that: (1) The marketization of loan interest rate can significantly turn around the reverse flow of credit capital in that it promotes the flow of credit capital from low-productivity to higher-productivity in private enterprises, but it has no significant influence on the state-owned enterprises; (2) The reversal effect of the loan interest rate marketization on the reverse flow of credit capital helps private enterprises transform extensional development to connotative development, but it has little effects on state-owned enterprises. We reveals the mechanism about the microeconomic effect of loan interest rate marketization from the perspective of the credit capital reverse flow, and provides micro-evidence for the causal relationship between the reform of interest rate marketization and the high-quality development of the real economy.

     

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