鉴于债务市场与股票市场的联动效应,文章基于双重差分模型,采用中国人民银行取消贷款利率上下限的准自然实验,以1999−2015中国A股上市公司为样本,结合银行债权治理考察了放松利率管制对股价崩盘风险的抑制效应。结果显示,放松利率管制有助于降低公司未来的股价崩盘风险,特别是非国有公司。进一步研究发现,放松利率管制能够增进银行债权对股价崩盘风险的相机治理功效,且这种积极作用在长期贷款的监督中更加明显。此外,银行信贷意愿、公司信息稳健性和投资效率的路径分析也支持放松利率管制对股价崩盘风险具有抑制效应。文章不仅从银行合约利率视角为治理股价崩盘风险提供了新的证据,还借助放松利率管制这一外生事件验证了银行大贷款人具有稳定股市的经济效应,对于新时代我国有序推进利率市场化和防控金融风险具有重要启示。
放松利率管制、银行债权治理与股价崩盘风险——基于中央银行取消贷款利率上下限的准自然实验
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引用本文
鄢翔, 耀友福. 放松利率管制、银行债权治理与股价崩盘风险——基于中央银行取消贷款利率上下限的准自然实验[J]. 财经研究, 2020, 46(3): 19-33.
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