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本文从信贷配给视角构建动态博弈模型,诠释利率与资产负债率之间的理论逻辑;揭示验证了国有企业资产负债率门槛效应,贷款利率下降(上升)不会必然导致国有企业资产负债率上升(下降),非国有企业资产负债率与贷款利率正相关,与项目回报率负相关,且贷款利率对资产负债率的影响程度大于项目回报率等论点,并据此提出企业去杠杆的相关政策建议。
This paper constructs a dynamic game model from the perspective of credit rationing to interpret the theoretical logic between interest rate and asset-liability ratio. It reveals the threshold effect of the debt-to-asset ratio of state-owned enterprises. The declining (rising) lending rate will not necessarily result in an increase in the ratio of assets and liabilities Declining). The non-state-owned assets liability ratio is positively correlated with the loan interest rate, negatively correlated with the project return rate, and the impact of the loan interest rate on the asset-liability ratio is greater than the project rate of return. Based on this, .