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摘要: 我国政府长期实行利率管制政策，在经济发展落后的市场环境下，能够较好的促进经济的发展；但在现有的经济背景下，这种管制政策抑制了金融市场的发展，降低了资源配置效率文章试图通过对利率市场化与企业融资决策的关联分析，提出了在利率市场化背景下，如何实现企业融资体制的适时调整，如何实现企业更好的发展。
关键词:投资决策 融资决策 利率市场化
Abstract:For a long period of time, our government has employed a policy of interest rate regulation which is relatively better to promote economic development under the market environment featuring a backward economy.Through an analysis of association decision between interest rate liberalization and enterprise investing & financing,the thesis puts forward how to realize a timely adjustment of enterprise’s financing mechanism and how to get a better development of enterprise against the backdrop of interest rate liberalization.
Keywords:Investing Decision Financing Decision Interest Rate Liberalization
一、Introduction
Under the international environment of economic globalization, any closed or rigid economic mechanism will definitely become an obstacle to its national economic development. It is an inevitable trend to realize the liberalization of interest rate and to bring the role of market regulation into full play by taking a full advantage of the market’s automatic regulation and control functions. However, based on current situation, the reform of interest rate liberalization is still facing some major obstacles. Therefore, it is of vital theoretical significance to make a research on the liberalization of the interest rate.
二、Impacts of Interest Rate on Enterprise Investing and Financing Decisions
1. Impacts of Interest Rate on Financing Structure
As for enterprise financing, there are mainlytwo ways: equity financing and debt financing. Currently, the stock market is developing rapidlyin our country. However, due to severely administrative controls and demanding listing standards, a vast number of small and medium-sized enterprises and new and high technology industries in China have to rely on over-the-counter market.
Compared withequity financing, the debt financing has arelatively lower cost but a thin income, thus bonds financing become the mainly financingapproach forenterprises. According to China's national conditions, relatively speaking, the development of the enterprise’s bond market lags behind whose scale and species areboth inadequate. In addition,enterprises cannot get rid of the dependence on the loan fund from banks yet. In this case, the enterprise need improve the quality of the bonds; guarantee its repay, and makea reasonable arrangement of the financing deadline and financing amount for the bonds etc. as well.
2. Impacts of Interest Rate on Enterprise Management Strategy
Investment structure refers to a proportional relationship among each sector and industry of the national economy and each field of social production. The structure of enterprise is affected by dual factors: the level and structure of the interest rate. The key issue of it is to determine a benchmark interest rate out of the market interest rate system comprised by various interest rates. The so-called benchmark interest rate refers to an interest rate that plays a dominant role in the formation and fluctuation of other financial markets. The level of interest rate will directly affect the changes in enterprise investing structure;the higher the level is, the more likely for the investor to invest in the project whose term is short but whose income is fat to save the cost of borrowing.However, if the long-term interest rate is at a higher level, it will flourish the short-term investment items but damp down the enthusiasm of the permanent investment as well which may result in investors’ speculation or gambling behaviors. Therefore, the level of short- and long-term interest rate should be adjusted in accordance with the actual situation existed in the economy. The imbalance of either short- or long-term interest rate will affect the rationalization of the economic structure.
3. Impacts of Interest Rate on Enterprise Investment Structure
Interest rate is the income from loansfor financial institutions and it is also a direct cost of borrowings for enterprises.The level of interest rates and the expected returnrate directly determinethe future of the enterprise.I deem thatfinancing structure should be explored from two perspectives: one is the enterprise’s financing length, and the other is financing width. Financing length mainly refers to the time duration of the loans. Firstly,if,after adjusting, long-term interest rate is still inconsistent with that of the short-term one, the investors of enterpriseswill make a contrast between the expected rate of return and the corresponding rates to choose the projects with a relatively higher net income ratio. Secondly, the financing width will be directly reflected in the amount of the loan. Ifthe interest rate is relatively low, the enterprise will make more loans;otherwise, less. At the same time, if the market rate of interest is high, in order to reduce risks, investors will choose those low-risk projects which are relevant to their own industry. Therefore, the level of interest rate will directly affect the investment decisions of an enterprise.
三、Analyses on Enterprises Investing and Financing Decisionsagainst the Liberalization of Interest Rate
Due to the regulation of interest rate and the restrains it posed on the financial market, the mechanism of enterprises’ investing and financing is tortured and their investing and financing decisions are inflexible to interest rate. Therefore, as a means of regulation, interest rate liberalization can speed up the adjustment of social production structure and accordingly allocate resources effectively.
1. Impacts of Interest Rate Liberalization on Enterprise Investment
First of all, the liberalization of interest rate will greatly improve current financing environment. In terms of financial institutions, they can conduct a flexible management to control self risks according to their own reality.
Besides, the liberalization of interest rate will improve enterprises’operation and management. In market, many resources are rare ——capital is of no exception. Under the background of interest rate liberalization, those enterprises with a bad operation and management will encounter a relatively higher cost of borrowing, or even worse, fail to obtain needed loans from banks; otherwise, those enterprises with a sound development and an outstanding operation. Ultimately, theliberalization of interest rate will realize a rational allocation of funds and an optimal allocation of social resources. Thus, social resources will be integrated effectively.
2. Interest Rate Liberalizationwill Update Investing and Financing Mechanism
Under a rigid administrative regulation, the interest rate policy is more likely to cause a short of cost in projects invested by government, increase risks. To strengthen the financial investors’ risk restrain mechanism by the liberalization of interest rate , the investors who are not in line with it will be sifted out and a multi-subject investing and financing system with autonomous decision-making, standard behaviors as well as uniform responsibilities, obligations and profits will be established.
In addition, interest rate liberalization is conducive to the layering in monetary market. It will speed up the mutual exchange of funds in different market tools, form an integrated interest rate structure in monetary market to solid the overall functions. The increment of the numbers and kinds in the market tools of monetary, can afford more investing alternatives for enterprises, and accordingly benefit the full allocation of funds and raise the efficiency in financial markets.
3. Impact of Interest Rate Liberalizationon Financing Markets
Financing market can be divided into two categories: direct financing and indirect financing. Interest rate, as a vital financial tool, the liberalization of it will pose profound impacts on direct or indirect financing.
It is mainly through the adjustment of interest rate to realize the adjustment of capital supply in the indirect financing market. The liberalization of interest rate, on one hand, gives more autonomy to financial institutions and allows them to manage their own loan programs more rationally and to control the risks of loans more effectively; on the other hand, it will enhance market adaptation ability of financial institutions, make them able to adjust the level of interest rate in proper time in accordance witheconomic development. The mostly often used tools in our country’s direct financing markets are: enterprise bond and equity issuance. The liberalization of interest rate will directly act on the coupon rate of the enterprise bond and affect its volume. With the realization of interest rate liberalization, the stability advantage possessed by direct financing will attach attention of more enterprises, which will bring the subject role of financing market into full play.
四、Enterprise Countermeasures to Interest Rate Liberalization
1. Reshape Enterprise Investing Mechanism in Accordance with the Requirements of Interest Rate Liberalization
To reshape enterprise investing mechanism in accordance with the requirements of interest rate liberalization, enterprises, as the subject of investment, while enjoying a full autonomy of investing, they must resume responsibilities for their investing and financing and investment risks. The task to establish a new investment reform mechanism lies in the establishment of the accountability mechanism of enterprise’s investment. This mechanism makes it necessary for enterprises to assume the corresponding risk responsibilities of an investment subject. And all of the investing projects should observe the principles of decision-maker pays, which is made according to the severity of risks and relevant requirements of enterprises .
2. Establish Risk Constrain Mechanism for Enterprise Investment
Enterprises should strictly adhere to a distinct reward or punishment mechanism to make the decision-maker of the investment more positively devote themselves to the planning of the deal flow so as to create more value for the enterprises accordingly. Of course, for those who make an inappropriate decision and cause losses for the enterprise, it is necessary to implement some punishment measures to force the decision-makers to assume their own responsibilities.
3. Deepen the Reform of Commercial Bank, and Increase the Indirect Financing Efficiency of Enterprises
In the economic development process of China, the external method of indirect financing with Commercial Bank as its main subject is the major channel for financial institutions and enterprises to conduct their financing activities. We shouldendeavor to carry forward the progress of intermediary business and balance sheet business, lower the independence of interest rate of the banks on loans, and improve indirect financing efficiency of enterprises. Besides, we should reduce non-performing assets in the bank, establish and perfect credit rating system, decrease issues of adverse selection and moral hazard caused by information dissymmetry and further deepen the reform of Commercial Bank and the property system of state-owned banks.
五、Conclusions
As a regulatory tool of macro economy, interest rate has been attached more and more attention whose functions of adjusting investment and optimizing resources allocation have played a significant role in the sound development of the economy. To realize the success of reform in interest rate liberalization, a progressive approach to adjust and reform the mechanism should be adopted on the premise of persistentlyperfectingChina’s economy mechanism.
References
[1]吴树波.利率市场化问题研究[J].理论探索,2006,(6).
[2]蔡虎.利率市场化下企业外部融资中利率风险管理的国内实践探讨[J].财经界,2007,(2).
[3]谢多.《中国货币市场发展的分析》，《经济研究》，2001.9.
[4]樊纲等.《中小企业融资问题综述》，《经济研究》，1999.6.
[5]胡维熊.《利率理论与政策》，上海财经大学出版社，2001.
[6]赵尚梅.《利率政策有效性研究》，经济科学出版社，2001.
[7]刘敏.《利率风险不容忽视》，《金融时报》，2003.
（责任编辑：郭陈华）
关键词:投资决策 融资决策 利率市场化
Abstract:For a long period of time, our government has employed a policy of interest rate regulation which is relatively better to promote economic development under the market environment featuring a backward economy.Through an analysis of association decision between interest rate liberalization and enterprise investing & financing,the thesis puts forward how to realize a timely adjustment of enterprise’s financing mechanism and how to get a better development of enterprise against the backdrop of interest rate liberalization.
Keywords:Investing Decision Financing Decision Interest Rate Liberalization
一、Introduction
Under the international environment of economic globalization, any closed or rigid economic mechanism will definitely become an obstacle to its national economic development. It is an inevitable trend to realize the liberalization of interest rate and to bring the role of market regulation into full play by taking a full advantage of the market’s automatic regulation and control functions. However, based on current situation, the reform of interest rate liberalization is still facing some major obstacles. Therefore, it is of vital theoretical significance to make a research on the liberalization of the interest rate.
二、Impacts of Interest Rate on Enterprise Investing and Financing Decisions
1. Impacts of Interest Rate on Financing Structure
As for enterprise financing, there are mainlytwo ways: equity financing and debt financing. Currently, the stock market is developing rapidlyin our country. However, due to severely administrative controls and demanding listing standards, a vast number of small and medium-sized enterprises and new and high technology industries in China have to rely on over-the-counter market.
Compared withequity financing, the debt financing has arelatively lower cost but a thin income, thus bonds financing become the mainly financingapproach forenterprises. According to China's national conditions, relatively speaking, the development of the enterprise’s bond market lags behind whose scale and species areboth inadequate. In addition,enterprises cannot get rid of the dependence on the loan fund from banks yet. In this case, the enterprise need improve the quality of the bonds; guarantee its repay, and makea reasonable arrangement of the financing deadline and financing amount for the bonds etc. as well.
2. Impacts of Interest Rate on Enterprise Management Strategy
Investment structure refers to a proportional relationship among each sector and industry of the national economy and each field of social production. The structure of enterprise is affected by dual factors: the level and structure of the interest rate. The key issue of it is to determine a benchmark interest rate out of the market interest rate system comprised by various interest rates. The so-called benchmark interest rate refers to an interest rate that plays a dominant role in the formation and fluctuation of other financial markets. The level of interest rate will directly affect the changes in enterprise investing structure;the higher the level is, the more likely for the investor to invest in the project whose term is short but whose income is fat to save the cost of borrowing.However, if the long-term interest rate is at a higher level, it will flourish the short-term investment items but damp down the enthusiasm of the permanent investment as well which may result in investors’ speculation or gambling behaviors. Therefore, the level of short- and long-term interest rate should be adjusted in accordance with the actual situation existed in the economy. The imbalance of either short- or long-term interest rate will affect the rationalization of the economic structure.
3. Impacts of Interest Rate on Enterprise Investment Structure
Interest rate is the income from loansfor financial institutions and it is also a direct cost of borrowings for enterprises.The level of interest rates and the expected returnrate directly determinethe future of the enterprise.I deem thatfinancing structure should be explored from two perspectives: one is the enterprise’s financing length, and the other is financing width. Financing length mainly refers to the time duration of the loans. Firstly,if,after adjusting, long-term interest rate is still inconsistent with that of the short-term one, the investors of enterpriseswill make a contrast between the expected rate of return and the corresponding rates to choose the projects with a relatively higher net income ratio. Secondly, the financing width will be directly reflected in the amount of the loan. Ifthe interest rate is relatively low, the enterprise will make more loans;otherwise, less. At the same time, if the market rate of interest is high, in order to reduce risks, investors will choose those low-risk projects which are relevant to their own industry. Therefore, the level of interest rate will directly affect the investment decisions of an enterprise.
三、Analyses on Enterprises Investing and Financing Decisionsagainst the Liberalization of Interest Rate
Due to the regulation of interest rate and the restrains it posed on the financial market, the mechanism of enterprises’ investing and financing is tortured and their investing and financing decisions are inflexible to interest rate. Therefore, as a means of regulation, interest rate liberalization can speed up the adjustment of social production structure and accordingly allocate resources effectively.
1. Impacts of Interest Rate Liberalization on Enterprise Investment
First of all, the liberalization of interest rate will greatly improve current financing environment. In terms of financial institutions, they can conduct a flexible management to control self risks according to their own reality.
Besides, the liberalization of interest rate will improve enterprises’operation and management. In market, many resources are rare ——capital is of no exception. Under the background of interest rate liberalization, those enterprises with a bad operation and management will encounter a relatively higher cost of borrowing, or even worse, fail to obtain needed loans from banks; otherwise, those enterprises with a sound development and an outstanding operation. Ultimately, theliberalization of interest rate will realize a rational allocation of funds and an optimal allocation of social resources. Thus, social resources will be integrated effectively.
2. Interest Rate Liberalizationwill Update Investing and Financing Mechanism
Under a rigid administrative regulation, the interest rate policy is more likely to cause a short of cost in projects invested by government, increase risks. To strengthen the financial investors’ risk restrain mechanism by the liberalization of interest rate , the investors who are not in line with it will be sifted out and a multi-subject investing and financing system with autonomous decision-making, standard behaviors as well as uniform responsibilities, obligations and profits will be established.
In addition, interest rate liberalization is conducive to the layering in monetary market. It will speed up the mutual exchange of funds in different market tools, form an integrated interest rate structure in monetary market to solid the overall functions. The increment of the numbers and kinds in the market tools of monetary, can afford more investing alternatives for enterprises, and accordingly benefit the full allocation of funds and raise the efficiency in financial markets.
3. Impact of Interest Rate Liberalizationon Financing Markets
Financing market can be divided into two categories: direct financing and indirect financing. Interest rate, as a vital financial tool, the liberalization of it will pose profound impacts on direct or indirect financing.
It is mainly through the adjustment of interest rate to realize the adjustment of capital supply in the indirect financing market. The liberalization of interest rate, on one hand, gives more autonomy to financial institutions and allows them to manage their own loan programs more rationally and to control the risks of loans more effectively; on the other hand, it will enhance market adaptation ability of financial institutions, make them able to adjust the level of interest rate in proper time in accordance witheconomic development. The mostly often used tools in our country’s direct financing markets are: enterprise bond and equity issuance. The liberalization of interest rate will directly act on the coupon rate of the enterprise bond and affect its volume. With the realization of interest rate liberalization, the stability advantage possessed by direct financing will attach attention of more enterprises, which will bring the subject role of financing market into full play.
四、Enterprise Countermeasures to Interest Rate Liberalization
1. Reshape Enterprise Investing Mechanism in Accordance with the Requirements of Interest Rate Liberalization
To reshape enterprise investing mechanism in accordance with the requirements of interest rate liberalization, enterprises, as the subject of investment, while enjoying a full autonomy of investing, they must resume responsibilities for their investing and financing and investment risks. The task to establish a new investment reform mechanism lies in the establishment of the accountability mechanism of enterprise’s investment. This mechanism makes it necessary for enterprises to assume the corresponding risk responsibilities of an investment subject. And all of the investing projects should observe the principles of decision-maker pays, which is made according to the severity of risks and relevant requirements of enterprises .
2. Establish Risk Constrain Mechanism for Enterprise Investment
Enterprises should strictly adhere to a distinct reward or punishment mechanism to make the decision-maker of the investment more positively devote themselves to the planning of the deal flow so as to create more value for the enterprises accordingly. Of course, for those who make an inappropriate decision and cause losses for the enterprise, it is necessary to implement some punishment measures to force the decision-makers to assume their own responsibilities.
3. Deepen the Reform of Commercial Bank, and Increase the Indirect Financing Efficiency of Enterprises
In the economic development process of China, the external method of indirect financing with Commercial Bank as its main subject is the major channel for financial institutions and enterprises to conduct their financing activities. We shouldendeavor to carry forward the progress of intermediary business and balance sheet business, lower the independence of interest rate of the banks on loans, and improve indirect financing efficiency of enterprises. Besides, we should reduce non-performing assets in the bank, establish and perfect credit rating system, decrease issues of adverse selection and moral hazard caused by information dissymmetry and further deepen the reform of Commercial Bank and the property system of state-owned banks.
五、Conclusions
As a regulatory tool of macro economy, interest rate has been attached more and more attention whose functions of adjusting investment and optimizing resources allocation have played a significant role in the sound development of the economy. To realize the success of reform in interest rate liberalization, a progressive approach to adjust and reform the mechanism should be adopted on the premise of persistentlyperfectingChina’s economy mechanism.
References
[1]吴树波.利率市场化问题研究[J].理论探索,2006,(6).
[2]蔡虎.利率市场化下企业外部融资中利率风险管理的国内实践探讨[J].财经界,2007,(2).
[3]谢多.《中国货币市场发展的分析》，《经济研究》，2001.9.
[4]樊纲等.《中小企业融资问题综述》，《经济研究》，1999.6.
[5]胡维熊.《利率理论与政策》，上海财经大学出版社，2001.
[6]赵尚梅.《利率政策有效性研究》，经济科学出版社，2001.
[7]刘敏.《利率风险不容忽视》，《金融时报》，2003.
（责任编辑：郭陈华）