本文从理论层面阐释了利率市场化影响企业创新绩效的微观机理,理论分析表明,利率市场化能够通过缓解融资约束、降低信贷扭曲促进企业创新绩效提升。为识别利率市场化与企业创新绩效之间的因果效应,本文基于中国人民银行取消金融机构贷款利率上限和下限为冲击构造准自然实验。结果显示：利率市场化每增加1单位标准差,企业创新绩效平均提升约样本标准差的65.086%。同时,利率市场化对企业创新绩效的影响在融资约束较高、融资依赖程度较高,以及信息不对称程度较高的样本中更为凸显。本文结论表明：有序推进金融市场化改革、健全金融有效支持实体经济的体制机制,能够为培育创新型经济发展提供重要支持。

Under the impact of the COVID-19 pandemic, profound changes unseen in this century have accelerated, and the complexity and uncertainty of the internal and external environment have increased. Under these circumstances, the key to achieving stable and sustained economic development and starting the comprehensive construction of a socialist modern country on a solid footing is to deepen the reform of the financial market, support and guide the innovative development of the real economy, and stimulate the vitality of market entities systematically and comprehensively.
This paper provides a theoretical analysis that focusing on the mechanism of interest rate marketization affecting enterprise innovation. The theoretical analysis shows that interest rate marketization can alleviate financing constraints, reduce credit distortions and therefore promote enterprise innovation performance. In order to identify the causal effect of interest rate marketization on enterprise innovation, this paper selects the cancellation of the upper and lower limits of loan interest rates of financial institutions by the people's Bank of China as exogenous shocks to construct a quasi-natural experiment. The results show that for each 1 unit standard deviation increase in interest rate marketization, the innovation performance of enterprises will increase by 65.086 percent of the sample standard deviation on average. The above innovation effect is more prominent in the samples with high financing constraints, high financing dependence and high information asymmetry.
The marginal contributions of this paper are twofold. Firstly, this paper provides a theoretical interpretation of the feasibility of interest rate marketization in promoting the innovative development of enterprises by easing financing constraints and reducing credit allocation distortions. Secondly, by constructing quasi-natural experiments using external shocks of the People's Bank of China canceling the upper and lower limits of loan interest rates for financial institutions, respectively, this paper identifies the potential causal relationship between interest rate marketization and enterprise innovation through a difference-in-differences model, which improves the reliability of the results.