利率市场化是一个不断放松利率管制的过程。愈来愈多的因素,包括国内政局、经济形势、金融市场、国际利率和汇率变化等都将影响市场利率水平,利率变动的幅度和频率会不断扩大,企业利率风险因此将呈上升趋势。利率风险就是指由于利率的波动,资产收益与价值相对于负债成本与价值发生不等量变化而致使企业遭受损失的可能性。利率对于企业的影响主要表现在以下两方面:一是利率变动对企业金融资产价格的影响。投资的价值与利率水平的变动存在负相关的关系,利率的上涨会导致企业金融资产价格的下降,利率的下降会引起金融资产价格的上升。以上市公司为例,在股市中,当银行提高利率,会 Market-based interest rate liberalization is a process of continuous relaxation of interest rates. More and more factors, including the domestic political situation, economic situation, financial markets, changes in international interest rates and exchange rates, will affect the market interest rate level. The rate and frequency of interest rate changes will continue to expand. As a result, the interest rate risk of enterprises will therefore increase. Interest rate risk refers to the possibility that an enterprise will suffer losses due to the fluctuation of interest rates, the change of the return and value of the assets relative to the cost and value of the liabilities. The impact of interest rate on the enterprise mainly in the following two aspects: First, the impact of interest rate changes on the prices of corporate financial assets. There is a negative correlation between the value of investment and the change of interest rate. The rise of interest rate will lead to the decline of the price of financial assets of enterprises, and the decrease of interest rates will cause the price of financial assets to rise. To listed companies, for example, in the stock market, when banks raise interest rates will be