摘要
本文以我国2006-2011年A股上市公司为研究样本,运用双重差分法考察了《反垄断法》实施对企业债务融资的影响。结果显示,《反垄断法》实施后,与垄断程度低的企业相比,垄断程度高的企业增加的债务融资显著更少。横截面差异检验表明《反垄断法》对企业债务融资的影响在政府干预较弱的地区和非国有企业相对更大。考察《反垄断法》影响债务融资的具体机制后发现,《反垄断法》冲击导致处理组企业垄断程度显著下降,风险程度显著增加。进一步研究发现,《反垄断法》对债务融资的抑制作用体现在银行贷款和商业信用的显著减少以及债务成本的显著提高上。本研究表明《反垄断法》的实施有助于削弱垄断企业的融资优势,使不同垄断程度企业的债务融资差距显著缩小,提高债务市场竞争中性程度。
Based on China’s A-share listed companies from 2006 to 2011,this paper uses the difference-in-differences method to examine the effect of the implementation of the Anti-monopoly Law on corporate debt financing.The results show that after the implementation of the Anti-Monopoly Law,companies with a higher degree of monopoly increase significantly less debt financing than those with a lower degree of monopoly.The results of cross-sectional testing show that our results are much stronger in regions where government intervention is weaker and in non-state-owned enterprises.Moreover,our study shows that the Anti-Monopoly Law has exerted influence on corporate debt financing through the channel of the degree of monopoly and the degree of corporate risk.Further study shows that the weakening effect of the Anti-Monopoly Law on corporate debt financing is reflected in the significant reduction of bank loans,the significant reduction of commercial credit and the significant improvement of debt costs.The research results show that the implementation of the Anti-Monopoly Law helps to weaken the financing advantages of monopoly enterprises,significantly narrow the gap of new debt financing between enterprises with different monopoly degrees,and improve the degree of competitive neutrality in the debt market.
出处
《会计研究》
CSSCI
北大核心
2020年第7期144-166,共23页
Accounting Research
基金
国家自然科学基金面上项目“竞争政策与微观企业行为——基于《反垄断法》实施的准自然实验”(71972194)的资助
关键词
反垄断法
竞争中性
债务融资
银行贷款
债务成本
Antitrust Law
Competitive Neutrality
Debt Financing
Bank Loans
Debt Costs
