摘要
文章以中国2014-2017年期间发行的非金融企业公司债为研究对象,实证分析政府持股是否影响债券融资成本并探讨其经济机制.研究发现:发行企业的政府持股可以显著降低债券融资成本,在市场爆发信用事件后该作用明显减弱,而且上述发现在受政府干预程度较高的行业和私募债中更加显著.经济机制检验结果表明,企业政府持股隐含的“刚性兑付”预期,降低债券融资成本,公开信用事件则显著降低投资者对政府“兜底”违约风险的预期,进而减弱政府持股产生的经济影响.
Using the corporate bonds issued by nonfinancial firms during the year of 2014 to 2017,this paper empirically studies whether government ownership affects the issuers’financing costs and further explores the underlying economic mechanisms.Our findings show that issuers’government ownership significantly reduces the corporate debt financing costs.However,recent credit default events in public bond market,as exogenous shock to investors’expectations of government implicit bailout,dramatically weakens the negative association between government ownership and debt financing costs.These results will be particularly stronger for issuers in industries with severe government interventions and private placement bond.Our findings imply that government ownership is positively associated with investors’expectation of"rigid payment",while the credit default events do signal the government’s decreasing willingness of"bailing-out"the potential default risk and shake the investors’faith in expectation of"rigid payment",which will significantly weaken the government ownership effect on issuers’financing costs.
作者
梁权琦
高昊宇
杨晓光
LIANG Quanqi;GAO Haoyu;YANG Xiaoguang(Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190;School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190;Hanqing Advanced Institute of Economics and Finance,Renmin University of China,Beijing 100872)
出处
《系统科学与数学》
CSCD
北大核心
2020年第5期797-812,共16页
Journal of Systems Science and Mathematical Sciences
基金
国家自然科学基金(71532013,71702207,71431008)资助课题。
关键词
政府持股
融资成本
“刚性兑付”
公司债
Government ownership
financing costs
"rigid payment"
corporate debt
