融资约束与行业竞争:债券市场创新的证据  

Financial Constrains and Industry Competition: the Evidences from Bond Market Innovation

作　　者：李科[1] 朱伟骅[2] 宋熠[1] 

机构地区：[1]上海财经大学金融学院,上海200433 [2]上海证券交易所,上海200120

出　　处：《经济管理》2013年第10期15-26,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"法律制度及其特征对公司治理和公司业绩的影响"(71302074);国家自然科学基金项目"投资者决策黑箱;多米诺效应与风险管理研究"(71303158);上海社会科学基金项目"金融创新;融资约束与公司投融资行为"(2013BJB005)

摘　　要：本文利用债券市场中短期融资券的推出作为影响公司融资约束的外部冲击,研究公司融资约束变化对公司行业竞争行为的影响。利用公司融资约束在时间序列上的变化,本文解决了研究融资约束对行业竞争行为影响中融资约束分类标准问题以及内生性问题。本文发现,融资约束改善后,公司采取了更加积极的行业竞争策略,公司投入了更多的销售和管理费用,销售增长率也相应提高。这种影响在统计意义上和经济意义上均是显著的。本文研究发现,债券市场发展改善了公司融资约束,促进公司采取更加积极的行业竞争策略。本文证据表明,发展债券市场对于公司的行业竞争行为、行业的产出效率以及实体经济的运行都具有重要意义。In this paper we exploit the innovation of bond market instrument to the variation of financial con- strains of the listed companies and empirically test the effect of financial constraints on industry competition. Finan- cial constraints produce the great influence on industry competition strategy, thus the important problem is if de- creasing the firm＇s financial constraints can make the firm more aggressive in the competition. This problem is im- portant, because the financial constraints can affect the industry output efficiency and the operation of the real econ- omy through firm competition behavior. On the other hand, the more aggressive competition strategy is helpful to improve the level of consumer welfare. Despite the economic theory has explained the impact of financial constraints on competition strategy of the industry, but directly testing this effect is very difficult because of the endogeneity problems in the empirical test. Therefore, it is important for the competition strategy and the efficiency of industry competition to further provide the empirical evidence of the impact of the financial constraints on firm competition. Based on the natural experiment in bond market, we handle the two challenging problems in empirical test for industry competition： the criterion of grouping financial constrains and endogeneity problem. In 2005 the introduc- tion of short-term financing bonds is a kind of financial tool innovation on the bond market, which provides an ideal experimental background. First, the financial tool innovation helps to solve the endogeneity problem of the financial constraint in empirical research. Second, the financial tool innovation helps to distinguish which firm changed the financial constraints. Based on the data of Chinese listed companies from 2002 to 2007, we find the short-term fi- nancing bond decreased the financial constrains, the firm increased the selling ＆ administration expenses, and the sale growth rate experienced huge increase. These effects are significant

关 键 词：债券市场创新 融资约束 行业竞争 

分 类 号：F23[经济管理—会计学]