谁在推高企业债务融资成本——兼对政府融资的“资产组合效应”的检验  

Who Is Pushing Up the Corporate Debt Cost——An Inspection of the Government Debt “Portfolio Effect”

作　　者：范小云[1] 方才[1] 何青[1] 

机构地区：[1]南开大学金融学院

出　　处：《财贸经济》2017年第1期51-65,共15页Finance & Trade Economics

基　　金：国家社会科学基金重点项目"深化政策性金融改革研究"(14AZD032);教育部人文社会科学重点研究基地重大项目"全球金融体系变革下的跨国公司投资"(14JJD790030);天津市社科规划项目"利率市场化背景下提高我国银行业竞争力与风险防范研究"(TJYY13-007)

摘　　要：本文以1999-2013年的中国A股上市企业作为研究对象,从"资产组合效应"理论出发,考察了政府融资行为对企业债务融资成本及其规模的影响。实证结果表明,无论是从政府债务发行增长速度角度,还是从发行量相对规模角度,政府的债务融资行为都会推高微观企业的债务融资成本,从而降低其债务融资规模。区分企业产权性质的进一步研究表明,相对于非国有企业,国有企业债务融资成本受政府融资行为因素的影响更大,印证了债务资产之间的替代性在上述两者关系中具有重要影响。This paper makes the listed companies in China A-share market from 1999 to 2013 as the research object, and examines the impact of the government borrowing behavior on the cost and the scale of debt financing of enterprises from the ＂Portfolio Effect＂ theory. The empirical results show that no matter from the perspective of the growth velocity of the government debt issuance or the relative scale of the circulation, the government debt financing behavior will push up the cost of debt financing of the micro enterprises, so as to reduce the scale of the debt financing. Further research on the distinction of enterprises＇ property right Characteristics shows that, compared with the non-state-owned enterprises, state-owned enterprise debt financing cost is more influenced by government financing behavior factors, which confirms that the substitutability between liabilities and assets has an important effect on the relation between the two aspects above.

关 键 词：债务成本 政府融资 社会融资成本 资产组合效应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]