公司债发行对公司价值的影响路径研究  

A Study of the Channels of Corporate Bond Effecting Firm Valuation

作　　者：许荣[1] 常嘉路 

机构地区：[1]中国人民大学财政金融学院暨中国财政金融政策研究中心 [2]中国人民大学财政金融学院

出　　处：《金融监管研究》2018年第9期81-94,共14页Financial Regulation Research

基　　金：2017年度"中国保险学会教保人身保险高校课题研究基金"课题研究成果

摘　　要：不同于发达经济体先债券后股票的资本市场发展路径,中国股票市场的发展先于债券市场,因而为我们提供了观察公司债券发行会如何影响公司价值的较好研究场景。理论研究发现,发行公司债为公司减轻融资约束,降低代理成本提供了有效的手段,并会对公司价值产生积极的影响。本文以我国上市公司为样本,实证检验了公司债发行对公司的融资约束和代理成本的影响;并进一步利用联立方程模型检验发行公司债通过融资约束和代理成本两条路径对公司价值的影响。实证结果表明,一方面发行公司债可以显著降低公司的现金-现金流敏感度,缓解公司的融资约束;另一方面发行公司债也可以显著降低由代理成本引发的非效率投资。同时通过融资约束、代理成本与公司价值的内生关系,发行公司债通过对融资约束的缓解和代理成本的降低可以显著提升公司的市场价值。The development of China＇s stock market is ahead of the bond market, which is on the opposite of developed countries. This contrast provides an opportunity to study how corporate bond can affect the values of firms. Theoretical studies show that corporate bonds can alleviate financial restraint and lower agency costs, which have positive effects on the values of firms. With China＇s listed companies as samples, this paper empirically studies the effects of corporate bond on financial restraint and agency costs, and further uses a simultaneous equations model the effects of corporate bond on firms＇ values through the channels of financial restraint and agency costs. The results show that corporate bond can alleviate firms＇ financial restraint through significantly lowering their cash-cash flow sensitivities, on the other hand, and corporate bond can significantly lower ineffective investment caused by agency costs. As a result, corporate bond can significantly increase firms＇ values through alleviation of financial restraint and lowering agency costs.

关 键 词：公司债 融资约束 代理成本 公司价值 

分 类 号：F832[经济管理—金融学] F273