定向支持政策能缓解民营企业的融资约束吗?——基于民营企业债务融资支持工具政策的研究  

Can a Targeted Supporting Policy Ease the Financing Constraints on Private Enterprises? Evidence from Debt Financing Supporting Tools

作　　者：徐光 赵茜[2] 王宇光[3] XU Guang;ZHAO Qian;WANG Yuguan(PBC School of Finance,Tsinghua University;School of International Trade and Economics,Central University of Finance and Economics;School of Economics,Xiamen University)

机构地区：[1]清华大学五道口金融学院,北京100083 [2]中央财经大学国际经济与贸易学院,北京100081 [3]厦门大学经济学院,福建厦门361005

出　　处：《金融研究》2019年第12期187-206,共20页Journal of Financial Research

基　　金：国家自然科学基金青年项目(71803204);国家自然科学基金应急管理项目(71850005);“中央财经大学一流学科建设项目--建设开放型世界经济背景下中国对外贸易政策研究”资助。

摘　　要：本文考察了民营企业债务融资支持工具政策缓解民营企业融资约束的作用和传导机制。研究显示,民营企业债务融资支持工具政策具有信号传递效应和CRMW(信用风险缓释凭证)的保险效应,能显著降低民营企业债券的发行成本并提升债券发行成功率。同时,较强的政策信号传递效应使得这一政策具有普惠性影响,对不同信用资质的民营企业均有缓解融资约束的作用。在使用双重差分方法进行稳健性检验,这一政策缓解民营企业融资约束的作用依然显著。对CRMW保险效应进一步研究则显示,虽然CRMW能提升民营企业债券发行成功率,但其降低债券发行价格的作用并不明显,表明现阶段CRMW主要能缓解企业的融资难问题。本文不仅为理解民营企业债务融资支持工具政策提供了理论依据和大样本经验证据,而且在实践上为科学运用、发展CRMW提供了决策参考。The private economy plays an important role in China’s rapid economic development. However, in recent years, private enterprises have suffered from financing difficulties, and regulatory authorities have issued a series of measures to address this problem. Among these measures, debt financing for private enterprises is a targeted support policy that aims to ease the external financing constraints on private enterprises in a market-oriented operation mode. This policy introduces derivatives such as CRMWs, which are sold at the same time as bonds are issued, allowing investors to avoid the risk of default by purchasing CRMWs. Can this targeted supporting policy successfully support private enterprises? If so, what is the specific mechanism? This study uses data on the interbank bond market to empirically examine the impact of the targeted supporting policy on private enterprises’ bond financing.We collect 2,347 samples from the April 2018 to March 2019 period, which represent bonds from 655 private enterprises and 1,692 state-owned enterprises. The data are mainly from the Wind database. The data on the cancellation of bond issuances are obtained from the Shanghai Clearing House. First, we review the background of the policy and construct a theoretical framework. We point out that this policy has both a signal transmission effect and a CRMW insurance effect. Both effects could effectively alleviate the financing constraints on private enterprises. The signal transmission effect works for all private enterprises, whereas the CRMW insurance effect only works for private enterprises with lower ratings. Based on this finding, we then conduct an empirical analysis to determine which effect is stronger. We use the difference-in-differences(DID) method to determine whether the policy can successfully target private enterprises. In the follow-up, we further explore the CRMW insurance effect.We make the following findings. First, after the announcement of a debt financing tool for private enterprises, the price of priva

关 键 词：民营企业 债券融资 CRMW 信号传递 保险效应 

分 类 号：F832.51[经济管理—金融学] F276.5