永续债发行对国有企业去杠杆的影响研究  

Research on the Impact of Perpetual Bond Issuance on the Deleveraging of State-owned Enterprises

作　　者：南晓莉[1] 段胜英 Nan Xiaoli;Duan Shengying

机构地区：[1]大连理工大学经济管理学院

出　　处：《投资研究》2022年第2期22-36,共15页Review of Investment Studies

基　　金：教育部人文社科规划项目(21YJC790090);中央高校基本科研业务项目(DUT21RW114)的支持。

摘　　要：本文通过多时点DID模型及logit判别方法检验了永续债发行在报表层面降低资产负债率,但是实质上导致企业信用评级下降、企业债务成本上升。即资本市场倾向于将永续债视为负债非权益,没有实现实质性去杠杆,而企业的盈利能力能减缓永续债发行对企业的消极影响。进一步分析结果表明在非工业企业与非上市企业中,永续债的消极影响更为显著。监管者与投资者需要关注永续债发行带来的金融风险,谨防企业将永续债作为虚假的去杠杆工具。Through the multi time point did model and logit discrimination method, this paper tests that the issuance of perpetual bonds reduces the asset liability ratio at the statement level, but in essence leads to the decline of enterprise credit rating and the rise of enterprise debt cost. That is, the capital market tends to regard perpetual bonds as liabilities rather than equity, and does not realize substantive deleveraging, while the profitability of enterprises can slow down the negative impact of the issuance of perpetual bonds on enterprises. Further analysis shows that the negative impact of perpetual debt is more significant in non industrial enterprises and non listed enterprises. Regulators and investors need to pay attention to the financial risks brought by the issuance of sustainable bonds and beware of enterprises using sustainable bonds as false deleveraging tools..

关 键 词：永续债 去杠杆 债务成本 信用评级 

分 类 号：F832.51[经济管理—金融学] F276.1F275