中国中小企业集合债券研究——“聚沙成塔”型融资创新与牵头人“双能力”机制  

Research on SMEs Collective Bond of China: “Agglomerating Sand-to-Pagoda” Financing Innovation and Initiator’s Dual Capacity Mechanism

作　　者：石晓军[1] 梁蕴兮 SHI Xiao-jun;LIANG Yun-xi(School of Finance,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学财政金融学院,北京100872

出　　处：《中国管理科学》2022年第6期34-44,共11页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71673281);国家社会科学基金资助重点项目(21AZD028)。

摘　　要：中小企业集合债券是中国实践中具有特色的“聚沙成塔”型融资创新。对这一创新,文献还没有系统的理论总结与实证分析。本文首次提出集合债的核心机制,即牵头人“双能力”理论——资源动员能力和监督能力。利用2006—2017年期间发行的集合债样本及手工收集的集合债发行主体样本进行实证研究,结果表明(1)集合债主体评级平均为BBB,而匹配样本中单独发债企业评级平均为A。这检验了牵头人的资源动员能力理论,集合债券能使单独发债困难的中小企业也能获得直接融资,打破了债券市场融资的天花板,实现了“从0到1”的跨越。(2)双重差分估计结果表明,中小企业集合债券的发行能促进发行企业的经营效率的提高。这检验了牵头人的监督能力理论。进一步发现,地方中小企业专门管理部门作为牵头人比地方政府作为牵头人更能促进经营效率提高。建议在更大范围内推行地方专门管理部门作为牵头人的中小企业集合债券的创新融资模式。Based on the thought of cluster financing, SMEs collective bond is formed in China to solve SMEs financing constrains. Specifically, SMEs collective bond adopts the market operation modes of collective debt issuance, separate liabilities, unified guarantee, unified organization and is organized by the initiator who is responsible for selecting and monitoring the issuing bodies. Therefore, SMEs collective bond is a kind of “Agglomerating sand to pagoda” financing innovation, forming in practice in China. There is no systematic theoretical summary and empirical analysis of this innovation for now. The core mechanism of the collective bond is proposed: initiator’s dual capacity theory including resource mobility capacity and monitoring capacity for the first time, the role of the initiator is analyzed and which agency is more suitable for acting as the initiator is answered. Empirical studies are conducted using the samples consisted of collective bonds issued during 2006-2017 and samples consisted of hand-collected information of the SMEs collective bonds issuing bodies. Firstly, to explain initiator’s resource mobility capacity, SMEs collective bond(as treat groups) is matched with bond, the issuing body of which issues solely(as control groups), and then the t test method is used to test if the initial rating of the bond issuer of the treat group is significantly lower than that of the control group. Next, to explain initiator’s monitoring capacity, the issuing bodies of SMEs collective bonds(as treat groups) are matched with SMEs listed on SMEs board(as control groups) and then difference in difference estimation(DID) is used to test the shock of issuance of SMEs collective bonds on the issuing bodies ‘operation effectiveness. The results show that(1) the average rating of SMEs collective bonds issuers is BBB, while the average rating of enterprises in control group which issue bonds solely is A. The result illustrates the initiator’s resource mobility capacity theory, and the collective bonds can

关 键 词：集合债 牵头人 信息不对称 中小企业融资 

分 类 号：F276.3[经济管理—企业管理]