“抱团取暖”还是“自力更生”——产品市场竞争中的企业集团母子公司债券管理  

Centralization or Decentralization:Bond Management of Business Groups in Product Market Competition

作　　者：佟岩[1] 李鑫 钟凯 赵泽与 TONG Yan;LI Xin;ZHONG Kai;ZHAO Ze-yu(School of Management&Economics,Bejing Institute of Technology,Beijing,100081,China;Business School,University of International Business and Economics,Beijing,100029,China)

机构地区：[1]北京理工大学管理与经济学院,北京100081 [2]对外经济贸易大学国际商学院,北京100029

出　　处：《经济管理》2022年第7期121-139,共19页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“企业集团的债券管理模式:影响因素与经济后果”(72072012);国家自然科学基金面上项目创新驱动型并购的影响因素与经济后果研究(71672007);国家自然科学基金青年项目“企业金融化与投资行为研究:基于产业公司设立私募基金的分析”(71902028)。

摘　　要：债券融资对企业的发展越来越重要,但企业集团如何处理母子公司的债券发行和管理不尽相同。本文将集团公司统一对外发债、资金统筹使用定义为债券集中管理,将母子公司各自对外发债、资金独立使用定义为债券分散管理,以2007—2019年中国沪深两市上市公司为样本,深入探究产品市场竞争对集团债券管理的影响。结果表明:产品市场竞争程度越高,企业集团越可能“抱团取暖”,采用统筹债券发行的集中管理。在考虑内生性问题以及一系列稳健性检验后,基本结论仍然成立。影响机制检验显示,产品市场竞争会通过加剧融资约束与经营风险,进而促使企业集团对债券进行集中管理;异质性研究表明,在企业研发强度较大、地区金融发展水平较低时,产品市场竞争对债券集中管理的影响更为显著。本文进一步发现,上市公司采取债券集中管理有助于减少集团整体投资不足、降低违约风险和债券融资成本。本文的研究发现厘清了产品市场竞争与集团母子公司债券管理之间的影响路径,丰富了内部资本市场和集团负债管理的研究内容,为企业在竞争环境中进行债券融资决策提供了实证参考。Bond financing is becoming more and more important to the development of enterprises,but the issuance and management of bond in groups are different.The research on bond pay more attention to bond ratings,covenants and credit spreads,and research on debt management in groups mainly focus on the overall debt distribution of parent and subsidiary companies.Up to now,little analysis shed light on how business groups allocate bond resources between parent and subsidiary companies.This paper defines centralized bond management and decentralized bond management.The first one means that bonds are issued solely by the group and the resources are allocated among the whole group.The second one means that bonds are issued by both the parent and subsidiary companies and the resources are used only by the issuer.We use a sample of listed companies in China’s Shanghai and Shenzhen stock exchanges from 2007 to 2019 as a sample to explore the impact of product market competition on the bond management of business groups.The result show that the product market competition is significantly positively associated with centralized bond management.After considering the endogeneity problem and a series of robustness tests,the basic conclusion still holds.The mechanism tests show that product market competition has impact on financing constraints and operating risks,which make the groups prefer centralized bond management.The heterogeneity research show that product market competition has a more significant impact on centralized bond management in companies with high R&D intensity,or in companies located in regions with low levels of financial development.This paper further finds that the centralized bond management can help reduce the group’s under-investment,reduce the default risk and the cost of bond financing.The main contributions of this paper are as follows:First,focusing on credit bonds,this paper expands the research content of business group debt management.Prior literature has paid more attention to the bank loans or tot

关 键 词：产品市场竞争 企业集团 债券管理 内部资本市场 

分 类 号：F275.1[经济管理—企业管理]