打破刚兑、债券利率市场化与企业研发决策  

Breaking the rigid payment,bond yield liberalization and corporate R&D decision

作　　者：张鹏东 潘越[2] 陈思岑 肖金利[3] ZHANG Peng-dong;PAN Yue;CHEN Si-cen;XIAO Jin-li(Center for Accounting,Finance and Institutions,School of Business,Sun Yat-sen University,Guangzhou 510275,China;School of Economics,Xiamen University,Xiamen 361005,China;School of Management,Xiamen University,Xiamen 361005,China)

机构地区：[1]中山大学现代会计与财务研究中心/中山大学管理学院,广州510275 [2]厦门大学经济学院,厦门361005 [3]厦门大学管理学院,厦门361005

出　　处：《管理科学学报》2022年第8期63-81,共19页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(72172134;72102242;71902168);中央高校基本科研业务费研究项目(20720171002;20720191032)。

摘　　要：2015年3月,高层针对债券市场连续“爆雷”现象明确表态“按市场化原则清算”,打破了债券市场一直以来的刚性兑付惯例.随后,市场对信用风险重新定价,AA级债券利率实现市场化.本文以此为契机研究发现,发债企业在打破刚兑之后减少了研发活动.本文认为,债券利率市场化加剧了企业发债时的融资约束,进而促使企业调整研发决策.实证结果为此提供了证据:第一,打破刚兑后,发债企业的债券融资减少、债务成本提高;第二,当企业面临严重融资约束、融资可得性较差、债务成本涨幅较大时,打破刚兑对研发开支的影响更显著.进一步研究显示,企业会策略性地调整研发开支,如维持既有研发进程、减少启动新项目、资金分配集中化,最终使创新产出更加聚焦.本文从债券视角拓展了证券价格信息领域的研究,并为金融市场化改革措施提供了政策效果检验.In March 2015, the policy makers of China made an official statement regarding the bond defaults, which broke the rigid payment practice of China’s bond market since 1987. Taking the listed firms with credit rating of AA-, AA and AA+ as treated groups, the paper constructs a difference-in-difference model to investigate the effect of breaking the rigid payment in bond market on firms’ R&D investment. The paper finds that the breaking event causes treated firms to cut R&D activities. Mechanism analysis documents that treated firms reduce R&D investment due to severe financial constraints caused by the event. The cross-sectional analyses show that the effect is more pronounced in companies that lack access to bank loans or hold less cash, and companies from provinces or industries with more default cases. Overall, the study provides evidence that companies react to the price changes in Chinese bond market, supporting a comprehensively deepening but balanced reform of the financial markets.

关 键 词：打破刚兑 利率市场化 融资约束 研发投入 

分 类 号：F830.9[经济管理—金融学] F276