中国资本项目渐进开放对企业外币债务及经营的影响  

The Impacts of Capital Account Liberalization on Corporate Foreign Currency Debt and Operations

作　　者：罗用文 王潇 LUO Yongwen;WANG Xiao(International Institute of Finance,School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]中国科学技术大学管理学院国际金融研究院,合肥230026

出　　处：《计量经济学报》2022年第4期841-863,共23页China Journal of Econometrics

基　　金：国家自然科学基金(72003181);仲英青年学者基金(KY2040000037)。

摘　　要：本文选取2008-2018年中国A股上市制造业企业为样本,在企业层面探究2008年全球金融危机后中国资本项目渐进开放影响企业外币债务融资决策的机制,以及外币债务对企业经营的影响.我们发现资本项目渐进开放是企业增加外币债务融资的重要因素,关于资本市场和货币市场的管制放宽会促进企业外币债务融资,而直接投资的管制宽松则抑制企业外币债务融资.企业外币债务融资能够降低融资成本,促进投资,改善盈利能力,但会增加外汇风险暴露.本文研究表明,我国推进资本项目有序开放,可以促进企业从全球金融市场融资,但同时应防范融资带来的风险.We explore the impacts of China’s capital account liberalization on corporate foreign currency debt and operations,employing a sample of Chinese A-stock listed manufacturing firms between 2008 and 2018.We find that capital account liberalization is an important factor for firms to finance through foreign currency debts.Relaxing controls on capital and money market instruments incentives firms to issue foreign currency debts,while removing controls on foreign direct investment induces firms to reduce their foreign currency debt.The impacts of capital account liberalization on corporate foreign currency financing are differentiated by firm size and are also affected by domestic and U.S.monetary policies.Moreover,through foreign currency financing,firms can increase corporate investment,reduce financing costs,and improve their profitability,while being exposed to higher exchange risks.Our findings imply that while China’s capital account opening facilitates firms to raise funds from global financial market,it is necessary to hedge against corporate risks from financial globalization.

关 键 词：资本项目渐进开放 外币债务融资 企业经营 企业风险 

分 类 号：F832.6[经济管理—金融学] F425