契约执行环境与企业债务融资——基于自由贸易区设立的准自然实验研究  

Contract Enforcement Environment and Corporate Debt Financing: A Quasi-Natural Experimental Study Based on the Establishment of a Free Trade Zone

作　　者：云锋 叶永卫 Yun Feng;Ye Yongwei(School of Economics and Management,South China Normal University,Guangzhou,Guangdong 510006,China;School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]华南师范大学经济与管理学院,广东广州510006 [2]上海财经大学公共经济与管理学院,上海200433

出　　处：《金融经济学研究》2022年第6期38-52,共15页Financial Economics Research

基　　金：国家社会科学基金重点项目(21AJY011)。

摘　　要：将自由贸易试验区的设立视为一项“准自然实验”,系统考察契约执行环境改善如何影响企业的债务融资,实证结果显示,伴随着自由贸易试验区的设立,企业的负债率显著上升,即契约执行环境改善对企业债务融资具有正向影响,且该效应在中小企业、非国有企业和技术密集型企业更为凸显。作用机制检验表明,契约执行环境改善通过增强金融机构信贷供给意愿和企业自主需求,进而提高了企业的负债率,具体表现为契约执行环境改善减少了企业的债务违约以及增加了企业的专用性投资。进一步研究发现,契约执行环境改善显著延长了企业的债务期限。研究揭示了契约环境改善背景下企业负债率变化背后的逻辑,可以为深化自由贸易试验区的制度创新提供一定的实践参考。Considering the establishment of pilot free trade zones as a quasi-natural experiment, this study systematically examined how improvement of the contract enforcement environment affects firms’ debt financing.The empirical results showed that firms’ debt ratios increased significantly with the establishment of the free trade zone, suggesting that an improved contract enforcement environment has a positive effect on firms’ debt financing.The effect is more pronounced in SMEs, non-state, and technology-intensive firms.The mechanism test showed that an improved contract enforcement environment increases firms’ debt ratio by enhancing financial institutions’ willingness to supply credit and firms’ autonomous demand, as reflected in reduced debt default and firms’ increased specific investment.Further studies found that a better contract enforcement environment significantly extends firms’ debt maturity.The study reveals the logic underlying change in enterprise debt ratio in the context of an improved contract enforcement environment and provides practical references for deepening institutional innovation in pilot free trade zones.

关 键 词：自由贸易试验区 契约执行环境 负债率 债务期限 准自然实验 

分 类 号：F831.3[经济管理—金融学]