公司债券违约与同伴企业债务融资——来自地区溢出的证据  

Corporate Bond Defaults and Peer Firms'Debt Financing:Evidence from Local Spillovers

作　　者：熊海芳[1] 刘天铭 王志强[1] Xiong Haifang;Liu Tianming;Wang Zhiqiang(School of Finance,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学金融学院,116025

出　　处：《南开经济研究》2023年第2期180-199,共20页Nankai Economic Studies

基　　金：国家社科基金重大项目“宏观经济稳增长与金融系统防风险动态平衡机制研究”(19ZDA094);2022年度辽宁省社会科学规划基金项目“公司债务违约的地理溢出与区域信用恢复研究”(L22ZD056);2022年度辽宁省教育厅基本科研项目“机构投资者对上市公司质量实际影响的同群效应研究”(LJKMR20221589)资助。

摘　　要：公司债券违约会对地区同伴企业的债务融资产生溢出效应。本文利用2013—2020年上市公司数据,研究公司债券违约事件对地区同伴企业债务融资行为的影响及其传导机制。研究结果显示,违约事件促使地区同伴企业增加长期金融负债并降低展期风险水平。基于信息的学习机制和基于经营的抵押品机制与竞争机制可以解释同伴企业加杠杆行为。同伴企业存在出于生存需要的应急性加杠杆和出于经营需要的预防性加杠杆。区域经济一体化建设在满足债券违约风险下企业的真实融资需求中发挥着积极作用。面对违约事件的冲击,要从融资能力方面防范和化解区域性债务风险,减少信息冲击和经济冲击的共同作用,加强区域协作,维护企业的公平市场竞争环境,这既有助于恢复经济,也有助于防范债务违约风险。There is a spillover effect of corporate bond default events on the debt financing of local peer companies.Using the data of listed companies from 2013 to 2020,we examined the impact of corporate bond default events on the debt financing behavior of geographic peer companies and its transmission mechanism.We found that bond default events make geographic peer companies increase long-term financial liabilities,which decreased their rollover risk directly.The learning mechanism(information-based),the collateral mechanism and the competition mechanism(operation-based)can explain the companies’increasing debt leverage behavior.We found that peer companies increased emergency leverage for survival and preventive leverage for business.The construction of regional economic integration plays a positive role in meeting the real financing needs of companies under the risk of default.When facing the impact of default events,it is necessary to prevent and resolve regional debt risks from the aspect of financing ability,weaken the combined effect of information and economic shocks,and strengthen regional cooperation and maintain a fair market competition environment for companies.This is helpful for the economy not only to recovery,but also to prevent the risk of debt defaults.

关 键 词：债务融资与债券违约 债务杠杆 同伴企业 学习机制 抵押品机制与竞争机制 

分 类 号：F832.51[经济管理—金融学]