公平竞争审查制度与地方国企债券融资成本——基于行政垄断规制的视角  

Fair Competition Review System and Bond Financing Costs of LocalState-Owned Enterprises: From the Perspective of Administrative Monopoly

作　　者：翟淑萍 赵玉洁 范润 Zhai Shuping;Zhao Yujie;Fan Run

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《证券市场导报》2024年第3期37-50,共14页Securities Market Herald

基　　金：国家自然科学基金面上项目“交易所问询监管的影响因素及治理效应——基于财务报告问询函的证据”(71972140)。

摘　　要：公平竞争审查制度通过规制行政垄断、抑制政府干预,一定程度上维护了公平竞争的市场秩序。本文以公平竞争审查制度的实施为准自然实验,探究公平竞争审查制度对地方国企债券融资成本的影响。研究发现,公平竞争审查制度显著提高了地方国企的债券融资成本。影响机理分析发现,公平竞争审查制度会通过提高地方国企的风险水平、削弱投资者的隐性担保感知进而提高地方国企的债券融资成本;与此同时,该制度也能通过提高地方国企的信息披露质量,进而削弱其对地方国企债券融资成本的部分负面影响。进一步研究发现,这一影响在融资约束程度较低、治理水平较高的地方国企和位于较小财政压力、较高财政透明度以及较高社会信任水平地区的地方国企债券样本中更为显著。本研究为政府进一步完善公平竞争审查制度、促进债券市场长远健康发展提供了经验证据。The fair competition review system maintains the market order of fair competition to a certain extent by regulating administrative monopoly and suppressing government intervention.Taking the implementation of the fair competition review system as a quasi-natural experiment,this paper examines the impact of fair competition review system on bond financing costs of local state-owned enterprises.The results show that the fair competition review system significantly increases bond financing costs of local state-owned enterprises.The impact mechanism analysis shows that the fair competition review system increases the risk level of local state-owned enterprises and weakens the perception of implicit guarantees by investors,thereby increasing the bond financing costs of local state-owned enterprises.At the same time,the system can also enhance the information disclosure quality of local state-owned enterprises,thereby weakening part of its negative impact on bond financing costs of local state-owned enterprises.Further research shows that the effect is more pronounced in a sample of bonds of local state-owned enterprises with lower financing constraints,higher levels of governance,and in regions with lower fiscal pressure,higher fiscal transparency,and higher levels of social trust.This paper provides empirical evidence for the government to further improve the fair competition review system and promote the long-term healthy development of the bond market.

关 键 词：公平竞争审查 债券融资 行政垄断 地方国企 信息披露 

分 类 号：F427[经济管理—产业经济]