地缘政治风险与中资企业债券融资成本——情绪传递与避险效应  

Geopolitical Risk and Chinese Firm's Bond Financing Cost—Sentiment Transmission and Flight-to-Safety Effect

作　　者：李婧[1] 李博渝 LI Jing;LI Bo-yu(School of Economics,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学经济学院,北京100070

出　　处：《东北师大学报（哲学社会科学版）》2025年第1期19-31,共13页Journal of Northeast Normal University(Philosophy and Social Science Edition)

基　　金：国家社科基金重点项目(21AGJ008);首都经济贸易大学科技创新项目(2024KJCX032);北京市国际金融学会重点项目(BIFS241005);上海交通大学现代金融研究基金(202211)。

摘　　要：中国作为全球系统重要性国家,外部环境变化必然冲击国内债券市场,投资者情绪起落传递金融风险.本文选取2007—2022年中国非金融上市公司发行债券数据验证地缘政治风险对企业融资成本的影响.研究发现,此类风险带来的冲击扩大企业债券信用利差,投资者乐观情绪与低违约避险效应缓解了冲击,国有企业债券违约强化负面信息传递,并且企业应对措施因其特性和货币金融环境不同而异,良好的经济基本面是应对地缘政治冲击最有效的平滑器.为增加企业财务韧性,建议宏观上应健全风险预警机制,完善资本市场体系,合理引导预期,同时要加强企业信息披露机制,建立信誉累积的长效机制.China is a global systemic country,external environment changes will definitely impact domestic bond market,and the transmission of investor sentiment spreads financial risks.This paper selects the data of bond issuance by China's non-financial listed companies from 2007 to 2022 to verify the impact of geopolitical risks on corporate financing costs.The results show that the shocks from this risk widen corporate bond credit spreads,investor optimism and low default hedging effect alleviate the shock,state-owned enterprise bond defaults strengthen negative message,and the response from corporate varies fitting their own nature and different monetary and financial conditions.The good economic fundamentals are the most effective smoother to geopolitical shocks.In order to increase the financial resilience of enterprises,the paper proposes that both risk early-warning mechanism and capital market system should be improved,and the expectations should be reasonably guided,while the information disclosure mechanism for the enterprises should be enhanced and then establish a long-term mechanism for reputation accumulation.

关 键 词：地缘政治风险 企业融资成本 债券市场 投资者情绪 

分 类 号：F832.51[经济管理—金融学]