企业可持续发展能力与信用期限利差  

Credit Spreads and Corporate Sustainable Development Capabilities

作　　者：徐阳 陈玉洁 王自迪 郑中兴 XU Yang;CHEN Yujie;WANG Zidi;ZHENG Zhongxing(Research Center.United Credit Appraisal Corporation;Postdoctoral Station,School of Finance,Tsinghua University,Wudaokou,China)

机构地区：[1]联合资信评估股份有限公司研究中心 [2]清华大学五道口金融学院博士后流动站

出　　处：《金融市场研究》2025年第2期67-76,共10页Financial Market Research

摘　　要：本文从实体经济债券融资短期化和长期债券脆弱性的问题出发,依托78万余条二级市场交易数据与一级市场发行数据,系统地验证了可持续发展能力对于降低债券期限利差及显著提升企业长期债务融资可获得性的作用。通过进一步对可持续发展能力的核心构成要素——发展韧性、财务弹性和环境、社会与治理(ESG)表现,进行实证分析,发现发展韧性的增强对于企业获取长期债务融资尤为有利。最后提出加强信息披露、丰富评估理论等建议,希望能够促进债券市场的高质量发展。This paper addresses the issues of the short-term nature of bond financing in the real economy and the vulnerabilities of long-term bonds.Utilizing over 780,000 data points from secondary market transactions and primary market ssuances,the study systematically validates the positive role of sustainable development capacity in reducing bond financing costs and significantly enhancing firms'access to long-term debt financing.Through further empirical analysis of the core components of sustainable development capacity-development resilience,financial flexibility,and environmental,social,and govermance(ESG)performance-the study finds that enhanced development resilience is particularly beneficial for firms seeking long-term debt financing.The study also makes recommendations such as improv ing information disclosure.enriching assessment theories and optimizing valuation methods,with the aim of promoting high-quality development in the bond market.

关 键 词：可持续发展能力 信用风险溢价 期限利差 融资可得性 

分 类 号：X322[环境科学与工程—环境工程] F275[经济管理—企业管理] F832.51[经济管理—国民经济]