央行担保品框架扩容影响企业债务违约吗?  

Does the Expansion of the Central Bank's Collateral Framework Affect Corporate Debt Defaults?

作　　者：王少林 赖力琦 Wang Shaolin;Lai liqi(School of Finance,Guangdong University of Finance and Economics,Guangzhou 510320,Guangdong,China;School of Finance,Guangdong University of Foreign Studies and Trade,Guangzhou 510006,Guangdong,China)

机构地区：[1]广东财经大学金融学院,广东广州510320 [2]广东外语外贸大学金融学院,广东广州510006

出　　处：《征信》2024年第12期62-76,共15页Credit Reference

基　　金：国家社会科学基金一般项目(20BJL017)。

摘　　要：把企业债券纳入央行担保品框架是我国货币供给渠道转变背景下的重要举措。以企业债务违约为研究对象,运用双重差分(DID)方法,分析了央行担保品框架扩容对企业债务违约的影响。研究表明:第一,将AAA级债券纳入央行担保品框架后,相关发行企业的债务违约概率得到显著降低。第二,降低债券信用利差和缓解企业融资约束是央行担保品框架扩容政策作用于企业债务违约的重要机制。第三,央行担保品框架扩容对财务状况不佳的企业、属于周期性行业的企业以及货币政策紧缩时的企业的债务违约概率影响更强。研究结论不仅符合解决当下企业债务违约的迫切需求,而且丰富了新型货币政策框架工具的理论与实践探索。Incorporating corporate bonds into the central bank's collateral framework is an important measure in the context of the transformation of China's money supply channels.Taking corporate debt default as the research object,the paper analyzes the impact of the expansion of the central bank's collateral framework on corporate debt default by using the Difference-in-Differences(DID)method.The research shows that,firstly,the inclusion of AAA rated bonds in the central bank's collateral framework significantly reduces the probability of debt default for relevant issuing companies.Secondly,reducing bond credit spreads and easing corporate financing constraints are important mechanisms for the central bank's policy of expanding the collateral framework to address corporate debt defaults.Thirdly,the expansion of the central bank's collateral framework has a stronger impact on the probability of debt default for companies with poor financial conditions,companies in cyclical industries,and companies undergoing monetary policy tightening.The research conclusion not only meets the urgent need to solve current corporate debt defaults,but also enriches the theoretical and practical exploration of new monetary policy framework tools.

关 键 词：央行担保品框架 企业债务违约 债券信用利差 企业融资约束 

分 类 号：F832.31[经济管理—金融学]