房地产企业美元债融资:动机与企业风险  

USD Bond Financing of Real Estate Enterprises:Motivation and Corporate Risks

作　　者：朱菲菲 张怡宁 谭小芬 ZHU Fei-fei;ZHANG Yi-ning;TAN Xiao-fen(School of Finance,Central University of Finance and Economics;School of Economics and Management,Beihang University)

机构地区：[1]中央财经大学金融学院 [2]北京航空航天大学经济管理学院

出　　处：《中国工业经济》2025年第2期175-192,共18页China Industrial Economics

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范研究”(批准号20&ZD101);国家社会科学基金重点项目“稳慎推进人民币国际化的策略和路径”(批准号21AZD066);国家自然科学基金青年项目“股权质押的价值创造与潜在风险:基于大股东创业及其风险投资行为的研究”(批准号72102247)。

摘　　要：在高水平对外开放持续推进背景下,中国外债市场规模不断扩大。与此同时,房地产行业作为中国经济发展的重要支柱与潜在风险源,始终是宏观调控政策重点关注的对象。本文通过手动匹配中国A股上市房地产企业在境外的美元债发行数据和境内的经营数据,深入探讨了中国房地产企业境外融资的动机及其产生的企业风险。以资管新规作为外生政策冲击,本文在银企关系视角下创新性地构建了贷款加权的影子银行敞口指标,并使用强度双重差分和工具变量等方法进行实证检验。结果表明,在资管新规政策冲击后,与影子银行业务规模占比较大的银行存在密切关联的房地产企业,其美元债发行规模更大,验证了房地产企业境外发债的规避监管动机。进一步分析表明,境外融资虽能一定程度上缓解房地产企业面临的流动性风险,但是会造成房地产企业土地投资效率下降、经营风险上升等后果。本文的研究对于加快构建房地产发展新模式、推进中国经济高水平对外开放、协调发展与安全具有重要启示。As China continues to advance high-level opening-up,the facilitation of cross-border investment and financing has been significantly enhanced.To support enterprises to leverage domestic and international markets and resources,policymakers have introduced a series of policy easements for offshore debt issuance.The real estate sector,given its dual role in economic development and systemic risk,has long been a key area of macroeconomic regulation.However,with China's continuous improvement in the opening-up,will real estate enterprises take advantage of the convenience of foreign debt issuance to circumvent the financing restrictions domestically?What impact will the foreign bond-issuing behavior under this motivation have on enterprise operations?These questions are of great significance for maintaining the stable operation of the real estate market,advancing high-quality economic opening-up,and coordinating development and security.This paper investigates the motivations and risk consequences of offshore debt financing by Chinese real estate firms using a sample of A-share listed firms from 2000 to 2020.To address potential endogeneity problems,based on the“Guiding Opinions on Regulating the Asset Management Business of Financial Institutions”(referred to as the new asset management regulations,NAMR),an exogenous policy shock,this paper innovatively constructs a loan-weighted shadow banking exposure indicator from the perspective of the bank-enterprise relationship to measure the magnitude of the policy shock at the enterprise level.Employing intensity-based difference-in-differences(DID)and instrumental variable approaches,this paper documents two key findings.First,real estate firms primarily issue USD bonds as a regulatory arbitrage strategy to bypass domestic financing restrictions.After the shock of NAMR,firms with stronger ties to shadow banking-active banks significantly increased USD bond issuance.Second,such issuance exhibits dual effects on firm risks:While alleviating short-term liquidity pressures

关 键 词：中资美元债 房地产企业 规避监管 银企关系 

分 类 号：F832[经济管理—金融学]