摘要
中国债券市场经过近十年的高速发展,发行规模已攀升至世界第二,但是企业的发债成本仍旧居高不下,信息不对称是主要原因。随着中国高铁技术的不断成熟,高铁已经成为我国居民最常用的出行工具之一,而时空距离的有效缩短会增进信息流通,并对包括债券市场在内的金融市场产生巨大影响。为探究高铁建设是否能降低沿线企业的发债成本,以2010—2019年A股上市公司所发行的公司债、中期票据和短期融资券数据为样本,通过中介效应模型研究二者之间的关系和影响机制。结果表明:高铁建设确实能将当地公司的债券信用利差显著降低5.7个基点,从而显著降低债券的发行融资成本;外部监管的增强和主体评级的提升是高铁建设降低发债成本的主要中介渠道;高铁建设对减少国有企业的债券发行成本具有更显著的效果,但会因促进休闲服务业的竞争而在一定程度上增加该行业中企业的发债成本。
China’s corporate bond market has been developing rapidly in the past decade.The market features in the world’s second largest amount of bond outstanding.However,the costs of issuance still remain at a quite high level due to information asymmetry.Meanwhile,along with the maturing of China’s high-speed rail technology,this way of travel has become one of the most frequently-used transportation in China.Extant studies find that the resulting shortening of space-time distances exert profound influences on all financial markets.In order to investigate whether high-speed rail network can reduce the issuance costs of corporate bond,data on corporate bonds,medium-term notes,and short-term bills issued by A-share listed Chinese companies from 2010 to 2019 are utilized.The relationship and underlying mechanism between railway construction and debt financing costs via are revealed a mediating effect model setup.The empirical results show that:new railways significantly reduce the bond issuance costs by a 5.7 basis point;the enhanced external oversight and upgraded corporate ratings on local public companies are the main mediators functioning in the above relationship;this effect becomes more prominent for state-owned enterprises and firms in the leisure service industry.
作者
陈倩
程晓曼
高翔
CHEN Qian;CHENG Xiaoman;GAO Xiang
出处
《上海商学院学报》
2021年第1期57-75,共19页
Business Economic Review
基金
国家自然科学基金青年项目“中间产品贸易自由化与进出口产品价格:集约边际和广延边际影响的理论与实证分析”(71603155)
关键词
高铁建设
企业发债成本
债券利差
中介效应
外部监管
主体评级
High-speed rail
corporate bond issuance costs
credit spread
mediating effect
external monitor
issuer credit rating
作者简介
陈倩,深圳技术大学商学院副教授(深圳518118);程晓曼,北京大学汇丰商学院(深圳518055);高翔,上海商学院财金研究所所长、副教授(上海200235)
