双边政治关系与跨国企业债券信用利差

Bilateral Political Relation and Bond Credit Spread of Multinational Corporation

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摘要本文以中国上市跨国经营企业为样本,借助联合国大会投票数据,理论分析并实证检验了双边政治关系对跨国经营企业债券信用利差的影响。结果表明:友好的双边政治关系能够显著降低跨国企业债券信用利差。机理检验发现,友好的双边政治关系可通过宏观的正式和非正式制度安排,帮助跨国企业获取“合法性”,以缓解企业跨国经营风险,进而降低债券信用利差;同时,基于微观视角的证据显示,友好的双边政治关系能够降低跨国企业海外投资风险,提高对外投资回报和降低交易成本。进一步的异质性分析表明,在宏观制度层面,当东道国制度风险或投资壁垒较大时,友好的双边政治关系降低债券信用利差的作用更大;在微观层面,当企业具有国资背景、国际化速度较快或海外业务占比较高时,友好的双边政治关系降低债券信用利差的作用更大。这些研究对跨国企业重视母国与东道国双边关系的变化,采取灵活的国际投资和管理策略具有实践指导意义。 Based on the voting data of the United Nations General Assembly,this paper theoretically analyzes and empirically tests the influence of bilateral political relations on the bond credit spreads of Chinese listed multinational enterprises.The results show that friendly bilateral political relations can significantly reduce the bond credit spreads of multinational enterprises.The mechanism test shows that,at the macro institutional level,friendly bilateral political relations help transnational enterprises to obtain“legitimacy”through formal and informal institutional arrangements,so as to ease the risk of transnational operation and reduce bond credit spreads.At the same time,we provide further evidence for the mechanism test from the micro perspective,and find that friendly bilateral political relations can reduce the risk of foreign investment of transnational enterprises,improve the return on foreign investment and reduce transaction costs.Further heterogeneity analysis shows that,at the macro institutional level,friendly bilateral political relations play a greater role in reducing bond credit spreads when the host country has a large institutional risk or investment barrier.At the micro level,when enterprises have state-owned background,or internationalization speed is fast,or the overseas investment accounts for a relatively high proportion,friendly bilateral political relations have a greater effect on reducing bond credit spreads.These studies not only have practical significance for multinational enterprises to pay much more attention to the changes of bilateral relations between home country and host country,but also can promote them to adopt much more flexible international investment and management strategies.

作者曾爱民施栋晴魏志华王华兵 Zeng Aimin

机构地区浙江工商大学会计学院厦门大学经济学院贵州财经大学会计学院

出处《会计研究》 CSSCI 北大核心 2023年第8期46-60,共15页 Accounting Research

基金国家社会科学基金一般项目(20BGL089)的资助。

关键词跨国经营双边政治关系债券信用利差制度风险 Multinational Operation Bilateral Political Relation Bond Credit Spread Institutional Risks

分类号 D81 [政治法律—国际关系] F832.5 [经济管理—金融学] F275 [经济管理—企业管理]

作者简介通讯作者:魏志华,finjoy@126.com。