摘要
本文通过多时点DID模型及logit判别方法检验了永续债发行在报表层面降低资产负债率,但是实质上导致企业信用评级下降、企业债务成本上升。即资本市场倾向于将永续债视为负债非权益,没有实现实质性去杠杆,而企业的盈利能力能减缓永续债发行对企业的消极影响。进一步分析结果表明在非工业企业与非上市企业中,永续债的消极影响更为显著。监管者与投资者需要关注永续债发行带来的金融风险,谨防企业将永续债作为虚假的去杠杆工具。
Through the multi time point did model and logit discrimination method, this paper tests that the issuance of perpetual bonds reduces the asset liability ratio at the statement level, but in essence leads to the decline of enterprise credit rating and the rise of enterprise debt cost. That is, the capital market tends to regard perpetual bonds as liabilities rather than equity, and does not realize substantive deleveraging, while the profitability of enterprises can slow down the negative impact of the issuance of perpetual bonds on enterprises. Further analysis shows that the negative impact of perpetual debt is more significant in non industrial enterprises and non listed enterprises. Regulators and investors need to pay attention to the financial risks brought by the issuance of sustainable bonds and beware of enterprises using sustainable bonds as false deleveraging tools..
作者
南晓莉
段胜英
Nan Xiaoli;Duan Shengying
出处
《投资研究》
CSSCI
北大核心
2022年第2期22-36,共15页
Review of Investment Studies
基金
教育部人文社科规划项目(21YJC790090)
中央高校基本科研业务项目(DUT21RW114)的支持。
关键词
永续债
去杠杆
债务成本
信用评级
Perpetual Debt
Deleveraging
Debt Cost
Credit Rating
作者简介
通讯作者:南晓莉,大连理工大学经济管理学院副教授,硕士生导师;段胜英:大连理工大学经济管理学院硕士研究生。
