摘要
境外发债作为中国资本市场双向开放的重要组成部分,对于促进境内外资本市场互联互通具有重要作用。本文基于2000-2020年中国A股非金融上市公司样本,分析企业境外发行美元债对其境内发债的影响。研究发现,中国企业境外发债对其境内债券融资存在显著的正向溢出效应,企业在境外发债会提高其境内债券的发行概率、融资规模和发行笔数。并且上述效应对于非国有企业、所在省份市场化程度较低的企业以及财务风险较大的企业更为明显。机制分析表明,企业境外发债主要通过信号渠道与公司治理渠道对其在境内的融资产生促进作用。此外,非金融企业境外发债还能降低企业融资成本、缓解企业短期债务压力、抑制企业“脱实向虚”。本文对进一步稳步推进中国资本市场开放、深化境内外资本市场互联互通具有重要启示。
Amid China's sustained push for high-level economic opening-up,its external debt market has expanded rapidly.Dollar-denominated bonds issued by Chinese firms have become a cornerstone of offshore financing,favored for their issuance efficiency,lower financing costs and flexible mechanisms.Concurrently,this market has evolved into a vital platform for foreign investors engaging with Chinese firms.By contrast,the onshore bond market faces higher issuance thresholds and a more concentrated investor base,imposing notable financing constraints-particularly on nonfinancial firms.From the perspective of cross-border capital market integration,key questions remain underexplored:Does offshore dollar bond issuance enhance or constrain a firm's onshore bond financing capacity?Through which specific mechanisms do such effects operate?Are there heterogeneous effects across firm types?Finally,what broader economic concequences arise from offshore bond issuance for firm performance?To investigate these questions,this study examines Chinese A-share non-financial listed firms between 2000 and 2020 as its research sample.Through manual matching of Chinese dollardenominated bond issuers with their onshore ultimate debtors,the paper provides an in-depth analysis of the spillover effects and economic benefits associated with offshore bond issuance by Chinese firms.To address potential endogeneity concerns,the analysis utilizes a natural experiment arising from the 2015 regulatory shift when China's National Development and Reform Commission replaced the approval system for offshore bond ssuance with a filing registration regime.Using this policy change as an exogenous shock,the study employs a difference-in-differences(DID)approach for empirical analysis.The analysis yields four key findings:first,Chinese firms'offshore bond issuance demonstrates significant positive spillover effects,with dollar-denominated bond issuance substantially increasing both the likelihood and scale of subsequent onshore bond issuance.Second,offshore dollar bond issuance enhances firms'onshore bond market financing through dual channels:signaling effects and improved corporate governance.Third,these positive spillovers exhibit heterogeneity,being particularly pronounced among non-state-owned firms,firms located in less marketized provinces,those with elevated financial risk and entities facing greater short-term debt pressure.Fourth,dollar bond issuance contributes to reduced onshore financing costs,alleviated liquidity constraints,and a measurable mitigation of firms'tendency to divert from real investment activities towards financialization.This study carries significant policy implications.(1)Policymakers should steadfastly pursue twoway capital market liberalization,fully harnessing the positive spillover effects of offshore bond issuance.(2)Reforms to the onshore bond market should be accelerated,with improvements to both institutional frameworks and market conditions to enhance market depth and breadth.(3)While facilitating the orderly integration of China's onshore bond market into global financial markets,regulatory authorities should:(i)strengthen oversight and risk management of offshore bond issuance;(ii)enhance coordination between domestic and international regulators;and(iii)implement measures to mitigate cross-border transmission of debt risks.
作者
朱菲菲
程颖越
谭小芬
Zhu Feifei;Cheng Yingyue;Tan Xiaofen
出处
《世界经济》
北大核心
2025年第6期69-94,共26页
The Journal of World Economy
基金
国家社科基金重大项目(编号:20&ZD101)
国家自然科学基金青年项目(编号:72102247)
中央财经大学中央高校基本科研业务费专项资金资助。
关键词
中资美元债
信号效应
公司治理
企业融资
Chinese dollar-denominated bonds
signaling effects
corporate governance
corporate financing
作者简介
朱菲菲,电子信箱:feifei.zhu@cufe.edu.cn;程颖越,电子信箱:2021210186@email.cufe.edu.cn;通讯作者:谭小芬,电子信箱:xiaofent@163.com。
