中国区域债务融资工具发展研究

发布时间：2018-04-23 11:00

本文选题：债务融资工具 + 公司绩效　；参考：《西南财经大学》2013年博士论文

【摘要】：本论文基于2005-2012年间在我国资本市场上公开发行企业债券、公司债券、中期票据和短期融资券等债务融资工具的发行主体及这四类产品本身的相关特征数据,结合该时间段各省份的经济增长、外商直接投资、固定资产投资及劳动力等宏观数据,加之引用各省份市场化进程指数数据库相关数据,在深入阐述本文的主要研究目的——中国区域间直接债务融资工具的绩效及其影响因素——之后,从省份市场经济体制改革历程、资本市场发展等多个角度阐述了研究该问题的现实意义；在此基础上,本文从信息不对称、逆向选择,道德风险、监督、声誉、金融管制和区域经济发展等诸多视角评述了现有文献,本文还分析了债务融资工具的发展特征、作用效果和存在问题及其影响因素,作者提出了本论文的创新点。在统计描述中国区域债务融资工具发展现状及中国省份市场化进程的基础上,本文采用logit模型、混合截面数据模型等多种计量经济学手段,实证研究了债务融资工具对企业、省份经济的作用效果；实证考察了债务融资工具选择的影响因素。本文的主要结论有： (1)通过采用统计描述对中国区域债务融资工具发展现状分析后得出,尽管整体上我国债务融资工具取得了飞速发展,然而,无论从四类债务融资工具的发行期数还是发行规模角度而言,经济发达的东部沿海地区均占绝对领先地位,债务融资工具发展较快,而经济发展水平较低的西部地区债务融资工具发展相对落后,这表明我国债务融资工具发展呈现区域差异性；其次,就单个省份的债务融资工具发展情况而言,西部及中部地区省份可能较东部地区省份更好,这反映了省份间债务融资工具发展并非单纯因地缘因素而呈现发展差距。 (2)在对中国各省份市场化指数数据进行统计分析后,笔者认为’：1997-2007年间,首先,总体上我国各省份市场化进程均取得了明显进展；政府与市场的关系、非国有经济发展、产品市场发育程度、要素市场发育程度及市场中介组织发育程度和法律制度环境等5个一级指标均取得了明显的进步,其中,进步较快的为非国有经济发展、市场中介组织发育程度、法律制度环境和产品市场发育程度等；其次,省份间的市场化程度差距十分显著,呈现出东部地区市场化进程较快,西部地区市场化进程发展缓慢的现象,并且这种差距在不断扩大。笔者认为,这种市场化进程差异是导致我国债务融资工具在区域间发展差异的一个重要因素；其三,减少政府对企业的干预、金融业竞争、信贷资金分配市场化、律师及会计师等市场组织服务条件和行业协会对企业帮助程度等5个二级指标在省份间的差异也较为显著,这些在金融服务方面的差异是导致债务融资工具区域间发展不平衡的另一个较为重要的因素。 (3)以我国2005-2012年度发行企业债券、公司债券、中期票据和短期融资券等四类债务融资工具的企业相关财务数据为研究对象,采用混合截面数据模型,基于企业自身的微观视角,实证研究了发行债务融资工具对提升企业绩效的作用效果。笔者发现：整体而言,发行债务融资工具显著提高了企业绩效；具体来看,发行企业债券对企业绩效起到负向效果,而发行公司债券、中期票据和短期融资券对企业绩效起到积极促进作用；通过将债务融资工具与企业所有制性质、债务融资工具的担保情况作交叉项进行估计后发现,在估算发行债务融资工具对企业绩效提升的作用效果方面,对民营及外资企业比对国有企业的作用效果较大；有担保的债务融资工具比无担保的更能够促进企业绩效提高。进一步地,采用净资产收益率作为企业绩效的代理变量进行稳健性检验,结果显示,企业债务融资工具、企业所有制性质及债务融资工具有无担保等变量的估计系数及显著性与前述实证结果相比,差别不大,由此验证了本文实证结果的稳健性。 (4)利用中国31个省份2005-2011年经济增长及固定资产投资等年度数据及在此期间在各个省份注册的企业发行各类债务融资工具的相关数据为研究对象,采用计量经济学的混合截面数据模型,基于各省份的宏观视角,实证检验了债务融资工具发展对区域经济发展的作用效果。笔者发现：首先,整体来看,债务融资工具发行规模每提高1个单位,会促进所在省份的经济增长提高0.007个单位；劳动力、固定资产投资、外商直接投资及省份经济对外开放程度等均能够促进经济发展,通过对比这四个变量的系数大小可以看出,这些变量在影响区域经济增长方面的作用效果存在显著差异；其次,通过采用企业是否发行企业债券、公司债券、中期票据及短期融资券等四类债务融资工具的虚拟变量来度量债务融资工具发展情况进而对模型进行估计后得出,除了中期票据的系数不显著外,其余三类债务融资工具对经济发展均起到积极作用；第三,按照企业所在省份划分东中西部三个区域,进而分别估计模型得出,债务融资工具拉动经济增长的作用效果存在区域差异性,具体来看,东部地区的效果最大,其次是中部地区,西部地区最小；最后,文章采用省份人均真实GDP的增长率来代理区域经济发展这一变量,进行稳健性检验,发现本文的实证模型结果具有稳健性。 (5)基于微观的发行主体及债务融资工具设计等特征角度,结合区域经济发展外部环境、地方政府法制环境、金融市场竞争及中介组织发育等多个宏观层面视角,采用计量经济学的lologit分析模型,利用2005-2007年微观企业、宏观省份等相关数据,以企业债券、公司债券及短期融资券等债务融资工具为分析对象,实证考察了债务融资工具区域间发展的影响因素。实证结果表明：对于发行人选择企业债券融资的影响因素而言：企业规模每提高一个单位,会促使企业发行企业债券的可能性提高为0.683；企业盈利能力每提升一个单位,会促使企业发行企业债券的可能性提高0.547；企业债券的发行利率每提高一个单位,会导致企业发行企业债券的可能性降低6.131个单位；所在省份市场化程度每提高一个单位,会导致企业发行企业债券的可能性降低0.498个单位；所在省份金融业竞争程度每提高一个单位,会使得企业发行企业债券的可能性降低0.446个单位。对于发行人选择公司债券融资的影响因素而言：公司的规模越大,公司越不愿意采用发行公司债券融资；公司盈利能力每提升一个单位,公司发行公司债券的可能性就提高0.547；公司债券的发行利率每提高一个单位,会导致公司发行公司债券的可能性降低14.277个单位；所在省份政府干预经济行为每降低一个单位,会促使公司发行公司债券的可能性提高8.125个单位；所在省份市场化程度每提高一个单位,会促进公司发行公司债券的可能性提高3.806个单位；所在省份法制环境完善程度每提高一个单位,会促使公司发行公司债券的可能性提高1.407个单位；所在省份金融业竞争程度每提高一个单位,会促使公司发行公司债券的可能性提高2.155个单位。对于发行人选择短期融资券融资的影响因素而言：公司的规模越大,公司越愿意采用发行短期融资券这一融资工具进行融资；企业盈利能力每提升一个单位,企业选择短期融资券融资的可能性就提高0.433个单位；短期融资券的发行利率每提高一个单位,会导致发行短期融资券的可能性降低6.502个单位；度量所在省份政府干预经济行为的指标每降低一个单位,会促使企业选择短期融资券融资的可能性提高0.04个单位；所在省份市场化程度每提高一个单位,会促进企业发行短期融资券的可能性提高0.570个单位；所在省份法制环境完善程度每提高一个单位,会促使企业发行短期融资券的可能性提高1.426个单位；所在省份金融业竞争程度每提高一个单位,会促使企业发行短期融资券的可能性提高0.509个单位。对比分析这三类估计结果后得出：首先,发行主体的规模变量影响其债务融资工具选择的作用效果存在差异性,其与公司债券负相关,与短期融资券、企业债券正相关；其次,地方经济的市场化程度对企业选择何种债务融资工具的影响也呈现差异性,其与公司债券、短期融资券呈现显著正相关关系,而与企业债券呈现显著负相关关系；所在省份金融业竞争情况与公司债券、短期融资券呈现显著正相关关系,而与企业债券呈现显著负相关关系。由此可见,这些变量影响债务融资工具选择的作用效果呈现差异性。进一步地,通过采用上述三类债务融资工具的发行规模作为被解释变量,采用人均实际GDP作为度量政府干预经济行为的代理变量进行的稳健性检验结果显示,除了个别估计系数不显著外,大多数解释变量的系数符号相差不大,由此笔者验证了文章中的实证结果具有稳健性。本论文的创新点主要有：首先,文章研究视角较为新颖,与从国家层面研究角度不同,本文基于中国31个省份层面,从省份对比分析这一研究视角,探讨了债务融资工具的发展问题,得出了一些可供参考的研究结论,为理解区域经济发展及资本市场发展提供了可能的借鉴意义。其次,文章采用了最新的债券市场数据。这使得本文的研究结论具有更强的针对性和更高的学术价值。第三,基于一项度量中国省份市场化、金融业竞争、政府干预经济行为及市场中介服务发展等较为客观、全面的数据,文章重新审视了省份市场化进程的差异。在此基础上,论文研究了其对债务融资工具区域间发展的不同作用效果,这使得本文的研究结论更具有借鉴价值。
[Abstract]:This paper is based on the issuing subject of debt financing tools such as corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers in China's capital market in the past 2005-2012 years, and the related characteristics of the four types of products themselves, combining the economic growth, foreign direct investment, fixed assets investment and labor force in the provinces of this period. Macro data, coupled with the related data of the index database of the market process in various provinces, expounds the main research aim of this paper, the performance of the interregional direct debt financing tools in China and its influencing factors, and then expounds the research from the reform process of the province market economy system, the development of the capital market and so on. On this basis, this paper reviews the existing literature from many perspectives, such as information asymmetry, adverse selection, moral hazard, supervision, reputation, financial control and regional economic development. This paper also analyzes the development characteristics, effects and existing problems and the influencing factors of the debt financing tools. The author puts forward this paper. On the basis of the statistical description of the development status of China's regional debt financing tools and the process of China's province marketization, this paper uses the logit model, the mixed section data model and other econometric means to empirically study the effect of the debt financing tools on the enterprises and the province economy, and empirically inspects the choice of debt financing tools. The main conclusions of this article are as follows:
(1) through the analysis of the current situation of the development of China's regional debt financing tools by statistical description, it is concluded that despite the rapid development of debt financing tools in China on the whole, the economically developed eastern coastal areas have the absolute leading position, regardless of the number of issuing periods or the issue scale of the four types of debt financing tools. The development of financing tools is relatively rapid, while the development of debt financing tools in western regions with low economic development level is relatively backward, which shows that the development of debt financing tools in China has a regional difference. Secondly, in terms of the development of debt financing tools in a single province, the provinces in the Western and central regions may be better than those in the eastern provinces, which is reflected in the development of debt financing tools in a single province. The development of debt financing instruments among provinces is not simply due to geographical factors.
(2) after the statistical analysis of the market index data of China's provinces, the author thinks: "in 1997-2007 years, first, the market process of all provinces in China has made obvious progress, the relationship between the government and the market, the development of non state economy, the development of product market, the development degree of factor market and the development of market intermediary organization." The 5 first level indicators of degree and legal system environment have made obvious progress. Among them, the rapid progress is the development of non state economy, the development degree of market intermediary organization, the legal system environment and the development degree of the product market. Secondly, the market level gap between provinces is very significant, showing that the process of marketization is faster in the eastern region. The process of marketization in the western region has been developing slowly, and the gap is expanding. The author believes that the difference in the process of marketization is an important factor leading to the difference between regional development of debt financing tools in China. Thirdly, it is a key factor to reduce the government's intervention in the enterprises, the competition of gold and finance, the marketing of credit funds, the lawyers and the meeting. The differences in 5 two level indicators, such as the service conditions of the market organization and other market organizations, and the degree of help of the industry association to the enterprise are also more significant. These differences in financial services are another important factor leading to the imbalance in the inter regional development of debt financing tools.
(3) based on the corporate financial data of four types of debt financing tools, such as corporate bonds, corporate bonds, medium term bills and short-term financing vouchers in China in 2005-2012, a mixed cross section data model is used to study the effect of issuing debt financing tools on the promotion of enterprise performance based on the micro perspective of the enterprise itself. The author finds that: Overall, the issuance of debt financing tools significantly improves the performance of the enterprise; specifically, the issuance of corporate bonds has a negative effect on corporate performance, while the issuance of corporate bonds, medium-term bills and short term financing vouchers play a positive role in the performance of the enterprise performance; through the debt financing tools and the property ownership, debt After estimating the security situation of the financing tools, it is found that the effect of the debt financing tool on the promotion of corporate performance is more effective for private and foreign enterprises than the state-owned enterprises, and the secured debt financing tools can improve the performance of the enterprises more than those without security. Further, The results show that the estimation coefficient and the significance of enterprise ownership and debt financing tools, such as unsecured variables and other variables, are not significant compared with the previous empirical results. The results show that the robustness of the empirical results of this paper is verified.
(4) using the annual data of 2005-2011 years' economic growth and fixed assets investment in 31 provinces of China and the related data of various debt financing tools issued by enterprises registered in various provinces during this period, the mixed cross section data model of econometrics is used to test the debt financing based on the macroscopic perspective of the provinces. The effect of tool development on regional economic development is found. First, in the first place, as a whole, the increase of 1 units in the issuing scale of debt financing tools will promote the economic growth of the provinces in which 0.007 units are promoted; labor, investment in fixed assets, foreign direct investment and the degree of opening to the outside of the province can all promote the economy. Development, by comparing the coefficients of the four variables, it can be seen that there are significant differences in the effect of these variables on regional economic growth. Secondly, by adopting the virtual variables of whether enterprises issue corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers, the virtual variables of the debt financing tools are used to measure debt financing. After the development of the tool, the model is estimated, and the other three kinds of debt financing tools play a positive role in economic development except the medium term bill coefficient. Third, according to the provinces in the eastern and western regions of the eastern and western regions, and then estimate the model type, the debt financing tools pull the economic growth. The effect has regional difference, specifically, the effect of the eastern region is the most, followed by the central region, the west is the smallest. Finally, the article adopts the growth rate of the real GDP per capita in the province to represent the regional economic development, and the robustness test is carried out, and the results of the empirical model of this paper are stable.
(5) based on the characteristics of the micro issue subject and the design of debt financing tools, it combines the external environment of the regional economic development, the legal environment of the local government, the competition of the financial market and the development of intermediary organizations, and uses the lologit analysis model of econometrics and the 2005-2007 year micro enterprises and the macro provinces. The data, taking the debt financing tools as corporate bonds, corporate bonds and short term financing vouchers as the analysis objects, empirically investigated the factors affecting the interregional development of debt financing tools.
As for the influencing factors of the issuer's choice of corporate bond financing, the possibility of enterprise bond issuance will be increased by 0.683 per unit of enterprise scale, and the possibility of enterprise bond issuance will be increased by 0.547, and the issuance rate of corporate bonds is increased by each one. A unit that leads to 6.131 units in the possibility of an enterprise issuing an enterprise bond; a unit in the degree of marketization in the province will lead to a reduction of 0.498 units in the possibility of an enterprise's issuance of corporate bonds, and a unit in the degree of competition for the financial industry in the province will reduce the possibility of the enterprise's issuance of corporate bonds. 0.446 units low.
For the issuer's choice of corporate bond financing, the larger the company's size, the more the company is less willing to use the issuance of corporate bond financing; the company's profitability increases by 0.547, and the issuance rate of corporate bonds increases by one unit, which will lead to a company issue. The possibility of corporate bonds is reduced by 14.277 units; where each province government interferes with one unit of economic behavior, the possibility of a company's issuance of corporate bonds will increase by 8.125 units; the possibility of increasing the possibility of a company's issuance of corporate bonds by one unit in the province's degree of marketization in the province is raised by 3.806 units; The improvement of one unit in the province's legal environment will increase the possibility of the company's issuance of corporate bonds by 1.407 units, and each increase in the degree of competition in the province's financial sector will increase the possibility of the company's issuance of corporate bonds by 2.155 units.
As for the factors affecting the issuer's choice of short-term financing voucher financing, the larger the company's scale is, the more the company is willing to finance the financing by issuing a short term financing voucher; the possibility of the enterprise's profitability per unit and the possibility of selecting short-term financing vouchers will be raised by 0.433 units; the issuance of short term financing vouchers is the same. If the interest rate is raised by one unit, the possibility of issuing short term financing vouchers will be reduced by 6.502 units. The measurement of the index of the intervention of the provincial government for economic behavior by one unit will promote the possibility of raising the possibility of financing for short-term financing vouchers by 0.04 units. The possibility of entering an enterprise to issue short term financing vouchers is raised by 0.570 units, and the improvement of the legal environment in the province will increase the possibility of raising the possibility of issuing short term financing vouchers by 1.426 units, and the possibility of issuing short-term financing vouchers by each unit in the province's financial competition in the province is enhanced. Raise 0.509 units.
After comparison and analysis of the results of the three types of estimates, first, the scale variables of the issue subject have a different effect on the choice of debt financing tools, which are negatively related to corporate bonds, and are positively related to short-term financing vouchers and corporate bonds; secondly, the influence of the marketization of local economy on the choice of debt financing tools for enterprises. It also shows a significant positive correlation with corporate bonds and short-term financing vouchers, and has a significant negative correlation with corporate bonds. The competition in the financial industry in the province has a significant positive correlation with corporate bonds, short term financing vouchers, and has a significant negative correlation with corporate bonds. Thus, these variables can be seen. The effects of debt financing instruments are different.
Further, by adopting the distribution scale of the three kinds of debt financing tools as the explanatory variables, the robustness test results of the actual GDP per capita as a measure of the government intervening economic behavior show that the difference of the coefficient symbols of most of the explanatory variables is not significant except that the coefficient of individual estimation is not significant, thus the author It is proved that the empirical results in the article are robust.
The main innovations of this paper are as follows:
First, the research angle of the article is more novel and different from the national level. Based on the 31 provinces of China, this paper discusses the development of debt financing tools from the perspective of province comparative analysis, and draws some research conclusions for reference, which can provide the understanding of the development of regional economy and the development of capital market. It can be used for reference.
Secondly, the article uses the latest bond market data, which makes the conclusion of this study more targeted and higher academic value.
Third, based on a measure of the marketization of China's provinces, the competition of the financial industry, the government intervention in economic behavior and the development of market intermediary services, it is more objective and comprehensive.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.5

【参考文献】