制度环境对我国企业债券融资期限的影响

发布时间：2018-03-07 22:15

本文选题：制度环境　切入点：债券发行　出处：《商业研究》2017年11期 　论文类型：期刊论文

【摘要】：制度环境作为影响企业融资成本、投资者收益和风险的重要因素,成为各相关方融资期限选择的必要考虑。企业债券融资相较于信贷融资更加依赖公开信用评估和有效的投资者保护机制,考虑到我国地区间发展不平衡、制度环境因素差异较大,制度环境的影响是否同样存在、其特点如何?本文利用2009-2015年30个省市企业发债数据探讨法律、政府治理等外部制度环境,对我国企业债券融资期限的影响和作用机理。结果显示,法律环境、政府干预、金融市场化水平和中介组织发育等制度因素与我国各地区企业发债期限呈显著负相关。这个特点与对我国银行贷款期限结果影响相同,与西方学者类似研究的结论相反,政府对企业提供直接支持和监管干预造成了我国企业发债期限结构的异化特征。该结论刻画了我国制度环境在企业债券融资过程中所起到的独特作用,喻示着我国加强和完善市场经济相关法律建设对企业健康发展的重大意义。
[Abstract]:The institutional environment is an important factor that affects the financing cost, investor income and risk of the enterprise. Corporate bond financing depends more on open credit evaluation and effective investor protection mechanism than credit financing, considering the imbalance of regional development in China. The difference of institutional environmental factors is great, whether the influence of institutional environment also exists, and what are its characteristics? Based on the data of bond issuance of 30 provinces and cities from 2009 to 2015, this paper discusses the external institutional environment, such as law, government governance, and its influence on the term of corporate bond financing in China. The results show that the legal environment, government intervention, and so on. The level of financial marketization and the development of intermediary organizations are negatively correlated with the maturity of bond issuance of enterprises in various regions of China, which is the same as the results of bank loans in China, and contrary to the conclusions of similar studies by western scholars. The government's direct support to enterprises and regulatory intervention have resulted in the alienation of the term structure of corporate bond issuance in China. This conclusion depicts the unique role played by the institutional environment in the process of corporate bond financing. It shows that strengthening and perfecting the legal construction of market economy is of great significance to the healthy development of enterprises.
【作者单位】：中国人民大学财政金融学院;
【分类号】：F275;F832.51

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