短期跨境资本流动与企业债务融资成本——基于中部地区上市企业的经验与解释

SHORT-TERM CROSS-BORDER CAPITAL FLOWS AND FINANCING COST OF DEBT BASED ON LISTED COMPANIES IN CENTRAL REGION OF CHINA

基于我国中部地区415家上市企业的财务数据,采用面板数据模型,实证分析了短期跨境资本流动对我国中部地区上市企业债务融资成本的影响。研究结果显示,短期跨境资本的流入能够显著降低我国中部地区上市企业的债务融资成本,并且这种影响与上市企业所在地区对外贸易规模、金融发展水平有关;短期跨境资本的流入能降低银行的资金成本,从而降低上市企业的债务融资成本;短期跨境资本流入主要降低了中部地区材料、工业、日常消费、信息技术、医疗保健和能源行业上市企业的债务融资成本,而对房地产和金融行业企业的债务融资成本有不显著的增加作用。

Based on the financial data of 415 listed companies in Central Region of China,the panel data model is adopted to empirically analyze the impact of short-term cross-border capital flows on the financing cost of debt in those listed companies.The results indicate that short-term cross-border capital inflows can significantly reduce the financing cost of debt,and such an impact is related to the regional scale of foreign trade and the level of financial development.Short-term cross-border capital inflows reduce the capital cost of banks,thereby reducing the financing cost of debt for listed companies.Short-term cross-border capital inflows reduce the financing cost of debt for listed companies mainly in sectors like material,industry,daily consumption,information technology,health care and energy industries in Central Region of China,but sectors like real estates and financial service have no significant increase in financing cost.