企业分配公平的融资外部性:基于债券发行利差的经验证据

The Financing Externalities of Firms’Fair Distribution:Empirical Evidence from Bond Spreads

提升分配公平是实现国家共同富裕目标的题中之义,企业作为资源配置的核心主体,实行更具公平性的分配制度能够传递声誉效应,给予企业一定的融资外部性。基于此,本文选取2013—2021年中国A股上市公司债券发行数据,实证检验了企业分配公平性对其债券发行利差的影响。结果表明,提升分配公平性将显著降低企业的债券发行利差,评级每上升一个标准差,其债券发行利差约下降8.31%个标准差。机制检验表明,企业的分配公平性可通过财务风险与声誉风险的路径降低其债券发行成本。而异质性分析表明,上述结论在债务错配较严重、经营压力较大以及外部环境较差的企业样本中更为显著。经济后果检验则表明,分配公平不仅会影响到企业的债券发行成本,同样有利于企业生产率的提升,促进企业高质量发展。

Enhancing fair distribution of social wealth is the substance of achieving common prosperity.As the core entity in resource allocation,firms can build up reputations and obtain externalities of financing activities through fair distribution.This study uses the bond issuance data from A-share listed firms in China from 2013 to 2021 and examines the impact of firms’fair distribution on bond spreads.The results show that improving fairness in distribution significantly reduces the firm’s bond spreads.A one standard deviation increase in the rating of fair distribution is associated with a decrease in the standard deviation of bond spreads by approximately 8.31%.Further analyses find that fair distribution can lower the costs of bond issuance through reducing the financial and reputational risks.Cross-sectional tests show that the impact of fair distribution on bond spreads is more pronounced for firms with severer maturity mismatch,higher operational pressures,and poorer external environment.Furthermore,fair distribution not only affects the costs of bond issuance,but also improves the firm’s productivity and facilitates highquality corporate development.