民营企业融资约束的影响因素研究——基于民营企业债券数据的分析

Study on the Influencing Factors of Financing Constraints of Private Enterprises——Analysis Based on Data of Private Enterprise Bonds

基于2010—2019年间的民营企业债券数据,采用时间序列回归模型,探究民营企业与地方国有企业之间的债券融资成本差异以及民营企业债券净融资规模的影响因素和变化规律。实证结果显示:影子银行作为拓宽民营企业融资的非正规金融渠道,其扩张能够缩小民营企业债券和地方国债融资成本的差异,降低民营企业债券的净融资规模;民企对宏观经济状况的依赖性较强,经济状况越好,民营企业债券与地方国有企业融资成本的差异越小,民营企业债券净融资规模下降;债券市场违约会推升民营企业的融资成本,扩大其与地方国有企业债券之间的利差,增加民营企业债券发行难度,降低民营企业债券净融资规模;金融市场流动性增强,会显著降低民营企业债券的融资成本,民营企业债券净融资规模上升。

Based on the data of private enterprise debt from 2010 to 2019,this paper adopts the time series regression model to explore the differences in bond financing costs between private enterprises and local state-owned ones,as well as the influencing factors and changing rules of the net financing scale of private enterprise debt.The empirical results show that shadow banking,as an informal financial channel to broaden the financing of private enterprises,can narrow the gap between the financing costs of private enterprise bonds and local government bonds,and can reduce the net financing scale of private enterprise bonds;private enterprises have a strong dependence on macroeconomic conditions.The better the economic conditions are,the smaller the difference between the financing costs of private enterprise bonds and local state-owned enterprises will be,and the net financing scale of private enterprise bonds will decline;default in the bond market will push up the financing cost of private enterprises,widen the interest margin between them and local state-owned enterprises,increase the difficulty of private enterprise bond issuance,but reduce the net financing scale of private enterprise bonds;while the liquidity of the financial market is stronger,the financing cost of the private enterprise bonds will be higher,and the net financing scale of the private enterprise bonds will increase.