金融管制、外部治理环境和企业债务工具的选择被引量：4

Regulation, Governance Environment and the Choice between Bank Loan and Public Bond

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摘要我国企业债务融资是决定向银行贷款还是发行企业债券?其选择到底受何种因素影响,是企业自身特性决定、还是适应债务契约治理机制的需要,抑或是受制于我国现实的法律等外部制度和金融管制?本文从企业特征、债务契约属性、外部制度环境和金融管制四个层面实证分析了企业债务工具的选择,解释了我国企业债务融资选择的内部治理机制和外部治理环境。我国金融监管部门对企业债券和银行贷款的管制强弱造成地方政府对企业债务选择的干预程度高低,最终导致了各地企业在面临不同的债务融资环境的理性选择。金融管制和行政干预成为法律等正式外部制度的替代机制。 How do firms choose between bank loan and public debt？ Using a sample of 3,053 new debt financings from 1998 to 2009, we examine the choice between bank debt and public debt in China. We find that the primary determinant of the choice of debt source is the credit quality of the issuer and debt contract characteristics. In addition, we find on important evidence that the choice of debt source is influenced by laws or regulations.

作者曹萍

机构地区广东金融学院中国债券研究所

出处《南方经济》 CSSCI 2013年第7期35-47,84,共14页 South China Journal of Economics

基金教育部人文社科研究青年基金项目(11YJC790092) 广东省社科基金(GD10CYJ12) 2011年中央财政专项资金<金融学省级重点学科建设项目>的资助

关键词企业债券银行贷款金融管制债务契约 corporate bond bank loan financial regulation debt contract.

分类号 F830.91 [经济管理—金融学]

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参考文献31

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