战略承诺、融资约束与债务选择——债券市场支持了谁的战略发展

STRATEGIC COMMITMENTS,FINANCIAL CONSTRAINTS AND DEBT CHOICE——Which Firms Are Supported by the Bond Market for Their Strategic Development

本文旨在从战略承诺视角考察债券市场的资源配置功能。研究显示,自2007年《公司债券发行试点办法》实施以来,债券市场在支持企业的战略发展方面具有重要性。但进一步研究表明,该支持作用只存在于所受融资约束较低的企业中。即:市场化进程较高、终极控制人为国有性质、内部资本市场活跃的上市公司,其战略承诺越高时,越可能采用债券融资方式;而承受较高融资约束的企业的债券融资方式对战略承诺的敏感性则不稳健,或者敏感系数低于前者。这说明债券市场的资源配置功能受到了融资约束的限制,而非缓解了融资约束。进一步来说,"强者恒强、弱者恒弱"是金融资源配置的内在规律,而无论其形式在中介与市场之间如何变化。该结论深化了对金融资源配置功能的理解。依据本文的研究,未来改革既要完善金融体系,更要提升企业负债能力,否则,市场将很难依靠它的内在机制达到均衡配置。

This paper examines the resource-allocation function of the bond market from the perspective of strategic commitment.The results reveal that since the Pilot Rules for the Issuance of Corporate Bonds announced in 2007, bond market has significance in supporting corporate strategic development.However,further studies show that the supporting effect only exists in companies with lower financial constraints,i.e.companies located in provinces of high marketization,ultimately controlled by state,or enjoying developed internal capital markets,are more likely to issue bonds for higher strategic commitment while bond financing of highly financial-constrained companies are not so sensitive to strategic commitment as the formers and the sensitivity coefficient is lower than that of the formers.These demonstrate that the resource-allocation function of financial market is limited by financial constraints instead of alleviating financial constraints.The above conclusions deepen our understanding of the resource-allocation function of the financial system.According to the conclusions given by this paper,reformation in the future should focus on improving the financing ability of companies.Otherwise,the financial market could hardly achieve the equilibrium allocation needed under free competition through its spontaneous mechanism.