成长性行业会支付更高的贷款成本吗?——嵌入中观行业发展与制度环境的经验证据

Does Growth Industry Pay Higher Borrowing Cost? Evidence from Industry Development and Institutional Environment

Stiglitz and Weiss(1981)研究表明,贷款成本的高低与企业自身风险存在重要联系。不同行业发展阶段,企业风险存在较大差异,债务资本成本也会存在较大差异。结合不同的制度环境分析行业发展对债务资本成本的异质效应,研究发现:相比于非成长性(非成熟性)行业,成长性(成熟性)行业的利息率更高(低),债务资本成本更大(小);衰退期行业的利息率偏高。在市场化程度越高的地区,行业特征越明显;在市场化程度低的地区,政府干预可能成为行业特征发挥效用的替代机制。越是国有企业,贷款利率越低;在市场化程度越低的地区,产权性质特征越明显。进一步分析发现:越是中央控股的上市公司,贷款利息越低,中央控股上市公司比地方控股上市公司能够获得更多的贷款优惠;行业效应在地方控股上市公司中的市场化程度较高组中更显著;股权分置改革前后和货币政策紧缩与否背景下,行业发展对债务资本成本存在异质效应。研究有助于从行业视角理解Stiglitz and Weiss(1981)提出的信贷风险假说、债务资本成本中的行业效应以及我国制度环境下行业发展在企业债务融资决策中的重要性。

Stiglitz and Weiss （ 1981 ） have evidenced that the loan cost of firms is highly associated with their own risks. There are big differences in the risk of different industries, and the cost of debt capital will be quite different. This paper examines the heterogeneous effect of the development of different institutional environment on the cost of debt capital. The results show that the interest rate of the growth （mature） industry is higher （lower） , and the cost of debt capital is greater （small） , compared with nongrowing （non-mature） sectors, and the interest rate of the recession industry is high. The above relationships are more significant in the regions with higher degree of marketization. The government intervention may become an alternative mechanism for the effectiveness of the industry in tile less marketed areas. The more state ownership enterprises hold, the lower the interest rates. The above relationship is more significant in the less marketed regions. Further analysis shows that the more central government holdings, the lower loan interest; the central holdings of listed firms can get more loans than local holdings of listed firms; the industry effect is more significant in the local holdings of listed companies located in the higher degree of marketization. More significantly, the split share reform and the monetary policy influence the effect of industry development on debt capital cost. The study helps to understand the credit risk hypothesis put forward by Stiglitz and Weiss （1981） from an industry perspective, the industry effect in debt capital cost, and the importance of industry development in corporate debt financing decision in China＇s institutional environment.