制度环境对我国企业债券融资期限的影响

The Effect of Institutional Environment on the Term Structure of Corporate Bond Issuing in China

制度环境作为影响企业融资成本、投资者收益和风险的重要因素,成为各相关方融资期限选择的必要考虑。企业债券融资相较于信贷融资更加依赖公开信用评估和有效的投资者保护机制,考虑到我国地区间发展不平衡、制度环境因素差异较大,制度环境的影响是否同样存在、其特点如何?本文利用2009-2015年30个省市企业发债数据探讨法律、政府治理等外部制度环境,对我国企业债券融资期限的影响和作用机理。结果显示,法律环境、政府干预、金融市场化水平和中介组织发育等制度因素与我国各地区企业发债期限呈显著负相关。这个特点与对我国银行贷款期限结果影响相同,与西方学者类似研究的结论相反,政府对企业提供直接支持和监管干预造成了我国企业发债期限结构的异化特征。该结论刻画了我国制度环境在企业债券融资过程中所起到的独特作用,喻示着我国加强和完善市场经济相关法律建设对企业健康发展的重大意义。

Institutional environment,as an important factor affecting enterprises financing cost,investors＇ income and risk,has become a necessary consideration for the financing term selection of the related parties. Corporate bond financing relies more on open credit evaluation and effective investor protection mechanism than credit financing. Considering the imbalance between regional development and different institutional environments in China,does the impact of institutional environment exist and what are its characteristics？ This paper explores the effect and mechanism of institutional environment such as law and government governance,on the term structure of corporate bond issuing in China by utilizing the bond data from 30 provinces between 2009 and 2015. Empirical study finds there exist significant negative relations between law environment,government intervention,market oriented financial development,intermediary services and bond term structure,which resembles those of China＇s bank credit characteristics but are contrary to relevant western literature. Government intervention contributes to the abnormal features in China＇s corporate bond issuing by way of direct government supports and supervisory negotiation for local enterprises. The results show that government intervention is the most important informal institution while formal institutions are still developing in China. The Conclusion depicts the unique role of China＇s institutional environment in the process of corporate borel financing,which demonstrates the significance of strengthening and improving the relevant laws of market economy to the healthy development of enterprises.