为什么使用外币债务?——中国上市公司的实证证据

Why Do Firms Raise Foreign Currency Denominated Debt?Evidence from Chinese Listed Companies

本文基于中证800指数公司2013年至2015年年报中金融负债的币种结构信息,首次研究了我国公司层面外币债务的使用动机以及财务后果。研究发现,我国上市公司外币债务融资的重要影响因素为外汇风险对冲;国际化水平较高的公司更可能使用外币债务。另外,本文首次直接研究并发现了外汇衍生品与外币债务的互补关系。进一步研究发现,外币债务的使用能够降低债务资本成本,但人民币贬值带来的汇兑损失会抵消其低利率优势。本文的研究结果为我国企业平衡本外币债务成本(风险)与收益、优化负债水平和结构提供了借鉴。

This paper first examines the firm-level determinants and financial influence of raising foreign currency denominated debt for china by taking advantage of the currency structure of financial liabilities in 2013-2015 annual reports of CSI 800 Index companies. The results suggest that foreign exchange risk hedging and internationalization are the main determinants of foreign currency denominated debt. In addition,this paper first examines the relationship between foreign currency denominated debt and foreign exchange derivatives of Chinese listed companies, and confirms the complementary relationship. Further more, foreign currency denominated debt has lower interest rate,which may be offset by exchange loss with RMB depreciation. These findings have some implications on capital structure especially in the aspect of currency structure for corporate financing and policy making under the background of deleverage.