银行监管改革降低了企业债务融资成本吗?

Does Bank Regulation Reform Reduce Corporate Debt Financing Cost ?

银行监管改革既能缓解融资约束，亦能强化债务治理效应，那么银行监管改革究竟如何影响公司的债务融资成本？本文运用2007-2015年沪深两市A股上市公司数据，研究发现，银行监管改革显著降低了公司债务融资成本；而且，这种降低作用在盈利能力强的企业与国有企业更为突出；进一步研究发现，银行监管改革通过缓解融资约束效应和强化债务治理效应影响公司的债务融资成本；在民营企业中，银行监管改革主要通过缓解融资约束效应来降低债务融资成本，而在国有企业中，银行监管改革则通过强化债务治理效应来降低债务融资成本。本文补充和丰富了公司债务融资成本影响因素的相关研究，也为如何更好地引导银行监管改革的深化和完善提供了经验借鉴。

Bank regulation reform will not only alleviate the corporate financing constraints, also strengthen the effect of debt governance, then how will bank regulation reform affect the debt financing cost？ Based on the data of A - share listed companies in China from year 2007 to 2015, this paper find robust evidences that bank regulation reform is negatively relevant to corporate debt financing cost, and this relationship is more significant in high profit corporations and state - owned corporations. Further study finds that, the bank regulation reform overall reduces the debt financing cost through the mitigation of financing constraints and the intensification of debt governance effect. In private companies, bank regulation reform mainly plays the mitigating financing constraints effect; in state - owned enterprises, bank regulation reform mainly plays strengthen the effect of debt governance. In general, this paper not only supplements the relevant researches of corporate debt financing cost, but also sheds light on guiding the bank regulation reform better and playing its positive role.