法治环境对企业债券信用风险影响

The Effect of Legal Environment on Credit Risk of Enterprise Bonds

在"法与金融"框架下分析了法治环境对企业债券信用风险影响的机理,选取2005—2014年间在中国银行间债券市场发行与交易的企业债券为样本,基于我国各地区法治环境水平的差异进行了实证研究。理论分析与实证研究的结果均表明,法治环境较好的地区,企业债券信用风险较小,表明加强法治建设有助于改善投融资环境,帮助企业降低融资成本。法治环境的改善对降低企业债券信用风险的作用效果在国有企业比在民营企业表现更加明显,揭示出法治环境建设对市场经济体系建设的保障性作用。

We first explore the effect of legal environment on credit risk of enterprise bond theoretically from the perspective of“law and finance”,then take an empirical study choosing those enterprise bonds issued and changed in the inter-bank bond market in china during the year from2005to2014as the sample and based on the fact of different level of legal environment of regions across the country.Both theoretical and empirical results show that,the better legal environment the area is,the lower credit risk enterprises bonds are,better legal environment contributes to better business environment and hence helps enterprises encounter lower capital costs.Further study shows that this effect is stronger for the bonds issued by state-owned enterprises than for those issued by private enterprises,revealing the security effect of legal environment on the establishment of market economy system.