海外经营、东道国风险与债券发行利差——来自中国公司债券市场的经验证据

Foreign Operations,Host Country Risk and the Bond Credit Spread:Evidence from China's Corporate Bond Market

伴随“走出去”程度的加深,中国跨国企业的东道国风险敞口越来越大,这将如何影响跨国企业的债务融资成本是值得探讨的重要问题。本文基于海外子公司的国家分布,利用国际国家风险指数(ICRG),刻画中国上市跨国企业的东道国风险暴露及其对公司债券发行信用利差的影响。研究结果显示,东道国风险上升将显著提高中国上市跨国企业发行债券时的信用利差,表明企业付出了更多融资成本以补偿债券投资者对企业海外业务高风险的担忧。从风险分拆来看,东道国政治、经济和金融风险上升都会在不同程度上显著提高信用利差。进一步研究表明,企业具有国有背景、海外经营经验丰富以及东道国与中国关系越“近”,越有助于调节东道国风险对债券发行利差的负面影响。

Against the background of“going global”,the host country risk exposure of Chinese multinationals is growing.How this risk will affect the cost of debt financing of Chinese multinationals?Based on the location of overseas subsidiaries,this paper characterizes the host country risk exposure of Chinese listed multinational companies using the ICRG country risk index,and then studies its impact on the credit spread of corporate bonds.It is found that the rising risk of the host countries will significantly increase the credit spread when the Chinese listed multinationals issue corporate bonds,indicating that Chinese multinationals with high overseas business risk have high cost of debt financing.After decomposing the country risk,the rise in political,economic and financial risks in the host country will all increase the credit spread of corporate bonds significantly.Further research shows that the multinational enterprises having a state-owned background,rich experience in overseas operations,and the closer relationship between the host country and China,can moderate the negative impact of country risk on the cost of debt.