信用风险缓释凭证对企业投资行为的影响——基于融资约束中介效应的实证研究

Credit Risk Mitigation Certificate and Enterprise Investment:an Empirical Study Based on the Intermediary Effect of Financing Constraints

2018年以来,作为债券融资支持工具的信用风险缓释凭证(CRMW)在我国得到了快速发展。本文采用基于倾向得分匹配的双重差分模型(PSM-DID),利用中国企业数据检验了CRMW产品对企业投资行为的影响。结果显示,我国信用风险缓释凭证的发行促进了非上市企业投资,并且这种促进作用对于融资约束较强的企业更为显著。本文还对CRMW产品通过缓解融资约束促进企业投资的渠道进行了检验,结果发现,CRMW产品对企业融资的促进作用主要体现在信贷融资渠道而非债券渠道。本文结论有助于深化对中国当前资本市场中信用风险缓释凭证的作用效果与作用机制的解读,为政策制定者利用该产品解决民营企业融资难、融资贵的问题提供了更充分的决策参考依据。

Since 2018,the credit risk mitigation warrant(CRMW)has developed rapidly in China as an instrument to facilitate bond financing.This paper tests the impact of CRMWs on corporate investment behavior using Chinese firm-level data,and finds that the issuance of CRMWs positively influences the capital investment of non-listed firms.This positive effect is more pronounced in firms facing stronger financing constraints.This paper examines the channel through which CRMWs alleviate firms’financing constraints and finds that CRMWs enhance firms’financing capacity mainly through bank financing rather than bond financing.These findings help deepen the understanding of the effect and mechanism of CRMWs in Chinese capital market,and provide pertinent information for policy makers to solve the problems of financing private enterprises.