金融衍生品监管法律与海外企业融资效率:基于中国金融衍生品监管指数的实证分析

Financial Derivatives Regulation Laws and Overseas Firms’ Financing Efficiency:An Empirical Analysis Based on Financial Derivatives Regulatory Index(CFDRI)

借鉴LLSV"法与金融学"思想,以2007~2017年在A股上市的中国海外投资企业为样本,通过手工整理100部金融衍生品监管法律法规,文章自行构建中国"金融衍生品监管指数"(CFDRI),考察金融衍生品监管对海外企业融资效率的影响。研究发现,在短期内金融衍生品监管与中国海外企业融资效率呈正向关系,即存在"提升作用";但在长期内金融衍生品监管与海外企业融资效率呈负向关系,即存在"抑制作用"。在考虑股权集中度的影响时,发现股权过于集中会对衍生品监管与融资效率的关系产生负向影响。按所有权划分样本,发现金融衍生品监管与融资效率的关系在国有企业中更为明显。进一步研究发现,金融衍生品监管是通过"外汇风险对冲"和"财务风险"这两条渠道对企业融资效率产生影响的,它们起到了显著的"中介作用";对于那些处于高市场化程度地区的企业,金融衍生品监管对其融资效率的影响也较大;考虑行业特征,发现金融衍生品监管对制造业、批发和零售业、信息传输、软件和技术服务业、房地产业等典型行业融资效率的影响存在显著差异,因此,政府有必要变革和优化现行的金融衍生品监管法律法规。

Learning from LLSV’s academic ideas of " Law and Finance",this paper constructs China Financial Derivatives Regulatory Index( CFDRI) by consulting 100 laws and rules of financial derivatives regulatory,and investigates the effects of financial derivatives regulation on firms’ financing efficiency using a sample of listed Chinese overseas companies from 2007 to 2017. It is found that in the short term,there is a positive relationship between the regulation of financial derivatives and the financing efficiency of overseas enterprises,in other words it leads to a " promotion effet". However in the long run,the regulation of financial derivatives has a negative effect on the financing efficiency of overseas enterprises,or an " inhibitory effect". Considering the influence of equity concentration,the excessive concentration of equity will have a negative impact on the relationship between financial derivatives supervision and financing efficiency. The relationship between financial derivatives supervision and enterprise financing efficiency is more obvious in State-owned enterprises by dividing samples through the ownership. Further research shows that financial derivatives supervision affects firms financing efficiency through two channels of " foreign exchange risk hedging" and " financial risk",which play a significant " intermediary role". For those firms with higher degree of marketization,greater impact of financial derivatives supervision on their financing efficiency.Considering the industry characteristics,there are significant differences in the influence of financial derivatives regulation on the financing efficiency of typical industries,such as manufacturing,wholesale and retail,information transmission,software and technology services,and real estate. Therefore,it is necessary for the government to reform and optimize the current financial derivatives supervision laws and regulations.