高铁开通、银行竞争与公司债务融资成本

High-Speed Railway Opening,Bank Competition and Corporate Debt Financing Cost

本文以2009-2016年A股上市公司为样本,采用双重差分模型研究高铁开通对公司债务融资成本的影响。研究表明,高铁开通提高开通地的银行竞争水平,从而降低公司债务融资成本。进一步研究表明,对于面临较强融资约束的公司,高铁开通对公司债务融资成本的降低作用更加显著。对处于金融市场化水平较低地区的公司,高铁开通对公司债务融资成本的降低作用更加显著。

Based on A-share listed companies during 2005-2016,this paper uses the double difference model to study the impact of the opening of high-speed railway on the cost of corporate debt financing.It is found that the opening of highspeed railway improves the competition level of banks in the opening regions,so as to reduce the corporate debt financing cost.Further research shows that for companies facing strong financing constraints,the opening of high-speed railway plays a more significant role in reducing the cost of corporate debt financing.For companies in areas with low financial marketization level,the opening of high-speed railway has a more significant effect on reducing corporate debt financing cost.