短期跨境资本流动对企业债务融资成本的影响——基于A股制造业上市公司的经验证据

The impact of short-term cross-border capital flows on corporate debt financing costs:empirical evidence from A-share listed manufacturing companies

近年来,我国制造业企业债务融资成本的快速上升引起了社会各界的关注.基于2000—2018年我国制造业上市企业的财务数据,采用面板数据模型,实证检验了短期跨境资本流动对我国制造业上市企业债务融资成本的影响.结果表明:短期跨境资本的流动能够显著降低我国制造业上市企业的债务融资成本,并且这种影响与上市企业所在地区对外贸易规模、金融发展水平有关;短期跨境资本的流动能够降低银行的资金成本,从而降低制造业上市企业的债务融资成本;短期跨境资本的流动对我国制造业企业债务融资成本的影响具有明显的区域异质性,即东部地区相比于中西部地区的影响更为显著.

In recent years,the rapid development of debt financing costs of manufacturing enterprises in China has attracted the attention of all walks of life.Based on the financial data of listed manufacturing companies in China from 2000 to 2018,this paper uses the panel data model to empirically test the impact of short-term cross-border capital flows on the debt financing costs of listed manufacturing companies in China.The results show that the short-term cross-border capital flows can significantly reduce the debt financing cost of listed enterprises in China s manufacturing industry,and this influence is related to the scale of foreign trade and the level of financial development in the region where the manufacturing enterprises are located.Short-term cross-border capital flows can decrease the capital cost of banks,thus reducing the debt financing cost of listed enterprises in the manufacturing industry.The impact of short-term cross-border capital flows on the rising debt financing cost of enterprises in China s manufacturing industry has obvious regional heterogeneity.Compared with enterprises in the western areas,it has a significant impact on enterprises in the eastern areas.