打破刚性兑付能降低企业融资成本吗?

Does Terminating Rigid Payment Diminish Financing Cost of Companies?

本文结合债券市场和上市公司数据,应用双重机器学习方法,检验了打破刚性兑付这一事件对中国债券市场利率的影响。本文发现,打破刚性兑付不仅没有有效降低企业融资成本,反而引起市场整体融资成本上升,且对于不同企业的影响表现出显著的异质性。具体来讲,打破刚性兑付使得低信用企业,特别是高风险民营企业的融资成本显著提高;而对高信用民营企业融资成本没有显著影响。上述研究结论说明在无法有效降低风险溢价的情况下,寄希望于打破刚性兑付来降低企业融资成本是不现实的。

Based on the individual bond and listed company information,we detect the impact of rigid payment′s breaking down on the bond market by utilizing double/debiased machine learning.We find that this event does not lower overall financing cost but increases it instead,and the reactions of different companies are not consistent.Specifically,the event of rigid payment′s breaking down elevated the financing cost of the private companies with higher default risk.However,this event does not have significant impacts on the private companies with a better credit rating.The empirical results support that if the risk premium does not shrink,it is impossible to diminish the financing cost by abandoning rigid payment.