非金融企业永续债融资的去杠杆效果研究

Deleveraging Effect of Perpetual Bond Financing of Non-financial Enterprises

在我国政府对国有企业积极去杠杆的大背景下,研究永续债这一创新型混合金融工具对企业杠杆率的影响,对促进经济高质量发展和防范化解金融风险具有重要意义。以2016—2020年我国发行和未发行永续债的非金融企业为研究对象,使用季度数据分析了不同的会计处理下永续债的去杠杆效果。研究发现:发行永续债能够有效去杠杆,但重分类为负债时,优化资本结构的优势将消失,甚至会加剧高负债程度;相较于非过度负债和中央国有企业,过度负债和地方国有企业发行永续债实现的去杠杆程度更高、效果更好。结论表明,永续债融资的发展有利于优化企业资本结构,但发行主体和监管机构应加强管理其会计处理下隐藏的巨大风险。

Perpetual bond is an innovative hybrid financial instrument;in the context of the Chinese government's active deleveraging of state-owned enterprises,studying the impact of perpetual bond on the leverage ratio of enterprises is of great significance for promoting high-quality economic development as well as preventing and resolving financial risks.Taking non-financial enterprises that issued and did not issue perpetual bonds in China from 2016 to 2020 as the research objects,this paper uses quarterly data to analyze the deleveraging effect of issuing perpetual bonds under different accounting treatment.The results show that issuing perpetual bonds can deleverage effectively,but when the perpetual bonds are reclassified as liabilities,the advantage of optimizing the capital structure will disappear,and it will even aggravate the degree of high debt.Compared with non-over-indebted enterprises and central state-owned enterprises,over-indebted enterprises and local state-owned enterprises can realize higher deleveraging degree and better effect by issuing perpetual bonds.The conclusion shows that the development of perpetual bond financing is beneficial to optimize the capital structure of enterprises,but issuers and regulators should strengthen the management of the huge risks hidden under their accounting treatment.