企业海外发债与套息交易

Corporate Offshore Bond Issuance and Carry Trades

本文研究了中国企业海外债发行的影响因素,揭示了中企海外发债中普遍存在的现金套息交易动机、材料能源类企业的存货套息交易动机以及贸易类企业的应收账款套息交易动机。研究结果拒绝了企业海外债融资的预防动机与套期保值假说,支持了企业发债行为具有套息交易动机。此外,本文还揭示了异质性企业的不同外债融资模式:国内政策冲击会影响企业的海外债发行;受汇率波动影响更大的企业更倾向于进行现金套息交易;与国有企业相比,非国有企业的美元债发行存在更为显著的现金套息交易动机。现金和存货的套息交易导致企业资产负债表扩张,而应收账款套息交易则仅改变外汇风险暴露,不会导致资产负债表扩张。

This work studies the influencing factors that drive the issuance of offshore bonds by Chinese enterprises,both from a theoretical and an empirical perspective,revealing the common motivation of cash-and-carry trades in general,and the motivations of inventory carry trades within materials and energy companies and accounts receivable(AR) carry trades within trading companies.The empirical results reject the hypothesis of the precautionary motivation and hedging of corporate offshore debt financing and support the carry trade motivation of the corporate bond issuance.The paper also reveals the different external debt financing modes of heterogeneous enterprises from both a theoretical and empirical perspective,finding that internal policy shocks affect the corporate offshore bond issuance;enterprises that are highly exposed to exchange rate fluctuations are more likely to conduct cash-and-carry trades;and compared to state-owned enterprises,Chinese private enterprises show more significant motivation in terms of cash-and-carry trades in the issuance of US dollar bonds.Cash-and-carry and inventory carry trades also tend to expand corporate balance sheets,while AR carry trades do not lead to significant balance sheet expansion and only alter corporate foreign exchange exposure.