企业发行债券与贷款成本

Corporate Bond Issuance and Loan Cost

本文借助中国公司债券市场多品种共存的背景,研究企业发行融资便利性不同的债券对其贷款成本的影响及作用机制。研究发现,在企业首次发债场景下,发行融资便利性较强的短融和中票显著降低了企业贷款成本,而发行融资便利性较差的公司债则对贷款成本无显著影响;在企业多次发债场景下,短融和中票的发行频率越高、规模越大则降低贷款成本的作用越强,且首次发债后再发行其他具有融资便利性的债券品种对降低贷款成本有显著增量作用。以上结果支持了企业发债影响贷款成本的替代性融资渠道机制,为相关理论提供了经验证据。

In the development context of multi-head regulation and multiple bond varieties, this paper studies the impact and mechanism of corporate bond issuance with different levels of financing convenience on the loan cost of listed companies. The results of the study reveal that in the initial scenario,the issuance of short-term commercial papers and medium-term notes with greater financing convenience significantly reduces the cost of corporate loans, while the issuance of corporate bonds with relatively more constraints and less financing convenience does not seem to have a significant impact on the cost of corporate loans. In the multi-issuance scenario, the paper finds that the higher the frequency of issuance and scale of short-term commercial papers or medium-term notes, the stronger the cost-cutting effect of loans becomes. The re-issuance of other types of bonds with financing convenience after their initial issuance also has a significant incremental effect on reducing loan costs. The above results support the alternative financing channel mechanism of corporate bond issuance that affects loan costs and provide empirical evidence for the related theory.