国企发债对民企杠杆率的影响

The Influence of State-Owned Enterprises’ Bond Issuance on the Leverage Ratio of Private Enterprises

近年来直接融资渠道快速扩张,国企和民企是直接融资渠道的主要参与者,国企发债对民企杠杆率的影响能够反映民企直接融资的情况和地位。本文基于城市面板数据和微观企业数据,检验国企发行债券总额对民企资产负债率的影响效应。研究发现:国企发行债券提高了民企债权直接融资成本,进而对其杠杆率有挤出效应。这表明国企在直接融资中具有优势地位,民企的融资被国企融资行为挤出,所以资源配置效率降低,系统性风险积累。

In recent years,a salient expansion has occurred in direct financing channels,where both state-owned enterprises and private ones have played a major role.The influence of state-owned enterprises’ bond issuance on the leverage ratio of private enterprises can reflect the situation and status of private enterprises’ direct financing.This paper tests the effect of state-owned enterprises’ bond issuance on the leverage ratio of private enterprises based on urban panel data and micro-enterprise data.It is found that state-owned enterprises’ bond issuance increases the direct financing cost of private enterprises,and thus has a crowding out effect on their leverage ratio.This shows that stateowned enterprises also have an advantageous position in direct financing,thereby private enterprises are squeezed.So the efficiency of resource allocation is reduced,and systemic risks are accumulated in the financial system.