企业产权性质与债券发行定价——影响与作用机制研究

Nature of Enterprise Property Right and Pricing of Bonds——Research on Influence and Action Mechanism

本文基于2000多家债券发行人的微观数据,运用OLS与中介效应模型实证检验产权性质对企业债券发行定价的影响与作用机制。研究发现:国有企业具有的国有产权的隐性担保显著降低了企业发行债券的信用利差;产权性质通过银行信贷外溢机制和控股股东利益输送机制间接地影响信用利差;信贷外溢机制在受资产负债率约束较强的企业中不显著,在其他企业中显著;利益输送机制在中西部地区企业中显著,在外部环境较好的东部地区企业中则失去显著性。

Based on the micro data of more than 2000 bond issuers,this paper uses OLS and intermediary effect model to empirically test the impact of property right on corporate bond issuance pricing and its mechanism.The research finds that the implicit guarantee from state-owned property right of SOEs significantly reduces the credit spread of bonds issued by enterprises;the nature of property right indirectly affects the credit spread through the bank credit spillover mechanism and controlling shareholders'interest transmission mechanism;the credit spillover mechanism is not significant in enter-prises subject to government asset-liability ratio,but significant in other enterprises;the interest transfer mechanism is sig-nificant in the enterprises in the central and western regions,while it loses its significance in the enterprises in the eastern regions with better external environment.