家族控制对企业信用债融资成本的影响研究

On Influence of Family Control on Cost of Corporate Debt Financing

融资难和融资贵是困扰家族企业快速成长的重要因素。根据上市家族企业2009至2019年间发行信用债的数据,分析家族控制对企业信用债融资成本的影响。研究发现,家族控制导致企业债务融资成本显著增加,这种影响对发行AAA级债券和房地产行业的企业更显著。随着家族控制程度的提高,家族企业的信用债融资成本增加。侵占风险会强化家族控制对企业信用债融资成本的影响,企业应建立政治关联或者提升技术创新能力,弱化家族控制对企业信用债融资成本的影响。

The difficulty and high cost of financing have always been an important factor for the rapid growth of family business.Based on this,this paper uses the data of listed companies issuing credit bonds from 2009 to 2019 to analyze the impact of family control on corporate debt financing.It is found that family control does lead to a significant increase in the cost of debt financing,and this positive effect is more significant for enterprises issuing AAA bonds and in the real estate industry.Furthermore,the increase of expropriation risk will strengthen the influence of family control on the cost of debt financing,while the establishment of political connections or the improvement of technological innovation ability will weaken the influence of family control on the cost of debt financing.