地方产业政策与债券融资成本

Local Industrial Policy and Corporate Financingg Cost

地方产业政策是影响辖区企业融资约束的重要因素。本文基于2006—2018年债券发行市场的数据,考察受到地方政府“五年规划”鼓励的行业是否能够以较低的成本进行债券融资。研究显示,地方产业政策显著降低了企业债券发行利差,重点产业政策效应高于一般产业政策。异质性分析表明,比较优势在产业政策效果中发挥关键作用。进一步分析表明,地方产业政策“推行”和“退出”具有产业政策间和政策内的双重非对称性:一般产业政策“推行”对企业融资成本的影响不显著,但一般产业政策“退出”显著提高企业融资成本;重点产业政策“推行”显著降低企业融资成本,但重点产业政策“退出”没有显著恶化企业融资环境。机制分析表明,地方产业政策主要通过政府支持、信用增进、信号传递、隐性担保和流动性风险作用于企业融资成本,政策的稀缺性和支持力度的差异性是造成这种双重非对称效应的主要原因。动态效应检验发现,遵循比较优势的产业政策“推行”能够显著优化产业政策的实施效果,而遵循比较优势的产业政策“退出”不会恶化企业的融资环境。本文为地方政府遴选和退出产业政策提供参考,并对规范地方政府干预行为、推动有效市场和有为政府更好结合具有启示意义。

Achieving innovation-driven development is not only an important way for China to transition to new economic dynamics,but also a prerequisite for achieving high-quality economic development.Technology-based mergers and acquisitions(MAs),as an important means of reallocating innovation resources in the capital market,can assist corporations in supplementing internal research and development(RD)projects and accelerating innovation processes,thereby contributing to the effective expansion of industrial technological upgrading pathways.However,the extent to which technology-based MA can effectively perform their anticipated roles,particularly under the influence of economic policy uncertainty(EPU),remains a subject of substantial exploration.This paper examines the impact of EPU on corporate technology-based MA decisions of Chinese listed firms during 2004—2017.It finds that EPU promotes firms to engage in technology-based MA.Under EPU,the incentives for firms to engage in technology-based MA activities are more pronounced in competitive industries,among private firms,and during economic downturns.Potential competitive threats and possible growth options stimulate firms'motivation to pursue technology-based MA.This paper also examines the innovative and economic consequences of firms'technology-based MA under EPU.We find that a higher propensity to engage in technology-based MA during periods of EPU increases firms'patent output,but has no effect on innovation quality or post-acquisition economic performance.This result is associated with firms'impulsively initiating MA due to innovation anxiety.Lastly,when EPU rises,the bargaining power of the target firm increases,leading to a higher MA premium for the acquirers.At the same time,acquirers are more inclined to acquire firms with higher patent output rather than those with higher RD investment due to the risk of holdup.The findings of this study have following policy implications.First,enhancing policy information transparency and maintaining policy continuity can assist firms in optimizing external innovation decisions to promote subsequent high-quality innovations.Second,under EPU,the government should orderly open the market access mechanism to avoid excessive market competition that causes firms to blindly acquire innovative resources.Third,the findings suggest that to avoid moral hazard in MA,acquirers are more inclined to integrate target firms in the downstream innovation output stage and avoid those in the upstream RD input stage.Accordingly,the government can improve the contract enforcement environment in the innovation field to reduce the risk of holdup in technology-based MA activities,so as to integrate innovation resources of enterprises to achieve the breakthrough of core technologies.The academic contributions of this paper are threefold.First,it enriches literature on the determinants of technology-based MA and expands the research boundary of corporate innovation under uncertain environments from the perspective of external corporate innovation.Second,it takes technologybased MA,an external innovation behavior,as a unique setting to validate the theoretical mechanism of strategic growth options and provide insights and evidence for understanding differences in previous literature on two types of investment behavior of firms,MA and innovation,in periods of EPU.Third,it reveals the multidimensional interactions and strategic game relations among acquiring firms and between acquirers and targets in technology-based MA decisions.