全国统一大市场建设与金融高质量发展——基于打破债券市场分割的研究

The Construction of a Unified National Market and High-quality Financial Development:A Study Based on Breaking the Segmentation of Bond Markets

中国债券市场主要由银行间债券市场和交易所债券市场构成。大部分银行一直以来只能投资于银行间债券市场,直到2019年8月才被允许进入交易所债券市场。本文以此次交易所债券市场的银行准入改革为政策冲击,研究打破债券市场分割是否能够提高资本市场效率,促进金融发展。研究结果发现,银行准入显著降低了交易所债券的二级市场信用利差。机制分析表明,银行准入提高了交易所债券的流动性,减少了信息不对称,从而降低了债券信用利差。进一步地,银行准入也降低了交易所债券的一级市场信用利差,从而降低了债券融资成本。异质性分析发现,在二级市场,民营企业债券和中小规模企业债券的信用利差降低更明显;在一级市场,经营业绩好和信用评级高的债券的信用利差降低更明显。经济后果检验发现,银行准入促进了企业投资。本文拓展了统一大市场建设和债券信用利差影响因素的相关研究,同时为进一步建设全国统一大市场、提高直接融资比重、促进金融高质量发展提供了理论依据和政策参考。

China's bond market mainly consists of interbank bond market and exchange bond market.Most commercial banks have only been able to invest in the interbank market until August 2019,when they were allowed to enter the exchange bond market.This paper takes the bank access reform of the exchange bond market as a policy impact to test whether breaking the bond market segmentation can improve the efficiency of the capital market and promote the financial development of China.The results show that bank access significantly reduces the secondary market credit spreads of the bonds of exchange market.Mechanism analysis shows that bank access improves the liquidity of the bonds of exchange market,leading to the reduction of the information asymmetry and the credit spread.Further,bank access also reduces the primary market credit spreads for the bonds of exchange market,thereby decreasing the cost of bond financing.Heterogeneity analysis shows that in the secondary market,the credit spread of private enterprise bonds and small and medium-sized enterprise bonds decreases more.In the primary market,the credit spreads of bonds with good operating performance and high credit ratings are reduced more significantly.The economic consequences test reveals that bank access has boosted corporate investment.This paper contributes to the literature on the construction of a unified national market and the determinants of bond credit spreads,and provides theoretical basis and policy reference for further building a unified national market,increasing the proportion of direct financing,and promoting high-quality financial development.