债券交叉违约制度与企业创新:促进还是抑制

Cross Default System of Bonds and Corporate Innovation:Promoting or Inhibiting?

发行债券是企业筹集资金的一种重要方式。文章以2016—2021年我国企业发行的所有债券为研究样本,实证检验了债券交叉违约制度对企业创新的影响。研究结果表明,债券交叉违约制度促进了企业创新;且交叉违约制度主要通过缓解企业融资约束和委托代理问题影响企业创新;在短期偿债能力低、没有设置“事前”类限制条款、所处行业有违约情况以及经济政策不确定性高的发债企业中,交叉违约制度对创新的促进作用更为显著。经济后果检验表明,债券交叉违约制度提高了企业全要素生产率。研究认为应加大对债券投资者的保护力度,推动债券市场健康发展。

Issuing bonds is an important way for enterprises to raise funds.The article takes all bonds issued by Chinese enterprises from 2016 to 2021 as research samples and empirically tests the impact of cross default system on corporate innovation.The re⁃search results indicate that the cross default system of bonds promotes corporate innovation and the cross default system mainly af⁃fects corporate innovation by alleviating financing constraints and principal-agent problems.Meanwhile,the cross default system has a more significant promoting effect on innovation in bond issuing enterprises with low short-term solvency,no“prior”restric⁃tive clauses,default situations in the industry,and high economic policy uncertainty.The economic consequence test shows that the bond cross default system improves the total factor productivity of enterprises.Research suggests that greater protection should be provided to bond investors to promote the healthy development of the bond market.