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论文编号：	12409
作者编号：	2120192878
上传时间：	2021/6/10 15:44:41
中文题目：	信用风险缓释工具与企业债券融资成本的实证研究——基于融资约束的调节效应
英文题目：	An Empirical Analysis of Credit Risk Mitigation and Bonds Financing Cost——Perspective of the Moderation of Financial Constraints
指导老师：	王永进
中文关键字：	信用风险缓释工具；信用风险缓释凭证；融资成本；融资约束
英文关键字：	Credit Risk Mitigation; Credit Risk Mitigation Warrant; Debt financing cost; Financing constraints
中文摘要：	近年来，宏观经济运行的不确定性加大，债券市场累计的信用风险集中暴露；加之资管新规颁布后，国内刚性兑付常态被打破，民营企业和国有企业的违约问题屡见不鲜，进一步加剧了企业的融资难题。基于债券融资市场对于信用风险缓释工具的实质性需求，信用风险缓释工具重回大众视野，在我国得到了迅速发展。本文通过回顾信用风险缓释工具和融资约束两方面的国内外文献，基于信息不对称理论、信号理论等，对信用风险缓释工具降低企业债券融资成本的机制进行了理论分析。并从产品简介、发展历史、市场现状和运行机制四个角度对国内的信用风险缓释工具进行了介绍和对比分析。同时，运用实证研究方法，利用2018-2020年债券市场短期融资券和中期票据的发行数据，通过非平衡面板数据回归，分析信用风险缓释工具的发展对于降低企业债券融资成本的影响，并从企业性质的角度对其在民营企业和国有企业中的作用进行了异质性分析；同时，引入融资约束这一调节变量，检验了融资约束在信用风险缓释工具对降低企业债券融资成本作用中的调节效应，补充丰富了学界在这方面的研究。 本文的研究结论表明：（1）信用风险缓释工具的发行能够缓解企业在债券融资过程中的信息不对称，通过信用风险分担机制，降低企业的融资风险和融资成本，且信用风险缓释工具的发行对于降低民营企业的发债融资成本的作用，较国有企业更明显；（2）在债券融资市场中，民营企业的债券融资成本仍显著高于国有企业，信用风险缓释工具的发行能够更好地为民营企业提供增信担保，更有效地降低其融资成本，缓解民营企业和国有企业的成本“剪刀差”问题；（3）融资约束对信用风险缓释工具发行和融资成本关系的正向调节效应仅在民营企业中存在，当民营企业面临的融资约束越强时，信用风险缓释工具的发行对于降低民营企业债券融资成本的正向作用更明显；（4）在我国目前的债券市场中，投资者在进行借款人的资质识别和财务状况分辨时，很大程度上仍依赖于信用评级公司给出的主体评级。不论是对民营企业还是国有企业，信用评级越高，对于降低融资成本的作用越显著。
英文摘要：	In recent years, the uncertainty of macroeconomic operation has increased, and the accumulated credit risks in the bond market have been exposed intensively. In addition, after the promulgation of the new regulations on capital management, the normal state of rigid payment has been broken, and the default problem of private enterprises and state-owned enterprises is common, which further aggravates the financing problem of enterprises. Based on the substantial demand of Credit Risk Mitigation in bond financing market, Credit Risk Mitigation have returned to the public view and developed rapidly. Based on Information Asymmetry Theory and Signal theory, this paper reviews domestic and foreign literature on Credit Risk Mitigation and financing constraints, and makes a theoretical analysis on the mechanism of Credit Risk Mitigation to reduce the financing cost of corporate bonds. And from the product introduction, development history, market status and operation mechanism four aspects, the Credit Risk Mitigation is introduced. At the same time, through empirical research method, based on the bond market issuing data of short-term financing bonds and medium-term notes issued in 2018-2020, by the unbalanced panel data regression, analyzing the effect of the Credit Risk Mitigation to reduce the corporate debt financing costs, and introduction of financing constraints, the moderating variable, to check the moderation effect of financing constraints on Credit Risk Mitigation to reduce the enterprise bond financing cost, which enriched the academic research in this area. In this paper, the research results indicate that: (1) The issuance of Credit Risk Mitigation can spread the risk of enterprises in bond financing and reduce the cost of bond financing through the credit risk sharing mechanism, and the effect of private enterprises is more obvious than that of state-owned enterprises; (2) In the bond financing market, the bond financing cost of private enterprises is still significantly higher than that of state-owned enterprises. The issuance of Credit Risk Mitigation can better provide credit guarantee for private enterprises, which can alleviate the cost "scissors gap" between private enterprises and state-owned enterprises. (3) The moderation effect of financing constraints on Credit Risk Mitigation to reduce the enterprise bond financing cost only exist in the private enterprises. (4) In China's current bond market, to a large extent, investors still rely on the principal rating given by credit rating companies when identifying borrowers' qualifications and distinguishing their financial conditions. Whether for private enterprises or state-owned enterprises, the higher the credit rating is, the more significant the effect is on reducing financing costs.
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