资本市场公平吗？——疫情下民营企业和国有企业的区别对待

ARE CAPITAL MARKET FAIR? —DIFFERENCIAL TREATMENT BETWEEN PRIVATE AND STATE-OWNED ENTERSHIP UNDER COVID-19

徐梦婷

11930506

硕士

数学

栗沛沛

2021-05-20

2021-06-10

南方科技大学

深圳

发行债券是企业进行直接融资的重要手段，对于企业的发展有着重大意义。随着债券市场的高速发展，债券发生违约的情况也逐渐增加。企业在债务融资的同时需要重点关注融资成本。疫情的冲击对企业的经营造成了严重的负面影响，民营企业的违约情况不容乐观。 本文首先梳理了公司债的发展背景和历程；其次，回顾了国内外学者的研究成果，整理了多元线性回归模型的基本假设、参数估计法以及置信区间使用方法，同时对DID模型进行了介绍。基于以上内容提出假设，利用疫情的外部冲击效应，探讨国有企业和民营企业疫情前后融资成本差异的变化。 本文以2010-2021年在交易所公开发行的公司债作为样本，建立OLS模型研究公司所有权属性对债券融资成本的影响，对模型进行拟合优度、稳健性检验。同时建立DID模型分析疫情推出的政策对国有企业、民营企业融资成本差异的冲击效应。 研究结果显示，国有企业的融资成本显著低于民营企业，国有企业更容易获得较高的债项评级，同时以更低的成本获得融资。在疫情的冲击下，国家推出帮扶政策，企业融资成本有所降低，国有企业比民营企业融资成本降低的更多，国有企业获得了更多的政策惠利。为了提高资源配置效率和避免债券违约的频发，本文提出以下意见：加快“僵尸国企”的出清，降低优质民营企业的债务融资成本，提高债项评级的可靠性，做好风险监控，严禁逃废债行为。

Issuing bonds is important for the operation and development of enterprises. With the rapid development of the bond market, defaults on bonds have gradually increased. While considering financing, companies need to focus on the cost. The impact of the COVID-19 has caused serious negative impacts on the enterprises’ operation. We should pay attention to high debt financing costs for private enterprises. We should create a fairer financing environment for private enterprises and improve the effective resource allocation. Firstly, this paper summarizes the development background and course of corporate bonds. Secondly, the research results of domestic and foreign scholars are reviewed, and the basic assumptions of multiple linear regression model, parameter estimation method and the application method of confidence interval are summarized. This paper makes use of the external impact effect of the COVID-19 to discuss the financing cost difference between state-owned enterprises and private enterprises. This article takes the corporate bonds publicly issued on the exchange from 2010 to 2021 as samples, establishes OLS model to study the impact of corporate ownership on bond financing costs, and carries out goodness-of-fit and robustness tests on the model. And establish a DID model to analyze the policy’s impact introduced by the COVID-19 on the difference in financing costs between state-owned and private enterprises. The research results show that state-owned enterprises are getting more cheap financing, and it is easier for state-owned enterprises to obtain higher debt ratings and at the same time obtain financing at a lower cost. Under COVID-19, the state has introduced assistance policies. The corporate financing costs have been reduced. State-owned enterprises have reduced their financing costs even more. We will improve the efficiency of resource allocation and try our best to avoid bond defaults and debt evasion. This article puts forward the following opinions: speed up the bad state-owned enterprises clearing, reduce the high-quality private enterprises’ debt financing costs, improve the debt ratings’ reliability, good risk monitoring, and strictly prohibit debt evasion.

所有权性质 债务融资成本 OLS模型 DID模型

Corporate ownership Debt financing cost OLS model DID model

中文

独立培养

南方科技大学

徐梦婷. 资本市场公平吗？——疫情下民营企业和国有企业的区别对待[D]. 深圳. 南方科技大学,2021.