准市政债券的形成机理、运行与发展

在中国债券市场上,债券品种的结构性缺陷导致“准市政债券”现象日益引人关注。在归纳准市政债券运行特征的基础上,详细剖析了其形成机理和潜在风险,并把其认定为我国当前经济环境下特有的金融产品。关于准市政债券的未来发展方向,建议通过基础设施融资体制的改革来带动准市政债券的改革,而非本末倒置。     

Bond offerings in China

This study appraises the value created by a bond offering in China, where high levels of state ownership and insider ownership raise concerns about the use of the proceeds. To estimate the impact of a bond issue on the firm's value, we apply an event‐study methodology on a sample of 481 issues of 347 Chinese companies over the period 2009–2013. It turns out that state ownership has a positive impact on the value of a bond offering for shareholders, which is consistent with an implicit guarantee of the issue by the state. For privately owned companies, insider ownership exerts a nonlinear impact on the firm's value, supporting an aligning effect in the use of the proceeds. Overall, the study confirms the key role of ownership structure in Chinese firms.     

Firm financing and growth in the Arab region

This paper documents how firms in Arab countries use equity, corporate bond and syndicated loan markets to obtain financing and grow. Working with a new dataset on issuance activity in domestic and international markets and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of firms. Whereas the amounts raised in equity and loan markets (relative to gross domestic product) stand well relative to international standards, bond issuance activity lags behind. However, bond financing has gained importance over time. Equity issuances take place primarily in domestic markets, whereas bonds and loans are mostly issued internationally, display long maturities and entail low levels of credit risk. Issuing firms from the Arab region are very large compared to international standards. They also tend to be larger, faster growing and more leveraged than non-issuing firms in Arab countries.     

IS A SOCIAL EMPOWERMENT OF PPP FOR INFRASTRUCTURE DELIVERY POSSIBLE? LESSONS FROM SOCIAL IMPACT BONDS

Social Impact Bonds (SIBs) have emerged in recent years as outcome‐based public‐private partnerships (PPP) for the delivery of welfare services, where the payment to the private operator is linked to the achievement of superior social impact. Since the traditional infrastructure‐based PPP approach seems to have failed to achieve higher level of efficiency and, above all, effectiveness, this paper discusses the extent to which the SIB model can represent a reference point to innovate the PPP model by introducing more focus on outcome achievement and social value generation.     

How do relational bonds affect user engagement in e-commerce livestreaming? The mediating role of trust

E-commerce livestreaming depends heavily on user engagement. However, the effect of relational bonds (i.e., financial bonds, social bonds, and structural bonds) on user engagement in e-commerce livestreaming has not been well understood. Our study develops a conceptual model to investigate the impacts of relational bonds on user engagement and addresses the mediating role of trust. We collected data from users of the DianTao App. The results show that social bonds and structural bonds positively affect user engagement, while financial bonds have no direct impact on user engagement. Financial bonds, social bonds, and structural bonds are positively related to trust in the broadcaster. Similarly, financial bonds, social bonds, and structural bonds are also positively associated with trust in the platform. Furthermore, trust in the broadcaster and trust in the platform directly affects user engagement, fully mediating the impact of financial bonds on user engagement, while partially mediating the impacts of social bonds and structural bonds on user engagement. In addition, we find that experience moderates the mediating effects of trust between relational bonds and user engagement. The findings of this study provide useful insights for operators who should invest in building relational bonds and user trust to improve user engagement in e-commerce livestreaming.     

On the corporate use of green bonds

When do wholesalers issue green bonds to finance their socially responsible activities instead of charging a premium for the products they produce? We show that in less competitive retail markets when retailers can “skim” more of the premium that end consumers pay for socially responsible products, green bonds provide additional funds to help cover the cost of a wholesaler's socially responsible activities. Similar incentives arise if the wholesaler's input is a small component of the end consumers’ product, or if it is difficult for end consumers to identify the wholesaler's socially responsible activities.     

The cost of firms’ debt financing and the global financial crisis

We provide an assessment of the determinants of the risk premium paid by non-financial corporations on long-term bonds. By looking at 5500 issues over the period 2005–2012, we find that in recent years the sovereign debt market turbulence has been a major driver of corporate risk. Compared with the three-year period 2005–2007 before the global financial crisis, in the years 2010–2012 Italian, Spanish and Portuguese firms paid on average between 70 and 120 basis points of additional premium due to the negative spillovers from the sovereign debt crisis, while German firms received a discount of 40 basis points.     

城投债对地区产能过剩的影响：促进还是抑制*

在构建城投债影响产能过剩的理论基础上，以我国2004-2016年地级市面板数据为样本，本文检验了城投债影响产能过剩的具体效应和相关机制。研究发现：城投债与地区产能过剩之间呈现U型关系；其中城投债对产能过剩的影响在中西部地区、南方地区、大城市和金融危机爆发后更为显著；机制检验表明，地方政府借助城投债压低工业用地价格和投资交通基础设施会加剧产能过剩，且压低工业用地价格带来的效应更为严重。因此，本文从适度控制债务规模、改善体制激励措施和完善要素定价机制等方面提出相应建议。