中美贸易摩擦与我国企业外债融资成本

本文利用 2010 年 1 月至 2020 年 6 月我国企业外债数据和中美贸易摩擦相关数据，实证分析了中美贸易摩擦对我国企业外债融资成本的影响机制。研究发现，中美贸易摩擦会显著增加我国企业外债的发行利率，但对外债的额度和期限均不存在显著性影响。中美贸易摩擦发生后，我国企业外债的发行利率约增加 1.276%。在进行安慰剂检验、以及考虑发债企业信用评级、贸易摩擦影响的时滞性、中美加征关税税额等因素的影响下，该结论仍然成立。进一步研究发现，中美贸易摩擦会通过避险情绪、汇率波动和关税成本等渠道影响我国企业外债融资成本。最后，文章就中美贸易摩擦下完善外债风险管理、降低企业跨境融资成本提出政策建议。

Sino-US Trade Friction and the Cost of External Debts

Based on the data of external debts of Chinese enterprises and Sino-US economic and trade frictions, this paper empirically analyzes the influence of Sino-US trade frictions on the cost of Chinese enterprises'' external debt. The results show: (1) The trade friction between China and the United States will significantly increase the interest rate of external debts of Chinese enterprises, however, the impact on the amount and maturity are not significant. After the Sino-US trade friction, the interest rate of external debts increased by 1.276%. (2) Sino-US trade friction affect the cost of Chinese enterprises'' external debt through the channels of risk aversion, exchange rate fluctuation and tariff cost. Based on the empirical results, the paper puts forward several suggestions.