央行参与下的国债市场流动性机制研究

国债市场流动性决定政府融资成本，高风险的金融产品定价基准，以及央行货币政策有效实施，一个发达、深度的国债市场对建立成熟的金融体系意义重大。本文通过把作为市场参与，及公共信息和服务提供双重角色的央行纳入国债市场交易过程框架内，建立模型并实证模拟分析市场流动性产生的根源，表现和影响因素。     

论资本成本的不同约束性对中外公司融资偏好的影响

鉴于我国公司的融资偏好与西方国家完全相反,黄少安、张岗在《中国上市公司股权融资偏好分析》一文中认为其直接动因在于股权融资的成本大大低于债务融资的成本,但同时在文中对资本成本与融资成本这两个不同的概念进行了混用,进而甚至可以推论出公司股权融资的资本成本小于债     

量化宽松货币政策对公共债务管理的影响、风险及其启示

金融危机爆发后,量化宽松货币政策从三个方面影响了公共债务:央行向财政部上缴铸币税;降低再融资成本;刺激经济增长增加财政收入,从而有效提高公共债务的可持续水平。在此过程中,国债市场同时承担了货币政策传导和政府融资功能,中央银行致力于将投资者的资金从长期国债市场挤入短期资本市场,降低投资者的债务久期,而公共债务管理者则试图在低利率环境下发行长期债券延长债务久期,降低债务成本,二者的政策效果在一定程度上相互抵消。随着发达国家相继退出量化宽松货币政策,国债利息将会迅速增长,潜在风险不容忽视。对中国而言,未来需要进一步深化国内债券市场;降低主权债务管理与货币政策、金融稳定的潜在冲突,建立国家层面的资产负债表管理框架。     

中国证券市场非均衡发展的经济分析

一、证券市场的非均衡发展证券市场包括股票市场和债券市场，其中债券市场主要包括国债市场和企业债券市场。９０年代以后，我国证券市场获得长足发展，对推动企业融资机制的转换，优化资源配置发挥了重要作用。但从证券市场的结构看，发展不平衡问题十分突出，表现为股票...     

内外联动 完善公司法人治理结构

通过阐述市场确定价格和成本倒逼 ,导出企业通过推行降低采购成本、技术成本、质量成本、制造成本和提高管理效率 ,从而达到成本低于行业平均水平的目标 ,增强企业竞争能力的目的。     

我国上市公司融资偏好的生成机理和治理策略

我国上市公司的直接融资结构明显偏重于股权融资,主要是基于"股权稀释"的安排,势必导致社会资源低效配置、融资后的投资回报率低、企业经营业绩趋于下降等负作用。其生成机理在于股权融资实际成本低,资本市场信息不对称的逆向选择,没能真正建立现代企业制度以及证券市场对经理     

国债回购交易的作用与发展思考

国债回购交易的作用与发展思考文／杨熹国债回购交易是以国债为基础的融资融券方式，是国债二级市场的派生交易形式。国债回购交易自近年开办以来发展迅猛。目前，全国几乎全部集中性证券交易场所均开辟了国债回购业务，很多证券较发达城市也开始了社会个人回购业务的尝试...     

企债市场为何不火

在股票和国债‘风风火火闯九州’、国际资本市场债券融资方兴未艾的今天,我国的企业债券市场却似乎成了被人遗忘的的角落。     

论中国资本市场的国际接轨问题

本文从市场准入、内地企业到境外融资和金融监管体制角度论述了我国资本市场如何同国际接轨问题,指出应尽快推行合格的境外机构投资者制度,允许外资直接投资、入股或以技术股参与国内资本市场的重组并购和改革,鼓励建立以市场为导向的金融企业、保险业及咨询中介机构的合作。     

发展我国企业债券市场的几点思考

同股票市场和国债市场的“门庭若市”相比,企业债券市场发展相对缓慢、规模较小,徘徊于低水平均衡的陷阱,从而导致资本市场结构不合理的扭曲状态。这与国外成熟市场经济国家企业融资方式选择的次序“内源融资-债务融资-股权融资”相背离。本文指出了我国企业债券市场存在的一些问题及原因,探讨了进一步完善发展我国企业债券市场的有效措施。     

成本视角下的乡村债务问题分析

从成本的角度上分析,巨额乡村债务产生的主要原因在于改革成本及农村公共产品成本在中央与地方的不合理分担、乡村行政运行成本过高、“形象工程“导致的沉没成本过大以及债务利息成本过重等几个方面.减少或合理分担债务形成成本是化解乡村债务的一个新的思路.     

Outside Blockholders' Monitoring of Management and Debt Financing: An Alternative Perspective

Liao ( 2015 ) argues that the monitoring by large outside shareholders (blockholders) exacerbates the conflict between debt and equity and in turn affects the choice and structure of debt financing. The study contends that private debt is more immune to the increase in debt‐equity conflict. Consistent with this argument, companies with outside blockholders are inclined to issue private debt over public debt. Further, private debt exhibits less price protection but relies on more protective covenants than does public debt. The findings are interesting and intuitive. I evaluate the economic arguments in the paper and discuss some of the challenges that the study faces. My conclusion is that the interpretation of the results is more complex than the one the study presents. I offer a broader framework that can be used to shed light on why the governance structure combines equity blockholders and private debt issuance. I also discuss several questions to be addressed by future research.     

环境信息披露与企业债务融资成本关系的研究——基于内部控制质量的中介效应

社会公众对实现可持续发展的愿望日益强烈,要求企业进行绿色生产的呼声越来越高,我国企业面临更加严重的环境压力。以化学制品制造业2015-2017年数据进行回归分析,研究环境信息披露与债务融资成本之间的关系问题。研究发现,进行环境信息披露能够显著降低债务融资成本,涉及具体数据的环境信息对降低企业的债务融资成本的影响更大。同时,企业内部控制质量也在其中发挥着重要的中介作用。最后,从政府和企业角度提出针对性的建议。     

新农村建设中公共支出问题探讨

公共支出是政府职能行为的成本,反映了政府的政策选择。由于历史原因,现阶段“三农”问题带来的社会矛盾依然突出,在这样的背景下建设新农村,公共支出是最直接、最有效的方式。扩大财政对农村和农业的支出规模,优化公共支出的结构,是解决好“三农”问题,促进新农村建设的重要保证。文章就新农村建设中扩大财政支农规模的必要性及可行性进行了相关分析,并提出了公共支出在新农村建设中的着力点。     

Determinants of public debt maturities

Summary This paper studies financing strategies which underlie the maturity structure of the public debt. Three important objectives for domestic public debt management are distinguished: interest cost reduction, economic stabilization and economic neutrality. The strategies which can be associated with these objectives are incorporated in a simple debt management model, which has been tested empirically for the case of The Netherlands. Variations in debt maturities between 1960 and 1985 appear to be related to changes in capital market conditions, investment preferences and expected real interest rates.I would like to thank Jakob de Haan, Victor Halberstadt, Robert Haveman, Jeroen Kremers, Gusta Renes, Ben van Velthoven and two referees for valuable comments. Research assistance by Marlies Pel is gratefully acknowledged.     

Effects of Exchange Rates on Debt, Debt Services and Public Debt Management in Thailand in the 1980s

This paper attempts to evaluate the effects of exchange rates on debt, debt services, and public debt management in Thailand in the 1980s. A simple differentiation technique is used to decompose the changes in debt and debt services into 'management' and 'exchange rates' effects. The latter became more pronounced in the second half of the 1980s largely because of the increased volatility in exchange rates among key currencies. The public sector responded to these changes by adjusting the debt portfolio through new commitment and refinancing, as well as restricting the level of external debt. As a result, a significant amount of debt services was saved in 1989, when the exchange rates among major currencies began to settle down, although the same adjustments initially led to temporary increases in the levels of debt and debt services during the mid-1980s.
Moreover, the diversified structure of public external debt made it possible to compensate a change of debt or debt service in one currency denomination by a counter change of those in another currency denomination. Such a compensating relationship (e.g. between Yen and US dollar during 1985–87) helped stabilise the effects of exchange rates. The baht is now pegged to a basket of currencies. In theory the effects of exchange rates may be completely neutralised if the debt portfolio reflects the weight of each currency in the basket. Such relationships may be incorporated to improve the efficiency of public debt management.     

地方公债制度的引入与风险防范

在我国经济发展放缓的背景下,中央提出实行积极的财政政策。引入地方公债制度是我国推行积极财政政策的一个可行选择,然而,它的引入会带来一些潜在的风险。因此,我国地方公债的制度安排必须以债务风险控制为核心,遵循行政监管与市场化发行相结合的原则,建立健全政府信息公开制度,完善政府投融资体制和投资决策责任制,这也是建立风险防范机制的主要内容。     

Outside Blockholders' Monitoring of Management and Debt Financing

Corporate governance mechanisms designed to alleviate manager‐shareholder agency conflicts can worsen shareholder‐bondholder conflicts. This study examines how one such corporate governance mechanism, monitoring by large outside shareholders, influences the choice between public and private debt. I conjecture and find that firms with higher outside blockholdings are inclined to choose bank loans over public debt when they borrow, consistent with the notion that banks are better monitors than public debt markets. I also find that bank loans carry less price protection than corporate bonds against increased agency risk associated with outside blocks. Corroborating the monitoring story, I document that bank loans contain more accounting‐based covenants and dividend restriction provisions for firms with higher outside blockholdings than for those with lower blockholdings. I find no such relation for public debt covenants. This supports that banks' monitoring of their loans counters the agency risk caused by blockholders. This study extends prior research that associates governance mechanisms with agency costs of debt, by incorporating lenders' differential monitoring mechanisms in the overall corporate governance system.     

可转换债券发行时机实证研究

本文采用实证研究方法,对我国可转换债券的时机选择问题进行了研究。研究结果表明:a.我国企业发行可转换债券,偏好权益市场收益率较高的月度;b.企业发行可转换债券的时机选择与企业长期债券收益率(或成本)的变化之间不存在必然的联系;c.企业发行可转换债券时,普遍不存在严重的代理冲突问题。     

Struggle for survival in credit crunch: The effect of interest rate deregulation in China

This study investigates how interest rate deregulation affects firms' financing choice between bank debt and public debt. Our analysis exploits China's 2013 bank interest rate floor deregulation as an exogenous shock to the supply of bank credit. Using a difference-in-difference design, we find that firms with higher default risk substitute away from bank loan and switch to public debt after the 2013 deregulation. However, this substitution to public debt is limited, leading to a dramatic decline in debt ratio. Our result also demonstrates that the effect on firms' public debt financing is more pronounced for firms with better information environments, suggesting that good information environment is an important prerequisite for making the switch. This switching, contradicting to traditional financing framework that high-risk firms prefer bank loans, inevitably is costly. Compared with low-risk firms, bonds issued by high-risk firms have significantly higher spreads, a higher likelihood of being secured, and a higher tendency of including an interest-adjusted clause. More importantly, we also document that high-risk firms subsequently improve their information transparency after the interest rate deregulation. Our findings highlight the role of interest rate deregulation in firms' financing choice and illustrate that firms incur high switching costs when their choice deviates from the optimal financing choice.