短期国际资本流动与我国上市企业融资成本
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| Title | Short Term Global Capital Flow and Local Cost of Debt
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| 作者 | 韩乾 袁宇菲 吴博强 |
| Author | Han Qian,Yuan Yufei and Wu Boqiang |
| 作者单位 | 厦门大学 |
| Organization | XIAMEN University |
| 作者Email | hanqian@gmail.com；yyuanwise@gmail.com；wuboqiang@gmail.com |
| 中文关键词 | 短期国际资本流动 国际热钱 融资成本 金融全球化 |
| Key Words | Emerging Markets, Short-term Global Capital Flow, Cost of Debt; Financial Globalization |
| 内容提要 | 随着当今国际金融一体化日益加深，研究短期国际资本流动（热钱）对资本接收国，特别是对新兴市场国家的影响显得尤其重要。本文使用中国上市公司的财务数据来研究热钱对我国上市企业融资成本的影响。研究结果显示热钱对我国企业的融资成本有显著的影响，并且这种影响与企业所在城市的开放程度密切相关。这主要是因为部分热钱通过虚假贸易进出我国银行系统而造成的。进一步地，我们探究了热钱对不同行业的不同影响，发现制造业企业的融资成本对热钱最为敏感。 |
| Abstract | Despite the expanding international financial integration, there is a lack of rigorous research on how the global flow of capital influences the recipient countries, especially emerging markets. We explore this topic using a data set of the corporate financing of Chinese publicly listed firms. The results of our analysis indicate that short-term global capital flow (SGCF) significantly affects the cost of debt for Chinese firms, and the regional heterogeneity of the effect is related to the openness of the cities in which the firms are located. This finding suggests that SGCF affects the liquidity of the local banking sectors of the cities into which it flows. We further examine the effect of SGCF on different industries and find that the cost of debt in the manufacturing sector is the most sensitive to SGCF. |
| 文章编号 | WP942 |
| 登载时间 | 2015-11-03 |
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