摘要
防范与化解企业债务违约风险是维持资本市场稳定、防范系统性金融风险的重要途径之一。本文在构建传统五部门一般均衡模型的基础上,将宏观审慎监管以及企业风险的行为方程纳入理论模型,研究宏观审慎监管对企业风险的影响及传导路径。在此基础上,基于非金融上市公司的面板数据进行实证检验,并从信贷收缩效应、损失规避效应、融资环境稳定效应三个角度分析了其影响机制并及探讨了企业异质性问题。研究发现,宏观审慎监管抑制了企业的债务违约风险,且企业的融资约束越低,风险变化趋势对宏观审慎越敏感;宏观审慎监管能够有效规范银行信贷行为和企业金融化,形成良好的融资环境,从而降低企业的债务违约风险。本文丰富了宏观审慎监管和企业债务违约风险的相关研究,并从宏观监管的视角为进一步抑制企业违约风险提供了新的思路和依据。
Preventing and resolving the risk of corporate debt default is one of the important ways to maintain the stability of capital market and prevent systemic financial risks.Based on the traditional five-sector equilibrium model, this paper incorporats the behavior equation of macro-prudential regulation and enterprise risk into the theoretical model and studies the influence and conduction path of macro-prudential regulation on enterprise risk.Based on the panel data of non-financial listed companies, this paper analyzes the transmission mechanism from three perspectives: credit contraction effect, credit cost constraint effect and loss aversion effect and discusses the problem of firm heterogeneity.The results show that macro-prudential supervision effectively inhibits the increase of corporate debt default risk, and the stronger the level of financing restrictions, the more sensitive the trend of corporate risk change to macro-prudential;Macro-prudential regulation can reduce the risk of corporate debt default by reducing the scale of bank credit, increasing the cost of credit and weakening the degree of corporate financing.This paper enriches the study of macro-prudential regulation and corporate debt default risk and provides new clues and basis for further restraining corporate default risk from the perspective of macro-regulation.
作者
张庆君
陈思
何德旭
ZHANG Qingjun;CHEN Si;HE Dexu(School of Finance,Tianjin University of Finance and Economics,Tianjin 3002221,China;Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100028,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2022年第5期69-83,共15页
Journal of Zhongnan University of Economics and Law
基金
国家社会科学基金项目“非金融上市公司债务违约风险生成机制及溢出效应研究”(20FJYB003)。
关键词
宏观审慎
银行信贷
企业金融化
融资环境
企业债务违约
Macro-prudential
Bank Credit
Cost of Credit
Corporate Financing
Corporate Debt Default
