| This thesis is based on main issue of2005-2012in China’s capital market public offering of enterprise bonds, corporate bonds, medium-term notes and commercial paper and other debt financing instruments and these four products related characteristic data, combined with the time period macroeconomic data, such as economic growth, foreign direct investment, investment in fixed assets, labor, and so on, coupled with reference to the various provinces in the process of marketization index database data, after state the main research purpose of this article deeply-China’s regional direct debt financing tool performance and its influencing factors, from the province market economy system reform process, the development of capital markets angle describes the practical significance to study the issue; On this basis, we from the information asymmetry, adverse selection, moral hazard, monitoring, reputation, financial regulation and regional economic development perspective review of the existing literature, we also analyzed the characteristics of the development of the debt financing instruments, effects and existing problems and its influencing factors, we put forward the innovation of this paper. On the basis of statistics describe current situation of the development of China regional debt financing tools and the Chinese provinces of market-oriented process, we use the logit model, mixed-sectional data model and other means of econometrics, using empirical method to research the debt financing tools for enterprises, provinces economic effects; using empirical method examines the factors affecting the choice of debt financing instruments.Our main conclusions are:(1) after analysis the development of regional debt financing instruments for china by means of statistical description, we concluded that although the overall debt financing instruments in our country has achieved rapid development, however, no matter from four types of debt financing instruments of publishing or issuing scale perspective, the economically developed eastern coastal areas account for the absolute leader, the rapid development of debt financing instruments, while the lower level of economic development of the western region is relatively undeveloped debt financing instruments, which indicates that the development of our debt financing instruments showing regional differences; followed by debt financing instruments in the development of the individual provinces, the provinces of the western and central regions may be better than the eastern region province.(2) After statistical analysis the provinces of China market index data, we believe that:between1997and2007, first of all, the overall process of our provinces marketization in China have made significant progress; the first-level indicators of relationship between the government and the market, non-state-owned economy, the degree of development of the product market, factor markets, the degree of development and market intermediary organizations, the degree of development and legal system environment have achieved remarkable progress, among them the development of non-state economic development, the degree of development of the market intermediary organizations, the legal system environment and market development degree progress faster; Secondly, the degree of market gap between the provinces is very significant, showing the eastern part the marketization process faster, the slow development of the western region of the phenomenon, and this gap continues to grow. We believe that this process of marketization differences is an important factor which leads to the differences of debt financing instruments in regional development; Third, reducing government intervention in business, the competition in the financial sector, credit funds allocated market-oriented, lawyers and accountants market organizational conditions of service and the help of industry associations to enterprise, those five secondary indicators are significant difference between provinces, these differences in financial services is another important factor which leads to debt financing instruments of inter-regional development unbalance.(3) Using our country2005-2012annual issuance of enterprise bonds, corporate bonds, medium-term notes and short-term financing bills and other four kinds of debt financing instruments enterprise financial data as the research object, by use of mixed-sectional data model, based on the enterprise’s own micro-perspective, through the empirical method to study the effect of the issuance of debt financing instruments to enhance corporate performance. We found that: Overall, the issue of debt financing instruments significantly improve business performance; specifically, the issuance of corporate bonds play a negative effect on firm performance, and the issuance of corporate bonds, medium-term notes and short-term financing bills play an active role on firm performance; by estimated the cross-term about the debt financing instruments find that, private and foreign-funded enterprises have more effect than state-owned enterprises; secured debt financing instruments more than unsecured can improve corporate performance. Further, using the ROE as a proxy variable of corporate performance robustness test, the results show that the variables estimates of the coefficients and significant compared with the previous empirical results, the difference is not big, which was proved the robustness of the empirical results in this paper.(4) Using Chinese31provinces annual data from2005to2011in terms of economic growth and investment in fixed assets, and during this period in all provinces registered enterprises to issue various types of debt financing instruments of related data as the research object, using a mix of econometrics sectional data model, based on a macro view of the various provinces, using the empirical method to test the effect of the development of debt financing instruments for regional economic development, we found that:first, as a whole, the scale of debt financing instruments issued each increase of one unit, which will promote the economic growth of the province increased by0.007units; labor, fixed assets investment, foreign direct investment, and the province’s economic degree of opening to the world all can promote economic development, by comparison the coefficients of these four variables, we can see that these variables exist significant different effects in the regional economic growth;Secondly, by using the enterprises whether to issue corporate bonds, corporate bonds, medium-term notes and short-term financing bills, four types of debt financing instruments dummy variables to measure the development of debt financing instruments and then to estimate the model, in addition to the medium-term notes coefficient is not significant, the rest of the three types of debt financing instruments all have positive effects on economic growth; in accordance with the enterprise province divided into eastern, central and western three regions, then estimated model derived from that the effect of debt financing instruments to promote economic growth exit regional differences, specifically, the effect of the eastern region is largest, followed by the central region, the western is minimum area; finally, the article uses provinces per capita real GDP growth rate replace regional economic development, by the robustness test, found that the results of our empirical model is robust.Based on the angle of the main issue of the microscopic and debt financing instruments design features, combined with the external environment of regional economic development, local government legal environment, competition in the financial markets and intermediaries tissue development and other macro-level perspective, by using the econometric logit analysis model, using micro enterprises and macro provinces from2005to2007and other relevant data, corporate bonds, corporate bonds and short-term financing bonds and other debt financing instruments for the analysis object, using the empirical method considering the influence factors about the development of regional debt financing instruments. The empirical results show that:For the option of the Issuer in terms of the impact factors of corporate bond financing:firm size increased by one unit, will lead to the possibility of the issuance of enterprise bonds increased to0.683; enterprise profitability each increase of one unit, will lead to the possibility of the issuance of enterprise bonds increased to0.547; issue rate of corporate bonds increased by one unit, will lead to the possibility of the issuance of enterprise bonds decreased by6.131units; province degree of market each increased by one unit, will lead to the possibility of the issuance of enterprise bonds decreased by0.498units; province degree of competition in the financial industry increased by one unit, will makes the possibility of the issuance of enterprise bonds reduced by0.446units.For the influence factors of issuers choose corporate bond financing:the larger the company, the more reluctant to adopt the issuance of corporate bonds financing; company’s profitability each increase of one unit, the possibility of companies issue bonds increased by0.547; corporate bonds issuing interest rate increased by one unit, will lead to the possibility of issuing corporate bonds reduce14.277units; province government intervention in economic behavior for each unit lower, the possibility of companies issue bonds increased by8.125units; Province degree of market each increase of one unit, will promote the possibility of the issuance of corporate bonds increased by3.806units; Province environmental legal system perfect degree for each unit increase, will lead to the possibility of companies issuing corporate bonds increased by1.407units; Province financial the degree of competition each increase of one unit, will lead to the possibility of the company to issue corporate bonds increased by2.155units.For issuers choose the influencing factors in terms of short-term financing bills financing:the larger the company, the company is more willing to adopt the issuance of short-financing instruments financing; enterprise profitability for every promotion unit, enterprises to choose the possibility of short-term financing bonds financing is increased.by0.433units; short-term financing bonds issued interest rate increased by one unit, will lead to the possibility of issuing short-term financing bonds decreased by6.502units; province government intervention in economic behavior for every one unit lower will force enterprises to choose the possibility of the financing of short-term financing bonds increased by0.04units; province degree of market each increase of one unit, will promote the issue of the possibility of short-term financing bonds increased by0.570units; province environmental legal system perfect degree for each unit increase, will lead to the possibility that enterprises issuing short-term financing bonds increased by1.426units; province financial industry competition degree for each unit increase, will encourage enterprises to the possibility of issuing short-term financing bills increased by0.509units.After contrast analysis of these three kinds of estimation results concluded that:first, the scale of the issuers variables influence its debt financing tool selection effects exist difference, negative correlation with corporate bonds, positive correlation with short-term financing bonds, enterprise bonds; next, the marketization of the local economy for enterprises to choose what kind of debt financing instruments also presents diversity, the influence of its and corporate bonds, short-term financing bonds show significant positive correlation, and showed significant negative correlation with corporate bonds; province financial industry competition and corporate bonds, short-term financing bonds show significant positive correlation, and showed significant negative correlation with corporate bonds. Therefore, these variables affect the effect of debt financing tool of difference. The impact of these variables on debt financing instrument to select show differences.Further, by adopting the above three kinds of debt financing instruments of issuance as explanatory variables, using real GDP per capita as a proxy variables to measure the behavior of government intervention in the economy, according to the results of robustness testing, in addition to the individual estimated coefficient is not significant, most of the explanatory variables coefficient signs were similar, we verify the empirical results of the study has the robustness.the innovation of this paper:First of all, the article research perspective is relatively new, and different from the national level study angle, this article is based on China’s31provinces level, from the province comparative analysis research perspectives, to explore the issues of the development of debt financing instruments, draw some useful research conclusion, a possible reference for understanding the regional economic development and capital market development.Secondly, the article uses the latest bond market data. This makes the conclusion of our study has better targeted and higher academic value.Third, based on a measure China provinces marketization, financial industry competition, government intervention in economic activities and market intermediary services development of more objective and comprehensive data, we re-examine the difference of the provinces in the process of marketization. On this basis, the paper studies the effect of debt financing instruments of inter-regional development, which makes our research conclusion more reference value. |
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