Corporate foreign bond issuance and interfirm loans in China

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2024-07-25 DOI:10.1016/j.jinteco.2024.103975

Yi Huang , Ugo Panizza , Richard Portes

引用次数: 0

Abstract

We use firm-level data to analyze international bond issuance by Chinese non-financial corporations, distinguishing those by sectors classed as ‘risky’. Dollar issuance is positively correlated with the differential between domestic and foreign interest rates, and this effect is particularly strong for firms in risky sectors. Strikingly, firms in risky sectors use the proceeds to do more interfirm lending than firms in non-risky sectors. Moreover, this lending rose significantly after the authorities sought to restrict the financial activities of risky sectors in 2008–09. Firms in risky sectors compound risk by engaging in speculative activities that mimic the behavior of financial institutions while escaping prudential regulation.

查看原文本刊更多论文

中国企业境外债券发行和企业间贷款

我们利用企业层面的数据分析了中国非金融企业的国际债券发行情况，并对 "高风险 "行业的债券发行情况进行了区分。美元发行量与国内外利率差呈正相关，这种效应对风险行业的企业尤为明显。引人注目的是，与非风险行业的公司相比，风险行业的公司利用所得资金进行公司间借贷的情况更多。此外，2008-09 年当局试图限制风险部门的金融活动后，这种借贷大幅增加。风险部门的公司在逃避审慎监管的同时，还模仿金融机构的行为从事投机活动，从而加剧了风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.