本文選題：債務(wù)融資工具 + 公司績(jī)效�。� 參考：《西南財(cái)經(jīng)大學(xué)》2013年博士論文

【摘要】：本論文基于2005-2012年間在我國(guó)資本市場(chǎng)上公開發(fā)行企業(yè)債券、公司債券、中期票據(jù)和短期融資券等債務(wù)融資工具的發(fā)行主體及這四類產(chǎn)品本身的相關(guān)特征數(shù)據(jù),結(jié)合該時(shí)間段各省份的經(jīng)濟(jì)增長(zhǎng)、外商直接投資、固定資產(chǎn)投資及勞動(dòng)力等宏觀數(shù)據(jù),加之引用各省份市場(chǎng)化進(jìn)程指數(shù)數(shù)據(jù)庫(kù)相關(guān)數(shù)據(jù),在深入闡述本文的主要研究目的——中國(guó)區(qū)域間直接債務(wù)融資工具的績(jī)效及其影響因素——之后,從省份市場(chǎng)經(jīng)濟(jì)體制改革歷程、資本市場(chǎng)發(fā)展等多個(gè)角度闡述了研究該問題的現(xiàn)實(shí)意義；在此基礎(chǔ)上,本文從信息不對(duì)稱、逆向選擇,道德風(fēng)險(xiǎn)、監(jiān)督、聲譽(yù)、金融管制和區(qū)域經(jīng)濟(jì)發(fā)展等諸多視角評(píng)述了現(xiàn)有文獻(xiàn),本文還分析了債務(wù)融資工具的發(fā)展特征、作用效果和存在問題及其影響因素,作者提出了本論文的創(chuàng)新點(diǎn)。在統(tǒng)計(jì)描述中國(guó)區(qū)域債務(wù)融資工具發(fā)展現(xiàn)狀及中國(guó)省份市場(chǎng)化進(jìn)程的基礎(chǔ)上,本文采用logit模型、混合截面數(shù)據(jù)模型等多種計(jì)量經(jīng)濟(jì)學(xué)手段,實(shí)證研究了債務(wù)融資工具對(duì)企業(yè)、省份經(jīng)濟(jì)的作用效果；實(shí)證考察了債務(wù)融資工具選擇的影響因素。本文的主要結(jié)論有： (1)通過采用統(tǒng)計(jì)描述對(duì)中國(guó)區(qū)域債務(wù)融資工具發(fā)展現(xiàn)狀分析后得出,盡管整體上我國(guó)債務(wù)融資工具取得了飛速發(fā)展,然而,無(wú)論從四類債務(wù)融資工具的發(fā)行期數(shù)還是發(fā)行規(guī)模角度而言,經(jīng)濟(jì)發(fā)達(dá)的東部沿海地區(qū)均占絕對(duì)領(lǐng)先地位,債務(wù)融資工具發(fā)展較快,而經(jīng)濟(jì)發(fā)展水平較低的西部地區(qū)債務(wù)融資工具發(fā)展相對(duì)落后,這表明我國(guó)債務(wù)融資工具發(fā)展呈現(xiàn)區(qū)域差異性；其次,就單個(gè)省份的債務(wù)融資工具發(fā)展情況而言,西部及中部地區(qū)省份可能較東部地區(qū)省份更好,這反映了省份間債務(wù)融資工具發(fā)展并非單純因地緣因素而呈現(xiàn)發(fā)展差距。 (2)在對(duì)中國(guó)各省份市場(chǎng)化指數(shù)數(shù)據(jù)進(jìn)行統(tǒng)計(jì)分析后,筆者認(rèn)為’：1997-2007年間,首先,總體上我國(guó)各省份市場(chǎng)化進(jìn)程均取得了明顯進(jìn)展；政府與市場(chǎng)的關(guān)系、非國(guó)有經(jīng)濟(jì)發(fā)展、產(chǎn)品市場(chǎng)發(fā)育程度、要素市場(chǎng)發(fā)育程度及市場(chǎng)中介組織發(fā)育程度和法律制度環(huán)境等5個(gè)一級(jí)指標(biāo)均取得了明顯的進(jìn)步,其中,進(jìn)步較快的為非國(guó)有經(jīng)濟(jì)發(fā)展、市場(chǎng)中介組織發(fā)育程度、法律制度環(huán)境和產(chǎn)品市場(chǎng)發(fā)育程度等；其次,省份間的市場(chǎng)化程度差距十分顯著,呈現(xiàn)出東部地區(qū)市場(chǎng)化進(jìn)程較快,西部地區(qū)市場(chǎng)化進(jìn)程發(fā)展緩慢的現(xiàn)象,并且這種差距在不斷擴(kuò)大。筆者認(rèn)為,這種市場(chǎng)化進(jìn)程差異是導(dǎo)致我國(guó)債務(wù)融資工具在區(qū)域間發(fā)展差異的一個(gè)重要因素；其三,減少政府對(duì)企業(yè)的干預(yù)、金融業(yè)競(jìng)爭(zhēng)、信貸資金分配市場(chǎng)化、律師及會(huì)計(jì)師等市場(chǎng)組織服務(wù)條件和行業(yè)協(xié)會(huì)對(duì)企業(yè)幫助程度等5個(gè)二級(jí)指標(biāo)在省份間的差異也較為顯著,這些在金融服務(wù)方面的差異是導(dǎo)致債務(wù)融資工具區(qū)域間發(fā)展不平衡的另一個(gè)較為重要的因素。 (3)以我國(guó)2005-2012年度發(fā)行企業(yè)債券、公司債券、中期票據(jù)和短期融資券等四類債務(wù)融資工具的企業(yè)相關(guān)財(cái)務(wù)數(shù)據(jù)為研究對(duì)象,采用混合截面數(shù)據(jù)模型,基于企業(yè)自身的微觀視角,實(shí)證研究了發(fā)行債務(wù)融資工具對(duì)提升企業(yè)績(jī)效的作用效果。筆者發(fā)現(xiàn)：整體而言,發(fā)行債務(wù)融資工具顯著提高了企業(yè)績(jī)效；具體來(lái)看,發(fā)行企業(yè)債券對(duì)企業(yè)績(jī)效起到負(fù)向效果,而發(fā)行公司債券、中期票據(jù)和短期融資券對(duì)企業(yè)績(jī)效起到積極促進(jìn)作用；通過將債務(wù)融資工具與企業(yè)所有制性質(zhì)、債務(wù)融資工具的擔(dān)保情況作交叉項(xiàng)進(jìn)行估計(jì)后發(fā)現(xiàn),在估算發(fā)行債務(wù)融資工具對(duì)企業(yè)績(jī)效提升的作用效果方面,對(duì)民營(yíng)及外資企業(yè)比對(duì)國(guó)有企業(yè)的作用效果較大；有擔(dān)保的債務(wù)融資工具比無(wú)擔(dān)保的更能夠促進(jìn)企業(yè)績(jī)效提高。進(jìn)一步地,采用凈資產(chǎn)收益率作為企業(yè)績(jī)效的代理變量進(jìn)行穩(wěn)健性檢驗(yàn),結(jié)果顯示,企業(yè)債務(wù)融資工具、企業(yè)所有制性質(zhì)及債務(wù)融資工具有無(wú)擔(dān)保等變量的估計(jì)系數(shù)及顯著性與前述實(shí)證結(jié)果相比,差別不大,由此驗(yàn)證了本文實(shí)證結(jié)果的穩(wěn)健性。 (4)利用中國(guó)31個(gè)省份2005-2011年經(jīng)濟(jì)增長(zhǎng)及固定資產(chǎn)投資等年度數(shù)據(jù)及在此期間在各個(gè)省份注冊(cè)的企業(yè)發(fā)行各類債務(wù)融資工具的相關(guān)數(shù)據(jù)為研究對(duì)象,采用計(jì)量經(jīng)濟(jì)學(xué)的混合截面數(shù)據(jù)模型,基于各省份的宏觀視角,實(shí)證檢驗(yàn)了債務(wù)融資工具發(fā)展對(duì)區(qū)域經(jīng)濟(jì)發(fā)展的作用效果。筆者發(fā)現(xiàn)：首先,整體來(lái)看,債務(wù)融資工具發(fā)行規(guī)模每提高1個(gè)單位,會(huì)促進(jìn)所在省份的經(jīng)濟(jì)增長(zhǎng)提高0.007個(gè)單位；勞動(dòng)力、固定資產(chǎn)投資、外商直接投資及省份經(jīng)濟(jì)對(duì)外開放程度等均能夠促進(jìn)經(jīng)濟(jì)發(fā)展,通過對(duì)比這四個(gè)變量的系數(shù)大小可以看出,這些變量在影響區(qū)域經(jīng)濟(jì)增長(zhǎng)方面的作用效果存在顯著差異；其次,通過采用企業(yè)是否發(fā)行企業(yè)債券、公司債券、中期票據(jù)及短期融資券等四類債務(wù)融資工具的虛擬變量來(lái)度量債務(wù)融資工具發(fā)展情況進(jìn)而對(duì)模型進(jìn)行估計(jì)后得出,除了中期票據(jù)的系數(shù)不顯著外,其余三類債務(wù)融資工具對(duì)經(jīng)濟(jì)發(fā)展均起到積極作用；第三,按照企業(yè)所在省份劃分東中西部三個(gè)區(qū)域,進(jìn)而分別估計(jì)模型得出,債務(wù)融資工具拉動(dòng)經(jīng)濟(jì)增長(zhǎng)的作用效果存在區(qū)域差異性,具體來(lái)看,東部地區(qū)的效果最大,其次是中部地區(qū),西部地區(qū)最��；最后,文章采用省份人均真實(shí)GDP的增長(zhǎng)率來(lái)代理區(qū)域經(jīng)濟(jì)發(fā)展這一變量,進(jìn)行穩(wěn)健性檢驗(yàn),發(fā)現(xiàn)本文的實(shí)證模型結(jié)果具有穩(wěn)健性。 (5)基于微觀的發(fā)行主體及債務(wù)融資工具設(shè)計(jì)等特征角度,結(jié)合區(qū)域經(jīng)濟(jì)發(fā)展外部環(huán)境、地方政府法制環(huán)境、金融市場(chǎng)競(jìng)爭(zhēng)及中介組織發(fā)育等多個(gè)宏觀層面視角,采用計(jì)量經(jīng)濟(jì)學(xué)的lologit分析模型,利用2005-2007年微觀企業(yè)、宏觀省份等相關(guān)數(shù)據(jù),以企業(yè)債券、公司債券及短期融資券等債務(wù)融資工具為分析對(duì)象,實(shí)證考察了債務(wù)融資工具區(qū)域間發(fā)展的影響因素。實(shí)證結(jié)果表明： 對(duì)于發(fā)行人選擇企業(yè)債券融資的影響因素而言：企業(yè)規(guī)模每提高一個(gè)單位,會(huì)促使企業(yè)發(fā)行企業(yè)債券的可能性提高為0.683；企業(yè)盈利能力每提升一個(gè)單位,會(huì)促使企業(yè)發(fā)行企業(yè)債券的可能性提高0.547；企業(yè)債券的發(fā)行利率每提高一個(gè)單位,會(huì)導(dǎo)致企業(yè)發(fā)行企業(yè)債券的可能性降低6.131個(gè)單位；所在省份市場(chǎng)化程度每提高一個(gè)單位,會(huì)導(dǎo)致企業(yè)發(fā)行企業(yè)債券的可能性降低0.498個(gè)單位；所在省份金融業(yè)競(jìng)爭(zhēng)程度每提高一個(gè)單位,會(huì)使得企業(yè)發(fā)行企業(yè)債券的可能性降低0.446個(gè)單位。 對(duì)于發(fā)行人選擇公司債券融資的影響因素而言：公司的規(guī)模越大,公司越不愿意采用發(fā)行公司債券融資；公司盈利能力每提升一個(gè)單位,公司發(fā)行公司債券的可能性就提高0.547；公司債券的發(fā)行利率每提高一個(gè)單位,會(huì)導(dǎo)致公司發(fā)行公司債券的可能性降低14.277個(gè)單位；所在省份政府干預(yù)經(jīng)濟(jì)行為每降低一個(gè)單位,會(huì)促使公司發(fā)行公司債券的可能性提高8.125個(gè)單位；所在省份市場(chǎng)化程度每提高一個(gè)單位,會(huì)促進(jìn)公司發(fā)行公司債券的可能性提高3.806個(gè)單位；所在省份法制環(huán)境完善程度每提高一個(gè)單位,會(huì)促使公司發(fā)行公司債券的可能性提高1.407個(gè)單位；所在省份金融業(yè)競(jìng)爭(zhēng)程度每提高一個(gè)單位,會(huì)促使公司發(fā)行公司債券的可能性提高2.155個(gè)單位。 對(duì)于發(fā)行人選擇短期融資券融資的影響因素而言：公司的規(guī)模越大,公司越愿意采用發(fā)行短期融資券這一融資工具進(jìn)行融資；企業(yè)盈利能力每提升一個(gè)單位,企業(yè)選擇短期融資券融資的可能性就提高0.433個(gè)單位；短期融資券的發(fā)行利率每提高一個(gè)單位,會(huì)導(dǎo)致發(fā)行短期融資券的可能性降低6.502個(gè)單位；度量所在省份政府干預(yù)經(jīng)濟(jì)行為的指標(biāo)每降低一個(gè)單位,會(huì)促使企業(yè)選擇短期融資券融資的可能性提高0.04個(gè)單位；所在省份市場(chǎng)化程度每提高一個(gè)單位,會(huì)促進(jìn)企業(yè)發(fā)行短期融資券的可能性提高0.570個(gè)單位；所在省份法制環(huán)境完善程度每提高一個(gè)單位,會(huì)促使企業(yè)發(fā)行短期融資券的可能性提高1.426個(gè)單位；所在省份金融業(yè)競(jìng)爭(zhēng)程度每提高一個(gè)單位,會(huì)促使企業(yè)發(fā)行短期融資券的可能性提高0.509個(gè)單位。 對(duì)比分析這三類估計(jì)結(jié)果后得出：首先,發(fā)行主體的規(guī)模變量影響其債務(wù)融資工具選擇的作用效果存在差異性,其與公司債券負(fù)相關(guān),與短期融資券、企業(yè)債券正相關(guān)；其次,地方經(jīng)濟(jì)的市場(chǎng)化程度對(duì)企業(yè)選擇何種債務(wù)融資工具的影響也呈現(xiàn)差異性,其與公司債券、短期融資券呈現(xiàn)顯著正相關(guān)關(guān)系,而與企業(yè)債券呈現(xiàn)顯著負(fù)相關(guān)關(guān)系；所在省份金融業(yè)競(jìng)爭(zhēng)情況與公司債券、短期融資券呈現(xiàn)顯著正相關(guān)關(guān)系,而與企業(yè)債券呈現(xiàn)顯著負(fù)相關(guān)關(guān)系。由此可見,這些變量影響債務(wù)融資工具選擇的作用效果呈現(xiàn)差異性。 進(jìn)一步地,通過采用上述三類債務(wù)融資工具的發(fā)行規(guī)模作為被解釋變量,采用人均實(shí)際GDP作為度量政府干預(yù)經(jīng)濟(jì)行為的代理變量進(jìn)行的穩(wěn)健性檢驗(yàn)結(jié)果顯示,除了個(gè)別估計(jì)系數(shù)不顯著外,大多數(shù)解釋變量的系數(shù)符號(hào)相差不大,由此筆者驗(yàn)證了文章中的實(shí)證結(jié)果具有穩(wěn)健性。 本論文的創(chuàng)新點(diǎn)主要有： 首先,文章研究視角較為新穎,與從國(guó)家層面研究角度不同,本文基于中國(guó)31個(gè)省份層面,從省份對(duì)比分析這一研究視角,探討了債務(wù)融資工具的發(fā)展問題,得出了一些可供參考的研究結(jié)論,為理解區(qū)域經(jīng)濟(jì)發(fā)展及資本市場(chǎng)發(fā)展提供了可能的借鑒意義。 其次,文章采用了最新的債券市場(chǎng)數(shù)據(jù)。這使得本文的研究結(jié)論具有更強(qiáng)的針對(duì)性和更高的學(xué)術(shù)價(jià)值。 第三,基于一項(xiàng)度量中國(guó)省份市場(chǎng)化、金融業(yè)競(jìng)爭(zhēng)、政府干預(yù)經(jīng)濟(jì)行為及市場(chǎng)中介服務(wù)發(fā)展等較為客觀、全面的數(shù)據(jù),文章重新審視了省份市場(chǎng)化進(jìn)程的差異。在此基礎(chǔ)上,論文研究了其對(duì)債務(wù)融資工具區(qū)域間發(fā)展的不同作用效果,這使得本文的研究結(jié)論更具有借鑒價(jià)值。
[Abstract]:This paper is based on the issuing subject of debt financing tools such as corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers in China's capital market in the past 2005-2012 years, and the related characteristics of the four types of products themselves, combining the economic growth, foreign direct investment, fixed assets investment and labor force in the provinces of this period. Macro data, coupled with the related data of the index database of the market process in various provinces, expounds the main research aim of this paper, the performance of the interregional direct debt financing tools in China and its influencing factors, and then expounds the research from the reform process of the province market economy system, the development of the capital market and so on. On this basis, this paper reviews the existing literature from many perspectives, such as information asymmetry, adverse selection, moral hazard, supervision, reputation, financial control and regional economic development. This paper also analyzes the development characteristics, effects and existing problems and the influencing factors of the debt financing tools. The author puts forward this paper. On the basis of the statistical description of the development status of China's regional debt financing tools and the process of China's province marketization, this paper uses the logit model, the mixed section data model and other econometric means to empirically study the effect of the debt financing tools on the enterprises and the province economy, and empirically inspects the choice of debt financing tools. The main conclusions of this article are as follows:
(1) through the analysis of the current situation of the development of China's regional debt financing tools by statistical description, it is concluded that despite the rapid development of debt financing tools in China on the whole, the economically developed eastern coastal areas have the absolute leading position, regardless of the number of issuing periods or the issue scale of the four types of debt financing tools. The development of financing tools is relatively rapid, while the development of debt financing tools in western regions with low economic development level is relatively backward, which shows that the development of debt financing tools in China has a regional difference. Secondly, in terms of the development of debt financing tools in a single province, the provinces in the Western and central regions may be better than those in the eastern provinces, which is reflected in the development of debt financing tools in a single province. The development of debt financing instruments among provinces is not simply due to geographical factors.
(2) after the statistical analysis of the market index data of China's provinces, the author thinks: "in 1997-2007 years, first, the market process of all provinces in China has made obvious progress, the relationship between the government and the market, the development of non state economy, the development of product market, the development degree of factor market and the development of market intermediary organization." The 5 first level indicators of degree and legal system environment have made obvious progress. Among them, the rapid progress is the development of non state economy, the development degree of market intermediary organization, the legal system environment and the development degree of the product market. Secondly, the market level gap between provinces is very significant, showing that the process of marketization is faster in the eastern region. The process of marketization in the western region has been developing slowly, and the gap is expanding. The author believes that the difference in the process of marketization is an important factor leading to the difference between regional development of debt financing tools in China. Thirdly, it is a key factor to reduce the government's intervention in the enterprises, the competition of gold and finance, the marketing of credit funds, the lawyers and the meeting. The differences in 5 two level indicators, such as the service conditions of the market organization and other market organizations, and the degree of help of the industry association to the enterprise are also more significant. These differences in financial services are another important factor leading to the imbalance in the inter regional development of debt financing tools.
(3) based on the corporate financial data of four types of debt financing tools, such as corporate bonds, corporate bonds, medium term bills and short-term financing vouchers in China in 2005-2012, a mixed cross section data model is used to study the effect of issuing debt financing tools on the promotion of enterprise performance based on the micro perspective of the enterprise itself. The author finds that: Overall, the issuance of debt financing tools significantly improves the performance of the enterprise; specifically, the issuance of corporate bonds has a negative effect on corporate performance, while the issuance of corporate bonds, medium-term bills and short term financing vouchers play a positive role in the performance of the enterprise performance; through the debt financing tools and the property ownership, debt After estimating the security situation of the financing tools, it is found that the effect of the debt financing tool on the promotion of corporate performance is more effective for private and foreign enterprises than the state-owned enterprises, and the secured debt financing tools can improve the performance of the enterprises more than those without security. Further, The results show that the estimation coefficient and the significance of enterprise ownership and debt financing tools, such as unsecured variables and other variables, are not significant compared with the previous empirical results. The results show that the robustness of the empirical results of this paper is verified.
(4) using the annual data of 2005-2011 years' economic growth and fixed assets investment in 31 provinces of China and the related data of various debt financing tools issued by enterprises registered in various provinces during this period, the mixed cross section data model of econometrics is used to test the debt financing based on the macroscopic perspective of the provinces. The effect of tool development on regional economic development is found. First, in the first place, as a whole, the increase of 1 units in the issuing scale of debt financing tools will promote the economic growth of the provinces in which 0.007 units are promoted; labor, investment in fixed assets, foreign direct investment and the degree of opening to the outside of the province can all promote the economy. Development, by comparing the coefficients of the four variables, it can be seen that there are significant differences in the effect of these variables on regional economic growth. Secondly, by adopting the virtual variables of whether enterprises issue corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers, the virtual variables of the debt financing tools are used to measure debt financing. After the development of the tool, the model is estimated, and the other three kinds of debt financing tools play a positive role in economic development except the medium term bill coefficient. Third, according to the provinces in the eastern and western regions of the eastern and western regions, and then estimate the model type, the debt financing tools pull the economic growth. The effect has regional difference, specifically, the effect of the eastern region is the most, followed by the central region, the west is the smallest. Finally, the article adopts the growth rate of the real GDP per capita in the province to represent the regional economic development, and the robustness test is carried out, and the results of the empirical model of this paper are stable.
(5) based on the characteristics of the micro issue subject and the design of debt financing tools, it combines the external environment of the regional economic development, the legal environment of the local government, the competition of the financial market and the development of intermediary organizations, and uses the lologit analysis model of econometrics and the 2005-2007 year micro enterprises and the macro provinces. The data, taking the debt financing tools as corporate bonds, corporate bonds and short term financing vouchers as the analysis objects, empirically investigated the factors affecting the interregional development of debt financing tools.
As for the influencing factors of the issuer's choice of corporate bond financing, the possibility of enterprise bond issuance will be increased by 0.683 per unit of enterprise scale, and the possibility of enterprise bond issuance will be increased by 0.547, and the issuance rate of corporate bonds is increased by each one. A unit that leads to 6.131 units in the possibility of an enterprise issuing an enterprise bond; a unit in the degree of marketization in the province will lead to a reduction of 0.498 units in the possibility of an enterprise's issuance of corporate bonds, and a unit in the degree of competition for the financial industry in the province will reduce the possibility of the enterprise's issuance of corporate bonds. 0.446 units low.
For the issuer's choice of corporate bond financing, the larger the company's size, the more the company is less willing to use the issuance of corporate bond financing; the company's profitability increases by 0.547, and the issuance rate of corporate bonds increases by one unit, which will lead to a company issue. The possibility of corporate bonds is reduced by 14.277 units; where each province government interferes with one unit of economic behavior, the possibility of a company's issuance of corporate bonds will increase by 8.125 units; the possibility of increasing the possibility of a company's issuance of corporate bonds by one unit in the province's degree of marketization in the province is raised by 3.806 units; The improvement of one unit in the province's legal environment will increase the possibility of the company's issuance of corporate bonds by 1.407 units, and each increase in the degree of competition in the province's financial sector will increase the possibility of the company's issuance of corporate bonds by 2.155 units.
As for the factors affecting the issuer's choice of short-term financing voucher financing, the larger the company's scale is, the more the company is willing to finance the financing by issuing a short term financing voucher; the possibility of the enterprise's profitability per unit and the possibility of selecting short-term financing vouchers will be raised by 0.433 units; the issuance of short term financing vouchers is the same. If the interest rate is raised by one unit, the possibility of issuing short term financing vouchers will be reduced by 6.502 units. The measurement of the index of the intervention of the provincial government for economic behavior by one unit will promote the possibility of raising the possibility of financing for short-term financing vouchers by 0.04 units. The possibility of entering an enterprise to issue short term financing vouchers is raised by 0.570 units, and the improvement of the legal environment in the province will increase the possibility of raising the possibility of issuing short term financing vouchers by 1.426 units, and the possibility of issuing short-term financing vouchers by each unit in the province's financial competition in the province is enhanced. Raise 0.509 units.
After comparison and analysis of the results of the three types of estimates, first, the scale variables of the issue subject have a different effect on the choice of debt financing tools, which are negatively related to corporate bonds, and are positively related to short-term financing vouchers and corporate bonds; secondly, the influence of the marketization of local economy on the choice of debt financing tools for enterprises. It also shows a significant positive correlation with corporate bonds and short-term financing vouchers, and has a significant negative correlation with corporate bonds. The competition in the financial industry in the province has a significant positive correlation with corporate bonds, short term financing vouchers, and has a significant negative correlation with corporate bonds. Thus, these variables can be seen. The effects of debt financing instruments are different.
Further, by adopting the distribution scale of the three kinds of debt financing tools as the explanatory variables, the robustness test results of the actual GDP per capita as a measure of the government intervening economic behavior show that the difference of the coefficient symbols of most of the explanatory variables is not significant except that the coefficient of individual estimation is not significant, thus the author It is proved that the empirical results in the article are robust.
The main innovations of this paper are as follows:
First, the research angle of the article is more novel and different from the national level. Based on the 31 provinces of China, this paper discusses the development of debt financing tools from the perspective of province comparative analysis, and draws some research conclusions for reference, which can provide the understanding of the development of regional economy and the development of capital market. It can be used for reference.
Secondly, the article uses the latest bond market data, which makes the conclusion of this study more targeted and higher academic value.
Third, based on a measure of the marketization of China's provinces, the competition of the financial industry, the government intervention in economic behavior and the development of market intermediary services, it is more objective and comprehensive.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5

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