近日，我院王瑞博士以第一作者身份合作完成的学术论文《Government Protection and Corporate Capital Structure: Evidence from China》在SSCI期刊《Journal of International Money and Finance》在线发表。该刊创刊于1982年，是国际货币与金融领域的重要学术期刊，获评ABS三星，位列JCR Q1，最新影响因子为3.6。
论文题目
Government Protection and Corporate Capital Structure: Evidence from China
论文摘要
How does a weakening of perceived government protection reshape corporate capital structure?We study local SOE bond defaults in China’s onshore credit bond market from 2010 to 2022 aspublic signals about the boundary of local government support. Using a staggered difference-in-differences design with ownership-based differential exposure, we find that SOE leverage declinesrelative to non-SOE leverage after local SOE defaults, consistent with a weakening of perceivedgovernment protection and an easing of SOE crowding-out. The evidence points to a debt-supplyreallocation channel. After local SOE defaults, SOE bond spreads rise, credit ratings decline, bondissuance falls, and bank-loan leverage also decreases, indicating that SOEs do not substitute frombonds to bank loans. The relative SOE-leverage response is stronger among firms with greaterexternal- and debt-finance dependence and in provinces with less developed banking sectors.Debt financing is reallocated toward non-SOEs and firms with higher pre-default MRPK, whilelarger firms reduce leverage more. Overall, the evidence suggests that weaker perceived government protection is associated with stronger market discipline and a more efficient allocation ofdebt financing.
作者简介
王瑞，杭州电子科技大学经济学院特聘副研究员，硕士生导师。浙江大学金融学博士，北京大学国家发展研究院博士后。主要研究方向为中国债券市场、公司金融、数字金融、信用风险等。相关研究成果发表于《Journal of International Money and Finance》、《International Review of Financial Analysis》、《China Economic Journal》等期刊。曾以核心成员身份参与多项国家高端智库课题，参与撰写的资政要报多次获浙江省领导肯定性批示。