平台经济金融化与民营企业债券融资成本

刘喜和　胡敏

（上海大学经济学院）

　　内容提要：本文利用2014年6月—2022年3月中国260家民营企业的面板数据，实证分析平台经济金融化的发展对民营企业债券融资成本产生的影响。基准回归分析结果表明，平台经济金融化拉高民营企业信用利差，进而推高民营企业发行债券的融资成本，且这一结果在经过稳健性检验后仍然成立。异质性分析结果表明，规模较小的民营企业发行债券的信用利差受平台经济金融化的影响更大，且相对于传统金融发展水平较低的地区，传统金融发展水平较高地区的民营企业债券融资成本受到平台经济金融化的冲击更大。中介效应分析结果表明，存款竞争在平台经济金融化影响民营企业融资成本过程中的间接效应较强，表明平台经济金融化主要通过与银行产生存款竞争来提高民营企业债券融资成本。研究结论为降低中国民营企业融资贵的问题以及推动民营企业高质量发展提供有益的政策启示。

　　　　　　　　

　　关键词：平台经济金融化；民营企业债券融资成本；规模异质性；金融发展水平异质性；存款竞争

　　　　　　　　

　　作者简介：刘喜和，上海大学经济学院教授、博士生导师，上海，200444；胡敏，上海大学经济学院硕士研究生。

　　　　　　　　

　　基金项目：国家社会科学基金一般项目“平台经济金融化对金融调控的冲击机理及长效监管机制研究”（22BJY147）

　　　　　　　　

　　引用格式：刘喜和,胡敏.平台经济金融化与民营企业债券融资成本[J].经济与管理研究,2023,44(4):56-70.DOI:10.13502/j.cnki.issn1000-7636.2023.04.004.

　　　　　　　　

Platform Economy Financialization and Bond Financing Costs of Private Enterprises

LIU Xihe, HU Min

(Shanghai University, Shanghai 200444)

　　　　　　　　

　　Abstract: Amid the global economic downturn, studying whether the platform economy financialization will increase bond financing costs of private enterprises and thus affect their development holds strategic importance. This paper uses the panel data of 260 private enterprises in China from June 2014 to March 2022 to empirically analyze the impact and mechanism of platform economy financialization on bond financing costs. It employs the benchmark regression analysis with the ordinary least squares (OLS) method to investigate the relationship between the platform economy financialization and bond financing costs of private enterprises. After the robustness test and heterogeneity analysis, it examines the mediation of deposit competition in platform economy financialization affecting bond financing costs.

　　The findings are as follows. First, the benchmark regression analysis reveals that the platform economy financialization increases the credit spread of private enterprises, which in turn pushes up their bond financing costs. Second, the heterogeneity analysis shows that the credit spread is more affected by the platform economy financialization, and bond financing costs of private enterprises in regions with higher traditional financial development levels are more affected by the platform economy financialization. Third, the mechanism analysis implies that deposit competition has a strong indirect effect in the process of platform economy financialization affecting bond financing costs. This indicates that platform economy financialization raises bond financing costs mainly through deposit competition with banks.

　　This paper systematically examines the theoretical logic of the impact of platform economy financialization on bond financing costs of private enterprises and provides empirical evidence on the impact of traditional financial development levels affect bond financing costs according to scales and regions. The conclusions provide policy guidance for reducing the financing cost and promoting the high-quality development of private enterprises in China.Specifically, regulatory authorities should grasp the law of platform economic development, seeking advantages and avoiding disadvantages of platform economy financialization. Commercial banks should adopt differentiated business strategies, strengthen financial product innovation and improve their competitiveness to avoid being squeezed by large platform economies, playing their role in solving the problem of expensive financing for small and medium-sized enterprises. In addition, the government should further broaden the financing channels of private enterprises and perfect the diversified financing modes that adapt to the development needs of private enterprises from all aspects.

　　Keywords: platform economy financialization; bond financing cost of private enterprise; scale heterogeneity; financial development level heterogeneity; deposit competition