摘要
新冠肺炎疫情在全球蔓延,引发市场对企业经营、融资等问题的担忧。为进一步做好金融支持疫情防控工作、维护疫情期间金融市场稳定,本文通过研究历史视角下疫情对企业融资的影响机制,提出疫情防控期间金融支持相关的政策建议。本文利用1990-2018年汤森路透Dealscan数据库公布的企业银团贷款数据和手工收集全球重大疫情数据,实证研究了疫情对企业银团贷款的影响机制。研究发现:疫情发生后,企业银团贷款利率和贷款额度均显著增加,而银团贷款期限没有表现出显著变化。在考虑不同期限疫情观测时间窗和政策利率的滞后性影响等因素后,该结论依然成立。疫情对企业银团贷款的影响渠道包括避险情绪和融资流动性等。进一步研究发现,疫情期间政策利率调控效果有限,不同国家和地区的企业融资受疫情的影响存在差异。基于此,本文认为金融监管部门应进一步加大对企业信贷利率支持力度,完善货币政策有效性评估及动态调整机制,及时疏通货币政策传导,约谈恶意抬高信贷利率的金融机构,同时强化与财政、产业等政策的协调机制,合力支持疫情防控,维护经济金融稳定。
With the spread of novel coronavirus(COVID-19) worldwide, the market has worried about enterprises funding and operation. In order to support epidemic prevention and maintain the stability of the financial market during the epidemic period, this paper studies the impact mechanism of epidemic on enterprises’ funding from a historical perspective and puts forward relevant policy recommendations.This paper investigates the effect of the global epidemic situation on enterprises’ funding with hand-collecting data on the epidemic situation and syndicated loan data Thomson Reuters’ Dealscan over the period from 1990 to 2018. It is found that the spread and amount of syndicated loans have increased significantly against the background of global epidemic, and this phenomenon continues to remain while the window of epidemic observation is changed and the lagging effect on the policy rate is controlled. The influence of the epidemic on syndicated loans is mainly through risk aversion and funding liquidity channels. With the rise of risk aversion, the positive impact of the epidemic on the spread of syndicated loans will be strengthened, while the positive impact on the loan amount will be reduced. With the decrease of financing liquidity, the positive impact of the epidemic on the spread of syndicated loans and the negative impact on the loan amount will be enhanced. It is also found that the effectiveness of policy interest rate regulation is limited during the epidemic period, and heterogeneity of the enterprises’ location and epidemic seriousness affect the impact of the epidemic on enterprises funding.Based on this, the paper puts forward suggestions including strengthening financial support by reducing enterprise loan interest rates, improving the mechanism for assessing the effectiveness of monetary policy and its dynamic adjustment,interviewing financial institutions that maliciously raise credit rates promptly, and strengthening coordination mechanisms with fiscal and industrial policies, so as to support th
作者
蒋涛
Jiang Tao(Guangzhou Branch,The People's Bank of China)
出处
《国际金融研究》
CSSCI
北大核心
2020年第4期65-75,共11页
Studies of International Finance
基金
国家社会科学基金“基于社会融资规模视角的中国货币政策调控创新研究”(17CJL009)资助。
关键词
疫情
企业融资
银团贷款
疫情程度
政策有效性
Epidemic Situation
Enterprises’Funding
Syndicated Loan
Epidemic Degree
Policy Effectiveness
