摘要
利用2009-2018年83个经济体的银团贷款数据和世界卫生组织公布的国际公共卫生紧急事件和全球大流行数据,实证分析全球性公共卫生事件对企业融资目的和贷款合同的影响,结果表明:全球性公共卫生事件会显著影响企业融资目的,增加企业以债务偿还为目的的贷款;全球性公共卫生事件会增加贷款利率,降低贷款额度和期限;全球性公共卫生事件对不同融资目的贷款的利率、额度和期限均存在异质性影响;在WHO宣布国际公共卫生紧急事件之前,疫情对贷款目的的影响以及对贷款合同冲击不显著。基于此,建议将全球性公共卫生事件风险因子纳入银团贷款等金融资产定价模型中,加大信贷支持力度,结合企业不同融资目的,制定实施具有针对性的金融支持政策。
Using 2009-2018 syndicated loan data from 83 economies and World Health Organization(WHO) data on Public Health Emergency of International Concern(PHEIC) and global pandemics,this study empirically examined the effects of global public health emergencies(GPHEs) on firms’ purposes for financing and their loan contracts.The results showed that GPHEs had significant effects on firms’ purposes for financing because GPHEs increase loans for refinancing existing indebtedness;GPHEs could increase the lending rate and reduce lines of credit and terms of maturity;for loans of different financing purposes,GPHEs’ effects on interest rates,lines of credit,and terms of maturity vary;and an epidemic’s effects on firms’ purposes for financing and loan contracts were not significant before the WHO declared it a PHEIC.Based on the results,the author suggests that valuation models for financial assets such as syndicated loans should incorporate the risk factors associated with GPHEs,credit support should be enhanced in GPHEs,and financial support policies should be targeted based on purposes for financing.
作者
蒋涛
Jiang Tao(Guangzhou Branch,People’s Bank of China,Guangzhou 510120,Guangdong,China)
出处
《金融经济学研究》
CSSCI
北大核心
2020年第3期62-76,共15页
Financial Economics Research
关键词
全球性公共卫生事件
银团贷款
融资目的
贷款合同
global public health emergencies
syndicated loans
purposes for financing
loan contracts
