国际化战略对企业债务融资成本的影响:“风险效应”抑或“治理效应”

摘要/Abstract

摘要： 企业战略模式如何影响利益相关者经济决策，是资本市场重要但却相对忽视的问题。以2007~2020年中国A股上市公司为样本，从“风险效应”与“治理效应”两个视角考察了国际化战略对企业债务融资成本的影响。研究发现，实施国际化战略能够有效降低企业债务融资成本，支持了微观企业层面国际化战略的治理效应假说。机制检验发现，企业业绩波动性水平降低、海外背景高管比例增加以及研发创新意愿提升是国际化战略发挥治理效应进而促使企业债务融资成本降低的重要路径。进一步异质性检验表明，对于融资约束程度较高以及产品市场竞争程度较高的企业，实施国际化战略更加有利于发挥跨国经营潜在的公司治理功能，进而促使企业债务融资成本的降低。研究表明企业实施国际化战略是影响债权人债务风险定价的重要因素，研究结论对于引导企业“降成本、增效益、促发展”具有现实意义。

关键词: 国际化战略, 债务融资成本, 风险效应, 治理效应

Abstract: How the corporate strategic model affects the economic decision-making of stakeholders is an important but relatively neglected problem in the capital market. Taking China's A-share listed companies from 2007 to 2020 as a sample, this paper examines the impact of internationalization strategy on corporate debt financing cost from the perspectives of risk effect and governance effect. The study finds that the implementation of internationalization strategy can effectively reduce the debt financing cost of enterprises, which supports the governance effect hypothesis of internationalization strategy at the enterprise level. The mechanism tests find that the reduction of corporate earnings volatility, the increasing of the proportion of executives with overseas background and the improvement of innovation willingness are important ways for the internationalization strategy to give play to the governance effect and reduce the cost of corporate debt financing. Further heterogeneity tests show that for enterprises with higher financing constraints and higher product market competition, the implementation of internationalization strategy is more conducive to give play to the corporate governance effect of transnational operation, and then promote the reduction of debt financing cost. This paper shows that internationalization strategy is an important factor affecting creditor debt risk pricing, and the research conclusion is of practical significance to guide enterprises to reduce costs and increase benefits.

Key words: internationalization strategy, debt financing cost, risk effect, governance effect

中图分类号:

F275.5

朱杰. 国际化战略对企业债务融资成本的影响:“风险效应”抑或“治理效应”[J]. 贵州财经大学学报, 2022(03): 48-58.

ZHU Jie. The Impact of Internationalization Strategy on Corporate Debt Financing Cost: Risk Effect or Governance Effect[J]. Journal of Guizhou University of Finance and Economics, 2022(03): 48-58.

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