动产担保政策对融资约束的影响——基于《应收账款质押登记办法》两次修订的准自然实验

摘要以《应收账款质押登记办法》2017年和2019年的两次修订为准自然实验,基于我国A股主板上市公司2011—2020年的面板数据,构建双重差分模型,从纳入登记的应收账款行业范围扩大、动产种类扩大两个方面研究动产担保政策对融资约束的影响。结果表明,两次修订均能有效缓解企业融资约束,并且纳入登记动产种类扩大比行业范围扩大的政策效果更强。作用渠道分析表明,两次修订通过降低债务成本、平滑债务波动、改善债务期限结构等方面缓解融资约束。应收账款质量提升、利率市场化推进、货币政策紧缩对政策效应具有正向调节作用。异质性分析发现,政策效果在民营企业、金融发展水平较高和法律政策环境较优地区的企业中更为显著。研究结果对评价及优化动产担保政策具有一定的价值。

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关键词：动产担保融资约束应收账款质押登记办法政策效应双重差分

Abstract： Taking two revisions of Measures for the Pledge Registration of Accounts Receivable as natural experiments, and based on the panel data of A-share listed companies in China from 2011 to 2020, this paper constructs a DID model to study the policy effect from two aspects: the expansion of the industry scope of accounts receivable and the chattel types in pledge registration. The results show that two revisions can significantly alleviate financing constraints, and the effect of the latter is stronger than that of the former. Channel analysis shows that the policy effect works through reducing debt costs, smoothing debt fluctuations and improving debt maturity structures. The improvement of the quality of accounts receivable, the promotion of interest rate marketization and the tightening of monetary policy play a positive role in regulating the policy effect. Heterogeneity analysis shows that the policy effect is more significant in private enterprises, enterprises in areas with higher level of financial development and better legal and policy environment. The study results enrich the perspective that the chattel collateral policy affects financing constraints, and have a certain significance for evaluating and optimizing the chattel collateral policy.

Keywords： Chattel Collateral Financing Constraints Accounts Receivable Measures for the Pledge Registration Policy Effect Double DID

收稿日期 2022-06-06; 接受日期 ;

基金资助:国家社会科学基金重点项目(20AJY025)

通讯作者 罗瑞丰(1996— ),女,四川巴中人,博士研究生,主要从事金融市场、货币理论与政策研究。

作者简介: 周先平(1975— ),男,湖北孝感人,教授,博士生导师,主要从事国际金融、货币理论与政策研究;陈明威(1997— ),男,湖北大悟人,博士研究生,主要从事货币理论与政策研究。

引用本文:

周先平, 罗瑞丰, 陈明威.动产担保政策对融资约束的影响——基于《应收账款质押登记办法》两次修订的准自然实验[J]. 经济经纬, 2023,1: 141-151

ZHOU Xianping, LUO Ruifeng, CHEN Mingwei.The Impact of Chattel Collateral Policy on Financing Constraints: Quasi-natural Experiments Based on Two Revisions of Measures for the Pledge Registration of Accounts Receivable[J] Economic Survey, 2023,V40(1): 141-151

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2023/V40/I1/141

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