马新啸,汤泰劼,李嘉宁

• 1:中山大学管理学院
• 2:北京大学光华管理学院

摘要(Abstract)：

如何更好地通过市场化体制机制配置信贷资本要素，对缓解我国企业的“融资难”“融资贵”现象和实现国家治理体系与治理能力现代化具有重要意义，本文研究企业与银行建立战略联盟这一市场化机制对企业债券融资成本的影响作用。研究发现：企业与银行建立战略联盟可以显著降低其债券融资成本；进一步研究表明，这种作用通过监督效应、信号传递以及流动性担保得以实现，并且在较长期间内依然存在，而经银企联盟有效降低债券融资成本的企业投资效率、经营绩效和市场价值显著提升。本文的研究结果——体现市场逻辑的银企战略联盟对缓解企业“融资贵”和促进高质量发展具有积极作用，不仅支持了全面深化改革背景下完善资本要素市场化配置体制机制所坚持的前进方向，而且对战略联盟和债券市场发展的学术研究进行了有益补充。

关键词(KeyWords)： 产融结合;企业—银行战略联盟;债券融资成本

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金重大项目“会计、审计对企业经营管理与宏观经济发展的影响研究”（项目编号：71790603）

作者(Author): 马新啸,汤泰劼,李嘉宁

DOI: 10.16513/j.cnki.cje.2022.02.004

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