关键词: 同业存单, 债务融资成本, 中小企业, 制造业, 非制造业

Abstract: Since the release at the end of 2013, the development of the domestic inter-bank certificates of deposit(CDs) market has been rapid, and inter-bank CDs has become the most important currency market tool. However, at present, there are still few systematic studies on inter-bank CDs and its impact on China’s financial markets, and there is a lack of quantitative research. At the same time, the majority of small and medium-sized enterprises in China now face the problems of financing difficulties and expensive financing. In this regard, it was studied that how inter-bank CDs effect the cost of corporate debt financing in China from both macro and micro perspectives.At the macro level, daily data of inter-bank CDs and various types of bonds in the bond market of China from August 2015 to July 2017 were used to study the process of expansion of inter-bank CDs and the mechanism of influence of it to bond market. At the micro level, quarterly unbalanced panel data of 865 non-ST and non-financial listed SMEs from October 2014 to September 2017 were used. The empirical results show that the expansion of inter-bank CDs can significantly increase the debt financing cost of small and medium-sized listed enterprises to a certain extent. After further verification by industry and scale, it was found that the results are not affected by the industry in which the enterprise is located, but will be significantly affected by the enterprise scale (using operating income as an indicator).

Key words: inter-bank certificates of deposit, cost of debt financing, small and medium enterprises, manufacturing, non-manufacturing