摘要：利用2015—2021年上市公司发债数据，本文分析了债券票面利率是否影响企业银行贷款成本以及相应的机制。结果发现：发行票面利率较低的债券会显著降低企业的银行贷款成本，经过一系列稳健性检验之后上述结论依然成立。其次，机制分析表明，在银行主导力量小以及融资约束程度低的企业中，低债券票面利率降低贷款成本的作用更显著。换言之，当企业对银行贷款的依赖性越小、获取其他融资的能力越强时，发行票面利率较低的债券越能增强企业的议价能力，进而更能降低贷款成本，体现出“替代性融资”机制。然而，债券票面利率对贷款成本的影响在信息不对称程度和财务健康程度不同的企业中没有显著差异，这说明“信号机制”并不能有效地解释票面利率与银行贷款成本之间的关系。最后，进一步分析发现，当财务健康程度较差的企业发行票面利率较低的债券时，债券的一二级市场价差增大，说明财务状况差的企业存在压低票面利率的倾向。本文的结论为提高债券市场直接融资比重、改善债券市场信息环境、规范企业的债券市场行为以及加强对债券市场一二级异常价差的监管提供了相应的经验证据。

Abstract: Using data on bond issued by listed firms from 2015 to 2021, this paper analyzes whether bond coupon rates affect firms' bank loan costs and the corresponding mechanisms. The results show that issuing bonds with lower coupon rates significantly reduces the cost of bank loans,and the above findings hold after a series of robustness tests. Second, the mechanism analysis shows that the effect of low bond coupon rates on loan costs is more significant in firms with less bank control and less financing constraints. In other words, when firms are less dependent on bank loans and more capable of obtaining alternative financing, issuing bonds with lower coupon rates will enhance their bargaining power and thus reduce the cost of loans, reflecting the "alternative financing" mechanism. However, there is no significant difference in the impact of bond coupon rates on loan costs among firms with different levels of information asymmetry and financial status, suggesting that the "signal mechanism" does not effectively explain the relationship between coupon rates and bank loan costs. Finally, the extended analysis finds that the primary-secondary market spread of bonds increases when firms with poor financial status issue bonds with lower coupon rates, indicating that firms with poor financial status have the tendency to depress their coupon rates. The findings of this paper provide corresponding empirical evidence for increasing the proportion of direct financing in the bond market, improving the bond market information environment, regulating the bond market behavior of enterprises, and strengthening the regulation of abnormal spreads between primary and secondary bond market.