A collaborative paper titled "Bond Market Price Effects and Structural Deleveraging" by Zhong Saimo, Lecturer at the School of Finance, has been officially published in Financial Research (Issue 2, 2025; Vol. 536). Financial Research is classified as a Category A journal by the university's academic journal evaluation system.

Abstract

This study employs the disposal policies for backward production capacity enterprises implemented by central and provincial governments since the fourth quarter of 2015 as an exogenous shock to empirically analyze changes in bond prices, financing scale, and leverage ratios of state-owned enterprises. The results indicate that after policy implementation, backward production capacity enterprises experienced decreased bond issuance prices (increased credit spreads) and reduced issuance volumes compared to normal enterprises, effectively restraining their bond financing. However, these enterprises filled their refinancing gaps through alternative channels, resulting in largely stable leverage ratios and failing to achieve the structural deleveraging objectives.The paper reveals the mechanism through which bond market price effects influence real economic capital allocation: selective valuation declines in the bond market generate positive externalities that enhance financial resource allocation efficiency. The study recommends improving the quality and effectiveness of capital allocation through other channels to avoid offsetting the bond market's positive effects.

Author Profile​

​​Zhong Saimo​​ is a Lecturer at the School of Finance, Zhongnan University of Economics and Law. His research focuses on risk management and insurance, financial markets and financial risks. He has published over ten papers in journals including Financial Research, Journal of Finance and Economics, Insurance Studies, and Economic Management, with several articles reprinted by China Social Science Digest and Renmin University Copy Materials. He has authored one monograph and one textbook.