承销商能力与担保因素对公司债发行价差的影响研究

发布时间：2018-01-02 00:17

本文关键词：承销商能力与担保因素对公司债发行价差的影响研究　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：公司债市场近年来在我国取得了快速的发展。然而，与西方成熟市场相比，中国的公司债市场有许多独特的现象。比如，担保及承销商的因素可能会起到与其他国家不同的作用。母公司担保等由非独立第三方提供的担保手段被广泛使用，，这些担保由于担保人与发行人的相关性过高等原因，担保有效性下降，或许并不能为投资者所认可从而成功降低发行成本。与之相反，承销商的因素则可能重要，更大更著名的证券公司不仅拥有更多的承销能力和资金优势，同时也愿意并能够吸引优秀的风险较小的债券发行人，从而实现信号机制。因此，本文想通过实证分析来在中国的公司债市场检验上述猜想，检验哪些种类的担保才能真正有效降低发行价差，以及发行人是否可以通过选择一个好的承销商来降低发行成本。实证结果表明承销商因素的确能有效降低发行利差，对于由资产规模和债券承销市场份额更大的证券公司，或者所承销债券中降级比例更少的证券公司承销的债券，投资者会愿意减少发行收益率；而对于担保，无论何种形式的担保，无论担保人的信用评级是否高于发行人，无论担保人是否对发行人财务状况敏感，均被投资者视为无效担保，无法显著降低发行利差。总之，为了节省发行成本，建议计划发债公司选择一个好的承销商，即使需要适量支付额外的承销费。而在选择担保方面，只要担保不是发行的强制条件，无需使用担保。
[Abstract]:In recent years, the corporate bond market has made rapid development in China. However, compared with the western mature market, there are many unique phenomena in China's corporate bond market. For example. Guarantees and underwriters may play a different role than in other countries. Guarantees provided by non-independent third parties, such as parent company guarantees, are widely used. As a result of the excessive correlation between the guarantor and the issuer, these guarantees are less effective and may not be recognized by investors and thus successfully reduce the cost of issuance. The underwriter factor may be important, as larger and more prominent securities firms not only have more underwriting capacity and financial advantages, but are also willing and able to attract good issuers with less risk. Therefore, this paper tries to test the above conjecture in China's corporate bond market through empirical analysis, and test what kinds of guarantees can effectively reduce the issue price difference. And whether the issuer can reduce the issue cost by selecting a good underwriter. The empirical results show that the underwriter factor can effectively reduce the margin of issue interest, for securities companies with larger market share of assets and bond underwriting. Or a bond underwritten by a securities firm with a smaller downgrade of the underwritten bonds, and investors will be willing to reduce their yields; For the guarantee, no matter what form of guarantee, whether the credit rating of the guarantor is higher than that of the issuer or not, whether the guarantor is sensitive to the issuer's financial situation, it is regarded as invalid guarantee by investors. Can not significantly reduce the issue spread. In short, in order to save the cost of issuance, it is recommended that the issuer choose a good underwriter, even if an appropriate amount of the additional underwriting fee is required, while in the selection of security, as long as the guarantee is not a mandatory condition of the issue. No warranty is required.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】