香港离岸人民币债券资本成本问题研究

发布时间：2018-01-09 07:00

本文关键词：香港离岸人民币债券资本成本问题研究　出处：《北京交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：2007年6月,中国人民银行和国家发展与改革委员会正式批准境内政策性银行和商业银行在香港发行以人民币计价的债券,自此,香港离岸人民币债券市场形成。随着政策的逐步放开,香港离岸人民币债券发行主体日益多元化,债券种类逐渐丰富,发行规模也不断扩大。即便如此,香港离岸人民币债券市场供给远小于需求,导致债券的票面利率低于在岸人民币债券。目前,大多数学者对于离在岸人民币债券资本成本的比较研究都集中在票面利率的比较,从而得出内地机构赴港发行人民币债券具有成本优势。这样的比较是不全面的,因为债券的资本成本是由企业实际负担的债券利息和发行债券支付的筹资费用组成；更为重要的是,境内机构发行离岸人民币债券筹资成本的构成及数额与人民币回流的途径相关,即境内机构获取资金的方式有关,不能直接按照债券的资本成本计算,更不能简单地用票面利率去比较。因而本文在介绍离在岸债券资本成本理论及现状特征比较的基础上,将境内发行主体分为三大类：政府、金融机构、企业(非金融机构),运用资本成本的相关计算模型,分别对其赴港发行离岸人民币债券经由不同回流渠道的融资成本进行核算,通过比较离在岸人民币债券的资本成本,为筹资者的融资决策提供依据。
[Abstract]:In June 2007, the people's Bank of Chinese and the national development and Reform Commission formally approved the domestic policy banks and commercial banks to issue RMB denominated bonds in Hongkong since then, Hongkong offshore renminbi bond market. With the gradual liberalization policies, the main currency bond issuance in Hongkong offshore people increasingly diversified bond types gradually, the issue size is also expanding.
Even so, Hongkong's offshore RMB bond market supply is far less than the demand, cause the bond coupon rate is lower than the onshore bond. At present, most scholars from the comparative study on RMB bond capital cost has focused on comparing the coupon rate, then the mainland institutions to issue RMB bonds in Hong Kong has such a comparison cost advantage. It is not comprehensive, because the cost of capital is the bond financing costs by the enterprise actual burden of bond interest and bond payment; more importantly, ways of domestic institutions issued offshore RMB bond financing cost and amount and the RMB return related, namely relevant domestic institutions to obtain funds, not according to the direct bond capital cost calculation, but can not be compared to simply use the coupon.
This article from the foundation of comparison in the bank bond capital cost theory and characteristics in the introduction, the main issue of the territory is divided into three categories: government, financial institutions, enterprises (non-financial institutions), using the related calculation model of the cost of capital, the Hong Kong Offshore RMB bond issuance accounted for by different return channels the cost of financing, through the comparison from the onshore bond capital cost, provide the basis for financing the financing decision.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【相似文献】