上市公司债券融资的择机行为分析

发布时间：2018-01-19 14:22

本文关键词： 市场择机债券融资债券指数监管政策　出处：《湖南师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：由于在金融市场上出现的一些异象难以得到传统金融学理论的解释,学者开始对它的基本假设如投资者理性、有效市场等越来提出了质疑。国内外学者开始从投资者非理性、市场非完全有效的视角,研究资本市场环境对公司融资选择的影响,这大大推动了行为金融理论在融资方面的研究和发展。研究表明企业融资活动中确实存在着市场择机效应。国内外对于该理论的研究主要集中在股票市场上,而对于债券市场的研究却比较少。由于我国的股权融资偏好,企业债券作为融资的重要组成部分,在研究中长期受到忽视。因此本文试图将市场时机理论与债券融资理论相结合,探讨债券市场的发展规律,推动我国债券市场的发展。本文首先介绍了市场择机理论的发展和主要研究内容,总结了市场择机与债券融资相结合的国内外研究理论与方法,为本文的研究提供了理论基础。接着,用多元回归方法检验我国上市公司债券融资中是否存在市场择机行为,然后对产生市场择机行为的主要因素进行理论分析,并为进一步实证研究提供了变量选择的基础。在此基础上对产生市场择机行为的主要变量进行了实证检验,以期给管理者把握债券融资时机提供建议。实证检验的结果表明：我国上市公司管理者在进行债券融资时,确实存在市场择机行为,市场条件对上市公司债券融资行为的影响效果取决于债券市场的收益与监管制度双重因素,即上市公司在债券融资时机选择上一方面是基于债券市场情况的选择,即当前一期的债券指数较高时,理性的公司管理者会对债券市场前景持积极的态度,更倾向于采取债券融资并且规模也更大；另一方面则基于债券监管政策的择机,当国家对债券融资持鼓励政策时,将有更多的上市公司选择债券融资。同时,对于债券融资时机的把握,管理者主要考虑三个因素,即伦敦同业拆借率、上证综合指数及国家对债券发行的监管政策。
[Abstract]:Because some anomalies in the financial market can not be explained by the traditional financial theory, scholars begin to make some basic assumptions such as investor rationality. Domestic and foreign scholars began to study the impact of capital market environment on the choice of corporate financing from the perspective of investor irrationality and incomplete market efficiency. This has greatly promoted the research and development of behavioral finance theory in financing. The research shows that there is a market opportunity effect in the financing activities of enterprises. The domestic and foreign research on this theory is mainly focused on the stock market. However, there is little research on the bond market. Because of the preference of equity financing in China, corporate bonds as an important part of financing. Therefore, this paper attempts to combine the market opportunity theory with the bond financing theory, to explore the development law of the bond market and to promote the development of the bond market in China. This paper first introduces the development and main research content of market opportunity theory, summarizes the domestic and foreign research theories and methods of market choice and bond financing, which provides a theoretical basis for this study. This paper uses multiple regression method to test whether there exists market opportunistic behavior in bond financing of listed companies in our country, and then analyzes the main factors that produce market opportunistic behavior. It also provides the basis of variable selection for further empirical research. On this basis, this paper makes an empirical test on the main variables that produce market opportunistic behavior, in order to provide suggestions for managers to grasp the timing of bond financing. The results of empirical test show that the managers of listed companies in China do have market opportunity behavior in the process of bond financing. The effect of market conditions on bond financing behavior of listed companies depends on the double factors of bond market income and regulatory system. That is, listed companies in the bond financing timing on the one hand is based on the choice of bond market conditions, that is, the current issue of higher bond index, rational corporate managers will take a positive attitude to the outlook of the bond market. More inclined to bond financing and larger; On the other hand, based on the opportunity of bond regulatory policy, more listed companies will choose bond financing when the country holds the policy of encouraging bond financing. At the same time, the timing of bond financing will be grasped. Regulators consider three factors, namely, LIBOR, Shanghai Composite Index and national regulatory policy on bond issuance.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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