金融认证对企业债券融资成本的影响研究

发布时间：2018-05-01 23:54

本文选题：金融认证 + 企业债券　；参考：《浙江工商大学》2013年硕士论文

【摘要】：债券作为一种信用产品,其成功与否与发行主体的信用有直接的关系。由于存在信息不对称,企业债券发行人的信用很难传达到每一位投资者并得到认可,这一方面增加了投资者投资风险,另一方面也使发行人必须提供更高的利息吸引投资者以弥补信息不对称问题给投资者带来的潜在损失,这无疑会影响到企业债券市场的发展。有研究表明,在成熟的金融市场上金融认证机构能为债券发行人提供第三方的认证机制,减少发行人与投资者之间的信息不对称,从而降低发行人融资成本。在很长的一段时间里,我国企业债券发行受到政策干预,行政化色彩浓厚,信息不对称并不是企业债券市场发展缓慢的最主要原因。而随着我国金融市场的不断发展,企业债券相关限制不断被放开,原有复杂繁琐的审批制转变为相对简便的核准制,企业债额度的限制也逐渐被取消,在这种发行定价市场化的背景下,信息不对称将成为阻碍企业债券市场发展的重要因素。若此时我国金融认证机构没有发挥认证作用反而增加了债券融资成本,企业将转而银行贷款融资,这将严重影响我国企业债券市场的发展。故有必要对企业债券市场上的金融认证效果作一评价。本文在前人对金融认证理论研究的基础上,将金融认证理论运用到我国企业债券市场,探究金融认证对企业债券融资成本的影响、各类认证机构认证作用的发挥情况以及与我国债券市场相关的金融基础设施的建设情况。在方法上,本文主要运用真实利息成本模型构造债券融资成本与金融认证等相关变量的多元回归模型,并将实证结果分为三个方面分别考察金融认证对我国企业债券市场的总体效果、对不同类别企业债券影响的差异以及在不同历史阶段的发展状况。实证结果表明我国金融认证已具有一定的作用,随着我国金融基础设施的不断完善,金融认证效果将更加显现。承销商声誉、评级机构声誉、主体信用评级均有不错的认证效果,债券发行人在发行债券时可选择以上认证方式减少与投资者的信息不对称和降低融资成本。最后,本文对认证效果并不明显的几类金融认证方式如债券评级和担保等进行分析,寻找原因并提出相关的发展建议。
[Abstract]:As a credit product, the success of bond has a direct relationship with the credit of the issuer. Because of the information asymmetry, the credit of corporate bond issuers is difficult to convey to every investor and be recognized, which increases the investment risk of investors. On the other hand, the issuer must offer higher interest rate to attract investors to compensate for the potential loss caused by information asymmetry, which will undoubtedly affect the development of corporate bond market. Some studies have shown that financial certification institutions in mature financial markets can provide third-party certification mechanisms for bond issuers, reduce the information asymmetry between issuers and investors, and thus reduce the financing costs of issuers. In a long period of time, corporate bond issuance in our country has been interfered by policy, strong administrative color, asymmetric information is not the main reason for the slow development of corporate bond market. With the continuous development of the financial market in China, the restrictions on corporate bonds have been liberalized constantly, the original complicated examination and approval system has been transformed into a relatively simple approval system, and the restrictions on enterprise bond quotas have been gradually removed. Under the background of marketization, asymmetric information will be an important factor hindering the development of corporate bond market. If our financial certification institutions do not play the role of certification but increase the cost of bond financing, enterprises will turn to bank loans to finance, which will seriously affect the development of our country's corporate bond market. Therefore, it is necessary to evaluate the effect of financial certification on the corporate bond market. On the basis of previous research on financial certification theory, this paper applies financial certification theory to our country's corporate bond market, and explores the impact of financial certification on corporate bond financing costs. The role of certification agencies and the construction of financial infrastructure related to China's bond market. In this paper, the real interest cost model is used to construct the multivariate regression model of bond financing cost and financial certification. The empirical results are divided into three aspects: the overall effect of financial certification on China's corporate bond market, the differences in the impact on different types of corporate bonds and the development situation in different historical stages. The empirical results show that the financial certification in China has a certain role, with the continuous improvement of our financial infrastructure, the effect of financial certification will be more obvious. The underwriter reputation, rating agency reputation and principal credit rating all have good certification effect. The bond issuer can choose the above authentication method to reduce the information asymmetry and reduce the financing cost when issuing bonds. Finally, this paper analyzes several kinds of financial certification methods, such as bond rating and guarantee, which have not obvious effect, finds out the reasons and puts forward some development suggestions.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275.3

【相似文献】