我国公司债和可转债公告效应的比较分析

发布时间：2018-06-29 13:16

本文选题：融资 + 公司债券　；参考：《复旦大学》2012年硕士论文

【摘要】：伴随着我国经济在最近三十多年来的不断增长,企业数量和规模的日益扩大,公司的融资需求也相应地大幅上升,尽管如此,我国企业融资渠道却过度集中、单一,主要依赖银行贷款和发行股票。与我国上市公司融资工具严重单一化的局面形成鲜明对比的是,其他国家在融资工具方面的不断创新和多样化。在欧美等国的资本市场上,最多被运用的融资途径就是发行公司债券,公司债券所实现的融资规模甚至于超过了股票和政府债券二者融资规模的总和。基于我国企业融资所存在的现实问题,本篇论文着眼于目前在我国已经被允许发行、并且被国外经验证明具有广阔发展空间的融资渠道——公司债券和可转换公司债券,依据提出问题、分析问题、解决问题的基本思路,集中关注两种债券的发行分别对于股票价格产生何种影响,旨在系统地分析和比较两类债券公告效应之间的关系,并探究造成这一关系的可能原因。文章首先介绍本篇论文的研究对象——公司债券和可转换公司债券,通过对两类债券基本信息和其发行主体的观察,说明这两类债券的基本情况和在我国的发展现状。其次,通过运用事件研究法,以股票价格的异常变动率作为衡量指标,观察公司债券和可转换公司债券在相应的事件窗口期内各自具有怎样的公告效应,并以此为契机,分析公司债公告效应和可转债公告效应间的关系。再次,分析造成公司债和可转债二者公告效应关系的具体原因。选取可能影响两类债券各自公告效应的因素,建立多元线性回归模型,明确本篇论文主要研究问题的成因所在。最后,梳理本篇论文的研究脉络,明确作者对于核心研究问题的观点和立场。在此基础之上,联系实际,从公司融资方式的选择、市场投资者的反应、以及相关的监督管理层面提出切实的政策、建议,以期对公司债券和可转换公司债券在我国的进一步发展有所帮助。
[Abstract]:With the continuous growth of our economy in the last 30 years and the increasing expansion of the number and scale of the enterprises, the financing needs of the companies have increased substantially accordingly. However, the financing channels of the enterprises in our country have been excessively concentrated and single. Mainly rely on bank loans and issuance of shares. In contrast to the serious simplification of financing instruments of listed companies in China, other countries are constantly innovating and diversifying their financing instruments. In the capital market of Europe and America, the most used financing way is to issue corporate bonds. The scale of corporate bonds is even greater than the sum of both stocks and government bonds. Based on the problems existing in the financing of enterprises in China, this paper focuses on the financing channels which have been allowed to be issued in China and have been proved to have broad development space by foreign experience-corporate bonds and convertible corporate bonds. According to the basic ideas of putting forward problems, analyzing problems, solving problems, focusing on how the issue of two kinds of bonds affect the stock price, the purpose of this paper is to systematically analyze and compare the relationship between the two kinds of bond announcement effects. And explore the possible causes of this relationship. This paper first introduces the research objects of this thesis, corporate bonds and convertible corporate bonds. By observing the basic information of the two kinds of bonds and their issuers, the paper explains the basic situation of these two kinds of bonds and their development status in China. Secondly, by using the method of event research, taking the abnormal change rate of stock price as the measurement index, the paper observes how the corporate bonds and convertible corporate bonds have the announcement effect in the corresponding event window period, and takes this as the opportunity. The relationship between corporate bond announcement effect and convertible bond announcement effect is analyzed. Thirdly, the paper analyzes the specific reasons of the relationship between corporate bonds and convertible bonds. By selecting the factors that may affect the announcement effect of the two kinds of bonds, a multivariate linear regression model is established to clarify the causes of the main research problems in this paper. Finally, combing the research context of this paper, to clarify the author's point of view and position on the core research issues. On this basis, considering the reality, from the choice of corporate financing mode, the reaction of market investors, as well as the relevant supervision and management level, put forward practical policies, suggestions, With a view to the further development of corporate bonds and convertible corporate bonds in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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