中小企业私募债券信用利差影响因素的实证分析
发布时间：2018-12-30 10:45
【摘要】：股权市场和债券市场一直以来都被企业视为重要的直接融资途径,但相比于银行贷款等间接融资工具,我国的直接融资工具特别是债券的市场规模还比较小。而中小企业作为我国经济体的重要组成部分,却大都无法满足债券发行的条件,融资困难的问题十分突出。2012年5月22日,《中小企业私募债券业务试点办法》出台,中小企业私募债券由此推出。本文从这一新型债券品种入手,希望能够通过研究,找出对其信用利差产生影响的关键因素。本文首先介绍了中小企业私募债券的推出背景和推出意义,并将其与国外高收益债券进行了横向比较。随后通过研究和参考国内外学者关于信用利差影响因素理论和模型,分别就宏观和微观两个方面概括出影响私募债券信用利差的10个因素,并运用理论研究的方法分析这些因素对私募债券信用利差造成影响的原因。在实证分析的部分,本文对这些因素间的相关性进行分析,在此基础上运用因子分析法将因素合并,筛选出最能反映信用利差本质的7个因素建立模型,进行多元线性回归分析,进一步验证预期理论,形成最终的结论。最后,本文还对我国中小企业私募债券今后的发展提出了相关政策建议。
[Abstract]:Stock market and bond market have always been regarded as an important direct financing approach by enterprises, but compared with indirect financing tools such as bank loans, the market size of direct financing instruments, especially bonds, in China is still relatively small. As an important part of China's economy, small and medium-sized enterprises (SMEs) are unable to meet the conditions of bond issuance, and the problem of financing difficulties is very prominent. On May 22, 2012, the "pilot measures for Private Bond Business of small and Medium-sized Enterprises" was issued. Small and medium-sized private equity bonds from this out. Starting with this new bond variety, this paper hopes to find out the key factors that affect the credit spread through the research. This paper first introduces the background and significance of the introduction of small and medium sized private equity bonds, and compares them with foreign high-yield bonds. Then, by studying and referring to the theories and models of credit spread between domestic and foreign scholars, this paper sums up 10 factors that affect credit spread of private equity bond from macro and micro aspects, respectively. And use the method of theoretical research to analyze the influence of these factors on the credit spread of private equity bond. In the part of empirical analysis, this paper analyzes the correlation between these factors, and then combines the factors with factor analysis, and selects 7 factors that can best reflect the nature of credit spreads. Multivariate linear regression analysis is carried out to further verify the expected theory and to reach the final conclusion. Finally, this paper also puts forward the relevant policy recommendations for the future development of private equity bonds of small and medium-sized enterprises in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
[Abstract]:Stock market and bond market have always been regarded as an important direct financing approach by enterprises, but compared with indirect financing tools such as bank loans, the market size of direct financing instruments, especially bonds, in China is still relatively small. As an important part of China's economy, small and medium-sized enterprises (SMEs) are unable to meet the conditions of bond issuance, and the problem of financing difficulties is very prominent. On May 22, 2012, the "pilot measures for Private Bond Business of small and Medium-sized Enterprises" was issued. Small and medium-sized private equity bonds from this out. Starting with this new bond variety, this paper hopes to find out the key factors that affect the credit spread through the research. This paper first introduces the background and significance of the introduction of small and medium sized private equity bonds, and compares them with foreign high-yield bonds. Then, by studying and referring to the theories and models of credit spread between domestic and foreign scholars, this paper sums up 10 factors that affect credit spread of private equity bond from macro and micro aspects, respectively. And use the method of theoretical research to analyze the influence of these factors on the credit spread of private equity bond. In the part of empirical analysis, this paper analyzes the correlation between these factors, and then combines the factors with factor analysis, and selects 7 factors that can best reflect the nature of credit spreads. Multivariate linear regression analysis is carried out to further verify the expected theory and to reach the final conclusion. Finally, this paper also puts forward the relevant policy recommendations for the future development of private equity bonds of small and medium-sized enterprises in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
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