欧亚集团债务融资时机选择案例研究

发布时间：2018-07-27 12:11

【摘要】：自2013年5月起,市场利率和银行间隔夜拆借利率全线攀升。有数据显示,6月20日时银行的拆借利率达到13.44%。反映了市场资金整体流动性紧缩的问题,预示着钱荒袭来。引起“钱荒”事件和市场资金流动性紧张最根本的原因就是资金错配,这也使得企业陷入了融资难、融资贵的困境。融资是企业经营活动中的一项重要财务活动,企业可以通过各种融资方式和融资渠道进行资本筹借,以维持企业的长久发展。现阶段,随着我国资本市场日趋成熟,尤其是股票市场在我国市场经济中扮演着重要的角色,这使得企业倾向于股权融资,债务融资明显落后于股权融资。并且,国内外学者对于股权融资的研究较多,认为股权融资是存在市场时机的,管理者会利用资本市场非有效定价的时机,在股票被高估时发行股票,在股票被低估时回购股票,以获取收益。然而,由于我国资本市场不完善和上市公司信用等问题,导致有关债务融资方面的研究还不够完善。因而,本文选取债务融资市场时机问题进行研究。通过对大量文献的收集和整理,发现国内外学者对于债务融资方面的研究多集中在与公司治理结构、经营业绩与风险理论方面的关系,研究企业进行债务融资时的市场时机选择方面较少。但还是有部分研究说明债务融资同样存在市场时机,企业选择在风险较低、成本较少的情况下进行债券发行,本文对这一方面研究进行整理和补充。本文的大致研究过程为:以债务融资环境和债务融资风险特征、无风险利率和管理者非理性状态即风险厌恶三个方面进行分析,采用理论和案例相结合的方式,试图找到企业在进行债务融资时是怎么利用市场时机的,从而帮助企业更加理性的进行债务融资,提高融资效率。研究结果发现:1.债务融资存在市场时机。通过对大量文献整理和结合我国实际环境进行分析,发现管理者进行债务融资时确实存在市场时机的。当股票价格被低估时,管理者一般选择债务融资;当股票价格被高估时,管理者愿意选择其他融资方式。2.债务融资环境、利率变化和管理者风险厌恶状态与市场时机选择存在一定的关联。企业会考虑自身的发展条件和当时的宏观环境、风险要素。同时,会关注市场利率。当市场利率较低时,企业通常会选择债务融资渠道;当市场利率较高时,企业一般不选择债务融资。并且管理者进行融资时,也会受到自身非理性因素的影响。最后,本文在研究的基础上进行了发散性思考,并得出了启示以供参考。
[Abstract]:Since May 2013, market interest rates and interbank overnight lending rates have risen across the board. Data show that on June 20, the bank's borrowing rate reached 13.44. Reflects the market capital overall liquidity tightening problem, foreshadowing a cash crunch. The most fundamental reason for the shortage of money and the shortage of liquidity in the market is the mismatch of funds, which makes the enterprises get into the difficulty of financing and expensive financing. Financing is an important financial activity in the business activities of enterprises. Enterprises can raise capital through various financing methods and financing channels in order to maintain the long-term development of enterprises. At present, with the maturity of our capital market, especially the stock market plays an important role in our market economy, which makes enterprises tend to equity financing, debt financing lags behind equity financing. Moreover, there are many researches on equity financing at home and abroad. It is believed that there is market opportunity in equity financing, and managers will make use of the non-efficient pricing opportunities in the capital market to issue stocks when stocks are overvalued. Buy back shares when they are undervalued to make a profit. However, due to the imperfect capital market and the credit of listed companies, the research on debt financing is not perfect. Therefore, this article selects the debt financing market opportunity question to carry on the research. Through the collection and collation of a large number of literatures, it is found that domestic and foreign scholars mostly focus on the relationship between debt financing and corporate governance structure, business performance and risk theory. The market timing of debt financing is less. However, there are still some studies that debt financing also exists market opportunities, enterprises choose to issue bonds in the case of lower risk and less cost, this paper collates and complements this research. The research process of this paper is as follows: the characteristics of debt financing environment and debt financing risk, the risk-free interest rate and the risk aversion of managers are analyzed, and the combination of theory and case is adopted. This paper tries to find out how to make use of the market opportunity in debt financing, so as to help the enterprise to carry out debt financing more rationally and improve the financing efficiency. The study found that 1: 1. Debt financing exists in market opportunities. Through the analysis of a large number of documents and the actual environment of our country, it is found that there is a market opportunity for managers to carry out debt financing. When the stock price is undervalued, managers generally choose debt financing; when the stock price is overvalued, managers are willing to choose other financing methods. 2. Debt financing environment, interest rate change and risk aversion of managers are related to market timing. Enterprises will consider their own development conditions and the macro environment at that time, risk factors. At the same time, will focus on market interest rates. When the market interest rate is low, the enterprise usually chooses the debt financing channel; when the market interest rate is higher, the enterprise generally does not choose the debt financing. And managers will also be affected by their own irrational factors when financing. Finally, on the basis of the research, this paper carries on the divergent thinking, and draws the enlightenment for reference.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F721;F715.5

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