我国企业债务融资工具选择的影响因素分析

发布时间：2018-05-13 17:19

本文选题：债务融资工具 + 企业特征　；参考：《江西财经大学》2014年硕士论文

【摘要】：股权融资和债务融资构成了企业的融资结构,其中债务融资包括银行贷款和债券融资。长期以来,由于经济、政治体制和思想观念等各方面因素的影响,我国金融市场企业融资的发展极其不平衡：过分依赖银行贷款的间接融资,直接融资中股权融资一直受到上市公司的青睐,而企业债券市场的直接融资比例相对偏低。2004年中央政府出台《国务院关于推进资本市场改革开放和稳定发展的若干意见》,明确提出“积极拓展债券市场,完善和规范发行程序,扩大企业债券发行规模”的方针,积极稳妥的发展债券市场以促进资本市场协调发展。自此,我国企业债券市场随着金融改革的深化揭开了崭新的篇章。2005年人民银行重启短期融资券,2007年证监会又颁布《公司债券发行试点办法》,随后中期票据这一市场化色彩最浓的债券品种在银行间市场推出。2005年我国企业债券融资规模还是2028亿元,到了2013年,该融资规模就已达34,959.01亿元,远远超过股权融资。这些债务融资工具的发布极大的丰富了证券投资品种,拓宽了企业直接融资渠道,进一步健全了资本市场体系。随着企业债务融资品种的增多和市场规模的扩大,企业对融资工具的选择也会受各种各样因素的影响。面对市场上不同的债券品种有不同的监管模式和发行条件这一状况,究竟是哪些因素影响着企业的融资方式选择,如何在各种债券品种之间进行资源配置,近几年引起了国内学者的注意,并成为理论界和实务界共同关注的重要课题之一。本文正是以这一问题为基点展开相关分析的,通过梳理国内外关于债务融资工具选择的文献,在我国企业债券市场特殊的多头管理制度下,从企业自身特征和融资工具特征两个方面考察企业在选择公司债、中期票据和企业债时偏好改变的内在机理及对发债工具选择的影响因素。具体的研究思路主要分为以下四个部分进行分析和阐述：第一部分,主要是描述了我国债券市场总体发展历程及现状,并对2005-2013年我国企业债、公司债、中期票据和短期融资券发行状况呈现的特点和发展规律进行比较和总结。具体而言,通过收集相关的法律法规,从发行模式和交易制度梳理了我国企业债券市场特有的多头监管体制的内容,进一步指出目前我国企业债务融资工具选择的多样性和复杂性。第二部分,即本文的理论分析和研究假设。在分析我国企业债券市场发展现状、结合相关文献的研究基础上,从发债主体的财务特征与债券工具特征两大方面提出理论假设,并阐述了每个假设的分析逻辑。第三部分,主要分为两大块：其一,实证研究上市公司对公司债和中期票据选择的影响因素；其二,实证研究非上市公司对企业债和中期票据的影响因素。首先,以2010-2012年间A股上市公司公开发行的330只公司债和中期票据为研究样本,采用Logistic二元判定模型设定方程,基于第二部分提出的理论假设从企业特征和发债工具特征两方面设置解释变量。实证结果表明,资产期限长、成长性好及信用评级高的上市公司倾向于公司债,而资产规模大、企业现金流水平高及产权性质为国有的上市公司偏好中期票据。同时,前者的发债工具特征较后者表现为金额大、利率高及有担保。然后,第五章以2009-2012年非上市公司公开发行企业债和中期票据的1597个样本观察值为研究对象,仍然采用Logistic判定模型考察非上市企业在进行该两种债务融资工具选择时的影响因素,研究发现,大部分发债主体都是国有企业,其中在发改委监管下的企业债发行主体财务状况表现出资产期限长、净利润增长率高及盈利能力强的特征,而资产规模大、信用评级高的非上市国有企业仍然倾向于银行间的中期票据。同样,监管严格的企业债较中期票据发行利率高及有担保,但发行规模并没有显著差异。第四部分为文章结论。根据前文的实证结果,指出目前我国企业债券市场存在的一些问题,并有针对性的提出本文的政策建议。
[Abstract]:Equity financing and debt financing constitute the financing structure of the enterprise, among which debt financing includes bank loans and bond financing. For a long time, the development of financial markets in our financial market is extremely unbalanced because of the influence of various factors such as economy, political system and ideas. Capital equity financing has always been favored by listed companies, and the proportion of direct financing in the corporate bond market is relatively low in.2004. The central government issued a number of opinions of the State Council on promoting the reform and opening up of the capital market and the steady development of the capital market. It clearly proposed that "actively expand the bond market, improve and standardize the issuing procedures, and expand the issuance of corporate bonds." On the basis of the policy of scale, the bond market is actively and steadily developed to promote the coordinated development of the capital market. Since the deepening of the financial reform, the people's Bank of China's corporate bond market has opened a new chapter in.2005. In 2007, the CSRC promulgated the pilot method of the company bond issuance pilot, and then the medium-term bill. In the interbank market, the most concentrated bond variety in the inter-bank market was launched in.2005. In 2013, the size of the bond financing was 202 billion 800 million yuan. In 2013, the financing scale had reached 3 trillion and 495 billion 901 million yuan, far exceeding the equity financing. The issuance of these debt financing tools greatly enriched the variety of securities investment, widened the direct financing channels for enterprises. One step improved the capital market system.
With the increase of the variety of debt financing and the expansion of the market scale, the choice of financing tools will also be affected by various factors. In the face of different regulatory modes and issuing conditions of different bond varieties in the market, what are the factors that affect the choice of financing methods and how to be in various bonds The allocation of resources among the varieties has aroused the attention of domestic scholars in recent years, and has become one of the important topics of common concern in the theoretical and practical circles. This paper is based on the analysis of this problem. By combing the literature about the choice of debt financing tools at home and abroad, it is a special multi pipe in the corporate bond market of our country. Under the system, from two aspects of the characteristics of the enterprise and the characteristics of the financing tools, the internal mechanism of the preference change in the choice of corporate debt, the medium-term bill and the corporate debt and the influencing factors on the choice of the debt tool are investigated. The concrete research ideas are divided into four parts as follows:
The first part describes the overall development process and present situation of the bond market in China, and compares and summarizes the characteristics and development rules of the state of the issuance of corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers in the 2005-2013 years. The contents of China's corporate bond market's unique multi supervision system are further pointed out, and the diversity and complexity of the choice of debt financing instruments in China's enterprises are further pointed out.
The second part is the theoretical analysis and research hypothesis of this article. On the basis of the analysis of the current situation of the development of the corporate bond market in China, based on the related literature, it puts forward the theoretical hypothesis from the two aspects of the financial characteristics of the subject of debt issuance and the characteristics of the bond tool, and expounds the analysis logic of each hypothesis.
The third part, mainly divided into two blocks: first, the empirical study of the factors affecting the choice of corporate bonds and medium-term bills by listed companies; secondly, the empirical study of the influencing factors of the corporate bonds and medium-term bills by non-listed company. First, the study samples of the 330 corporate bonds and medium-term bills of the public Development Bank of the A shares listed companies in 2010-2012 years. The Logistic two element decision model is used to set the equation. Based on the second part of the theoretical hypothesis, the explanatory variables are set from the characteristics of the enterprise and the characteristics of the debt issuance tool. The empirical results show that the listed companies with long term, good growth and high credit rating are inclined to corporate debt, with a large scale of assets, high level of cash flow and property rights. The state-owned listed companies prefer the medium-term bill. At the same time, the former is characterized by large amount, high interest rate and guarantee. Then, the fifth chapter is the research object of the 2009-2012 year non-listed company public issuance of corporate bonds and medium-term bills, and still uses the Logistic decision model to investigate the non. The influencing factors of the choice of the two debt financing tools are carried out by the listed companies. It is found that most of the main body of the debt issuance are state-owned enterprises, among which the financial status of the main body of corporate debt issuance under the supervision of the NDRC is characterized by the long term of capital investment, the high net profit growth rate and the strong profit ability, and the large scale of the assets and the high credit rating. The unlisted state-owned enterprises still tend to be in the mid-term notes between banks. Similarly, strict regulatory corporate bonds have higher interest rates and guarantee than medium-term bills, but there is no significant difference in the size of the issuance.
The fourth part is the conclusion of the article. According to the empirical results of the previous article, it points out some problems existing in the current enterprise bond market in our country and puts forward the policy suggestions for this article.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224

【参考文献】