短期融资券规模、资产负债期限匹配及财务困境关系研究

发布时间：2018-01-09 10:12

本文关键词：短期融资券规模、资产负债期限匹配及财务困境关系研究　出处：《华侨大学》2017年硕士论文　论文类型：学位论文

【摘要】：短期融资券相比银行短期贷款具有诸多优点,成本低、备案制发行很便捷、单次发行额度可以很大,因而其广受企业欢迎。但发行企业在使用短期融资券募集资金的过程中却存在使用募集资金投资长期资产的现象。长期资产周转缓慢、资金被积压在资产中,短期融资券到期快且到期日往往需要大量现金,因而使用募集资金投资长期资产对企业按时偿还债务、维持正常的经营状态有较大的不良影响,增大企业面临财务困境的概率,同时还可能引发一系列严重后果,如发行主体声誉受到重创、被监管机构监管、企业破产等等。基于此,本文研究短期融资券发行规模与发行主体资产负债期限匹配的关系及后者与财务困境的关系,同时讨论不同性质的企业之间的差异。本文使用资产与融资期限匹配指数MMI度量企业的资产负债期限匹配程度,使用Z值模型计算出的数值度量企业面临的财务困境风险。使用描述性统计、相关性分析以及多元回归等方法对相关问题进行定量研究。研究发现,短期融资券发行规模越大,则发行主体的资产负债期限错配程度越高。不同性质的企业其资产负债期限错配程度不同,非国有企业、上市公司以及资金规模小的发行主体存在着更为严重的资产负债期限错配问题。不同性质的企业因资产负债期限错配面临的财务困境程度有所差异,非国有企业、上市公司以及资金规模小的发行主体资产负债期限错配将会大大增加企业面临财务困境的风险。企业使用短期融资券募集资金进行长期投资,一方面说明企业自身管理不够严谨,另一方面说明我国监管部门对企业使用募集资金的管理存在漏洞,需要采取措施予以弥补,如明确规定如何使用募集资金、进一步完善相关信用评级体系、严格发行主体信息披露制度等。
[Abstract]:Compared with bank short-term loans, short-term financing bonds have many advantages, low cost, easy to issue under the record system, and the single issue amount can be very large. Therefore, it is widely welcomed by enterprises. However, in the process of using short-term financing bonds to raise funds, there exists the phenomenon of using raised funds to invest in long-term assets. The long-term assets turnover is slow, and the funds are overstocked in assets. The short term financing paper matures quickly and often requires a large amount of cash on maturity, so the use of raised funds to invest long-term assets on time to repay the debt of the enterprise, to maintain the normal state of operation has a greater adverse impact. Increase the probability of enterprises facing financial distress, but also may lead to a series of serious consequences, such as the reputation of the issuer has been severely damaged, regulated by regulatory bodies, corporate bankruptcy and so on. Based on this. This paper studies the relationship between the issuing scale of short-term financing bills and the maturities of the main assets and liabilities and the relationship between the latter and the financial distress. At the same time, the paper discusses the differences between different enterprises. This paper uses the asset and financing maturity matching index (MMI) to measure the maturity matching degree of assets and liabilities. The risk of financial distress is measured by using the Z-value model. The quantitative research on the related problems is carried out using descriptive statistics, correlation analysis and multivariate regression. The larger the issuance scale of short-term financing bonds, the higher the mismatch degree of maturity of assets and liabilities of the issuers. The different nature of enterprises have different degree of mismatch of term of assets and liabilities, non-state-owned enterprises. Listed companies and issuers with small capital scale have more serious mismatch of term of assets and liabilities. Different enterprises have different degree of financial distress due to the mismatch of maturity of assets and liabilities. Non-state-owned enterprises, listed companies and the issuance of small scale of assets and liabilities maturity mismatch will greatly increase the risk of financial distress. Enterprises use short-term financing bonds to raise funds for long-term investment. On the one hand, it shows that the management of enterprises is not strict enough, on the other hand, the regulatory authorities of our country have loopholes in the management of the use of funds raised by enterprises, which need to take measures to make up, such as clear provisions on how to use the funds raised. Further improve the relevant credit rating system, strictly issue the information disclosure system and so on.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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