中小企业债券融资成本影响因素研究

发布时间：2018-01-22 15:27

本文关键词： 中小企业债券融资成本信用评级担保机制　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：在经济社会日益发展的过程中,中小企业以其自身的优势迅速发展,在充分利用社会闲散资金、带动劳动力就业方面发挥着不可替代的作用。在发展的同时,中小企业也面临着融资难题。政府等相关部门非常关注中小企业的发展问题,一直以来,出台了许多政策积极拓宽中小企业的融资渠道,推出了中小企业集合债券、中小企业集合票据和中小企业私募债券的试点,创新了中小企业的融资方式。2015年1月,《公司债券发行与交易管理办法》开始实施,中小企业发行债券的条件放宽了,可以通过非公开的方式发行公司债券。然而在中小企业发行债券的过程中还存在着诸多问题,影响其债券融资成本的因素模糊不清,制约着中小企业的发展。本文以2007—2015年在上海和深圳证券交易所发行的839支中小企业集合债券、中小企业集合票据和中小企业私募债券作为研究样本,以MM理论、信息不对称理论、信号传递理论等理论作为基础,通过分析我国债券市场和中小企业债券的发展现状,探讨了影响中小企业债券融资成本的影响因素,并提出了信用评级、担保和企业财务状况对中小企业债券融资成本影响的研究假设,设立了相应的多元线性回归模型,利用实证方法检验了假设结果。经过研究,本文得出结论:具有信用评级的债券信用利差较低,同时信用评级与中小企业债券的信用利差呈显著的负相关关系,即证明了信用评级可以降低中小企业债券的融资成本,而相比较大型企业和其他企业来说,信用评级对民营中小企业债券融资成本的降低更为显著;与其他公司债券不同的是,担保可以显著地降低中小企业债券的信用利差,而专业的担保机构由于担保能力和专业性更强,和普通企业担保相比,对中小企业债券融资成本的降低更有效;实证结果表明中小企业的财务状况对债券融资成本没有显著的影响。最后,本文在研究分析的基础上,根据实证检验的结果,有针对性地提出了促进中小企业债券发展的相关建议,有健全债券信用评级,建立完备统一的中小企业信用评级体系;提高担保机构的专业性,政府推动担保机制的建设,使担保机构运作更加规范;加强中小企业的信息披露,提高债券信息的透明度,并完善财务管理制度;从完善产权制度和增强中小企业自身实力方面入手,改善中小企业的不平等地位等。
[Abstract]:In the process of economic and social development, small and medium-sized enterprises with their own advantages of rapid development, in the full use of social idle funds, promote the employment of labor force plays an irreplaceable role in the development at the same time. Small and medium-sized enterprises are also facing financing problems. The government and other relevant departments are very concerned about the development of small and medium-sized enterprises. All along, many policies have been introduced to actively broaden the financing channels of small and medium-sized enterprises. Introduced the small and medium-sized enterprise collective bond, small and medium-sized enterprise collective bill and small and medium-sized enterprise private equity bond pilot, has innovated the small and medium-sized enterprise financing way. January 2015. The measures for Managing the issuance and Trading of Corporate Bonds began to be implemented, and the conditions for issuing bonds by small and medium-sized enterprises were relaxed. Corporate bonds can be issued in a private manner. However, there are still many problems in the process of issuing bonds by small and medium-sized enterprises, and the factors affecting their bond financing costs are unclear. This paper uses 839 bonds issued in Shanghai and Shenzhen stock exchanges from 2007 to 2015. Small and medium-sized enterprises aggregate bills and small and medium-sized enterprises private equity as a research sample, based on MM theory, information asymmetry theory, signaling theory and other theories as the basis. By analyzing the present situation of bond market and bonds of small and medium-sized enterprises in China, this paper discusses the factors that affect the financing cost of bonds of small and medium-sized enterprises, and puts forward the credit rating. Based on the hypothesis of the effect of guarantee and financial situation on the bond financing cost of SMEs, a multivariate linear regression model is established, and the hypothesis results are tested by empirical method. This paper concludes that the credit spread of bonds with credit rating is low, and the credit rating has a significant negative correlation with the credit spreads of small and medium-sized enterprises. It is proved that credit rating can reduce the financing cost of SME bonds, but compared with large enterprises and other enterprises, credit rating can reduce the financing cost of private SMEs more significantly. Unlike other corporate bonds, guarantees can significantly reduce the credit spreads of SME bonds, while professional guarantee agencies are more capable and professional than ordinary corporate guarantees because of their ability to guarantee. It is more effective to reduce the bond financing cost of small and medium-sized enterprises. Empirical results show that the financial situation of small and medium-sized enterprises has no significant impact on bond financing costs. Finally, this paper based on the research and analysis, according to the results of empirical testing. The paper puts forward some relevant suggestions to promote the development of SMEs' bonds, including improving the credit rating of bonds and establishing a complete and unified credit rating system for small and medium-sized enterprises. To improve the professionalism of guarantee institutions, the government promotes the construction of guarantee mechanism to make the operation of guarantee institutions more standardized; Strengthen the information disclosure of small and medium-sized enterprises, improve the transparency of bond information, and improve the financial management system; From perfecting the property right system and strengthening the strength of the small and medium-sized enterprises, the unequal position of the small and medium-sized enterprises is improved.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.3;F275;F832.51

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