公司债券融资市场时机选择存在研究

发布时间：2018-02-10 09:40

本文关键词： 公司发行债券融资市场时机选择行为金融学市场利率　出处：《贵州财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：一直以来，在公司的融资方式选择问题上，中国的上市公司存在严重的股权融资偏好现象，债务融资在上市公司融资结构中的比例一直处在低水平，造成了我国的融资结构长期失衡。随着中国金融体制改革，中国债券市场的改革的步伐也从未停止。尤其自1996年初以来，中国的债券市场有了恢复和稳定发展的态势。八十年代开始，行为金融理论产生和发展，这些理论在解释证券市场上出现的异常现象比传统财务融资理论更有优势。诸如市场对信息的反应不足或反应过度等，这些异常现象很难在传统的有效市场假说前提下得到正确合适的解释，因此，传统财务融资理论研究受到质疑，也相应的加快了行为金融学快速发展。另外，国内外融资问题的研究相关文献很多，股权融资的市场时机选择研究也很多，但是在债券融资的市场时机选择方面的研究中却极其匮乏。本文将市场选择行为引入公司发行债券融资市场，解决公司发行债券融资是否存在市场时机选择行为的疑问，为市场监管者、企业管理者和资本市场的投资者提供相关的理论支持和政策建议。本文研究的主要观点是，公司发行债券融资市场和股权融资市场一样，存在着市场选择行为。市场利率是发行债券市场时机选择必须考虑的因素之一，债券指数和政府政策都是公司发行债券融资市场的参与者最需要关注的地方。由于债券融资在我国发展时间较短，国内的研究是用截面数据进行检验。本文采用了国外研究的方法，使用了十二年的时间序列数据进行检验。针对目前研究模型参数，，没有考虑影响债券发行的成本因素市场利率，本人认为是很不周全的。最后本文使用样本的统计分析方法，计量经济学方法，懫用的来自RESSET金融研究数据库、中国经济信息网数据库等的数据，验证提出的假设，最后得出了发行债券融资存在市场时机选择行为。
[Abstract]:For a long time, China's listed companies have a serious preference for equity financing, and the proportion of debt financing in the financing structure of listed companies has been at a low level. This has caused a long-term imbalance in the financing structure of our country. With the reform of China's financial system, the pace of reform of China's bond market has never stopped. Especially since early 1996, China's bond market has been recovering and developing steadily. Since 80s, behavioral finance theory has emerged and developed. These theories have an advantage over traditional financial financing theories in explaining the abnormal phenomena in the securities market, such as the market's insufficient or overreacting to information, etc. These abnormal phenomena are difficult to get a correct and appropriate explanation under the premise of traditional efficient market hypothesis. Therefore, the traditional financial financing theory is questioned, and the rapid development of behavioral finance is also accelerated. There are a lot of literature on financing issues at home and abroad, and there are many researches on market timing of equity financing, but the research on market timing of bond financing is extremely scarce. This paper introduces the behavior of market selection into the market of corporate bond financing to solve the question of whether there is market timing for corporate bond financing. Corporate managers and investors in the capital market provide relevant theoretical support and policy advice. The main point of this paper is that the corporate bond financing market is the same as the equity financing market. There is market choice behavior. Market interest rate is one of the factors that must be taken into account in the timing of issuing bonds. The bond index and government policy are the most important areas for the participants in the bond financing market. Because bond financing has a relatively short period of development in China, The domestic research is based on cross-section data. This paper adopts the method of foreign research, and uses 12 years of time series data to test. The market interest rate, which does not take into account the cost factors that affect bond issuance, is not considered completely. Finally, this paper uses the statistical analysis method of sample, econometrics method, and from the RESSET financial research database. The data of China Economic Information Network database verify the hypothesis put forward and finally get the market timing behavior of bond financing.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F832.4

【相似文献】