短期融资券对企业价值的影响探究

发布时间：2018-04-07 15:53

本文选题：短期融资券　切入点：企业价值　出处：《山东大学》2017年硕士论文

【摘要】：2005年5月23日我国重新启动了短期融资券的发行,这是我国金融创新的崭新尝试,它的出现改变了多年来我国企业短期债务融资渠道较为单一的局面,尤其是可以有力地改善企业对银行短期贷款较为依赖的情况,为企业筹集短期资金开辟了新的渠道。短期融资券以其具有的较低的融资成本、简便的发行程序和相对灵活的发行方式等市场化特征,一经推出便受到了市场的密切关注和热力追捧。自2005年5月26日第一批短期融资券成功发行以来,截至2016年末,我国短期融资券已经累计发行10912只,累计融资规模高达152346.75亿元,从发行频率和发行规模来看,短期融资券已经远远领先于其他直接债务融资工具。我国短期融资券市场虽然起步较晚,近十余年来其发行数量和融资规模的增长速度却异常迅猛,短期融资券已经成为我国企业重要的融资渠道。短期融资券对于改善企业融资状况具有极为重要的意义,那企业通过短期融资券融资是否会对企业价值存在影响呢?如果存在影响,会是怎样的作用机制?针对上述问题的探讨和分析,可以为企业理性开展短期融资券融资决策提供参考,也有利于促进我国短期融资券市场的健康有序发展。本文从一个创新视角出发,以短期融资券作为研究对象,将短期融资券融资与企业价值相结合,采用理论分析与实证检验相结合的研究方法,探究了短期融资券融资是否对企业价值存在影响,并分析了其可能存在的作用机制。在梳理有关短期融资券与企业价值的研究成果的基础上,本文首先对短期融资券融资对企业价值是否存在影响展开理论分析,首先分析了短期融资券融资对企业价值影响存在的合理性,然后对二者之间的作用机制进行了剖析。最后以2010-2014年我国112家上市公司的面板数据对理论分析进行实证检验,其中重点检验了我国上市公司短期融资券融资是否对企业价值存在影响及其影响结果。实证检验结果发现:短融比率和市净率之间存在单向格兰杰因果关系,短融比率是市净率的格兰杰原因之一;短融比率与市净率呈负相关关系,且在10%水平上显著,即短期融资券融资对企业价值有负向影响。在理论分析和实证检验的基础上,结合我国短期融资券的规章制度和发展现状,本文发现许多因素在一定程度上限制了短期融资券发挥作用,并针对上述问题提出了促进短期融资券及其市场发展完善的政策建议。本文是将短期融资券融资与企业价值结合起来的崭新尝试,虽然在一定程度上拓展了对短期融资券的研究范围,但多方面的原因造成研究尚有诸多不足,未能明确其具体作用机制,仅为今后的研究提供参考,期待后续研究能对本文中存在的问题有更大的创新和突破。
[Abstract]:On May 23, 2005, China restarted the issue of short-term financing bonds, which is a new attempt of financial innovation in our country, and its appearance has changed the situation that the financing channel of short-term debt of Chinese enterprises has been relatively single for many years.In particular, it can improve the dependence of banks on short-term loans and open up new channels for enterprises to raise short-term funds.Because of its low financing cost, simple issuing procedure and relatively flexible issuing method, the short term financing bond has been paid close attention to and pursued by the market as soon as it was launched.Since the successful issuance of the first batch of short-term financing bills on May 26, 2005, up to the end of 2016, China has issued 10912 short-term financing bills, with a cumulative financing scale of 15.234675 trillion yuan.Short-term bills are well ahead of other direct debt financing instruments.Although the market of short term financing bonds in our country started relatively late, the amount of issue and the scale of financing have been increasing rapidly in the past ten years, and short term financing bonds have become an important financing channel for enterprises in our country.Short-term financing bonds are of great significance to improve the financing situation of enterprises. Does it have an impact on the value of enterprises through short-term financing bills?If there is an impact, what is the mechanism?The discussion and analysis of the above problems can provide a reference for enterprises to rationally carry out the financing decision of short-term financing bonds, and also help to promote the healthy and orderly development of the short-term financing bond market in China.From an innovative angle of view, this paper takes short-term financing bonds as the research object, combines the financing of short-term financing bonds with the value of enterprises, and adopts the research method of combining theoretical analysis and empirical testing.This paper probes into the influence of short-term financing on enterprise value and analyzes its possible mechanism.On the basis of combing the research results of short-term financing bond and enterprise value, this paper first carries out a theoretical analysis on the influence of short-term financing bond financing on enterprise value.This paper first analyzes the rationality of the influence of short-term financing bond financing on enterprise value, and then analyzes the mechanism between them.Finally, using the panel data of 112 listed companies in China from 2010 to 2014, the paper makes an empirical test on the theoretical analysis, which focuses on whether the financing of short-term financing bills of listed companies in China has an impact on the enterprise value and the results.The empirical results show that there is a one-way Granger causality relationship between the short-finance ratio and the price-to-book ratio, the short-melt ratio is one of the Granger reasons for the price-to-book ratio, and the short-melt ratio has a negative correlation with the price-to-book ratio, and is significant at the level of 10%.That is, short-term financing bonds have a negative impact on the value of the enterprise.On the basis of theoretical analysis and empirical test, combined with the rules and regulations of short-term financing bills in China and the current situation of development, this paper finds that many factors have limited the role of short-term financing bills to some extent.In view of the above problems, the paper puts forward some policy suggestions to promote the development and perfection of short-term financing paper and its market.This paper is a new attempt to combine the financing of short-term financing bonds with the value of enterprises. Although the scope of research on short-term financing bills has been expanded to some extent, there are still many deficiencies in the study due to various reasons.It can only provide reference for the future research, and hope that the follow-up research can bring more innovation and breakthrough to the existing problems in this paper.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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