媒体报道对公司债券融资成本的影响

发布时间：2018-04-22 06:11

本文选题：公司债券 + 媒体报道　；参考：《西南交通大学》2017年硕士论文

【摘要】：2007年8月14日,中国证监会颁布了《公司债发行试点管理办法》。一个月后,中国长江电力股份有限公司发行了一期规模为40亿、名为"07长电债"的公司债券。至2015年,公司债券市场已经持续发展了 9年,尤其在2015年,中国证监会正式颁布并实施《公司债券发行与交易管理办法》之后,公司债券的一、二级市场都得到了大幅的改革和创新,债券发行的审批程序得到了简化、效率得到了显著提升,发行主体的范围得到了扩大,使得2015年公司债券的规模较2014年增长了 619.18%。公司债券的出现不仅拓宽了我国企业的融资渠道,改善了债务融资中对银行存款的依赖程度,而且还可以改善我国企业热衷于股权融资圈钱的现状,完善资本市场。企业所有权和经营权的分离以及由此导致的信息不对称是现代企业的一个显著特点,公司债券持有人作为企业的外部投资者,他们与经营者之间同样存在信息不对称及其所导致的其他问题。企业的债券融资成本受企业市场价值的影响,而企业的市场价值取决于投资者对该企业风险水平的判断,当投资者认为企业处于高风险水平时,他们会要求高的投资回报作为风险补偿,而认为企业处于低风险水平时他们也愿意接受较低的投资回报。所以,企业的债券融资成本在一定程度上也会受到投资者对企业风险水平判断的影响。近几年,媒体报道是否能够产生公司治理效应这一问题已经受到越来越多学者们的关注。而大部分的研究也证实了媒体除了具有信息披露功能和社会政治功能,也会关注市场需求和经济利益。作为企业披露信信息向社会公众传递的重要载体,媒体向社会公众和潜在投资者传递各种相关信息,在缓解投融资双方面临的信息不对称问题的同时,也影响着公司债券投资者对企业风险的认知和企业价值的判断,从而影响企业的债券融资成本。本文在《公司债券发行与交易管理办法》实施的背景下,以2015年在我国沪深两市公开发行的319期公司债券作为研究样本,运用实证研究的方法,基于公司治理、信息不对称理论、代理成本、风险感知理论以及投资者相对规模假说,提出本文的假设并进行实证检验和相关结果分析。本文主要研究媒体报道在一级发行市场中对公司债券融资成本的影响,在确定公司债券融资成本时,为了扣除宏观因素对公司债券融资成本的影响,本文以公司债券发行时的票面利息与在债券起息日当天与公司债券期限相同的国债收益率的差额作为衡量融资成本的指标。本文的研究表明,在控制相关变量的情况下,媒体报道数量越多、媒体报道的内容正面性越强,企业发行公司债券的融资成本越低。同时本文还研究了在不同所有权性质下,媒体报道对公司债券融资成本的作用是否具有差异性;实证结果表明,相比国有企业,媒体报道对非国有企业公司债券的融资成本的作用更大。
[Abstract]:August 14, 2007, the China Securities Regulatory Commission promulgated the "Company Bond issuance pilot Management measures." A month later, China Changjiang Power Company issued a 4 billion-year-long bond called "07 long debt." By 2015, the corporate bond market has been continuously developing for nine years. Especially in 2015, after the CSRC formally promulgated and implemented the "measures for the Administration of Corporate Bonds issuance and Trading", one of the corporate bonds, The secondary market has been greatly reformed and innovated, the approval process for bond issuance has been simplified, the efficiency has been significantly improved, and the scope of the main issuers has been expanded, resulting in a 619.18 percent increase in the size of corporate bonds in 2015 compared with 2014. The emergence of corporate bonds not only broadens the financing channels of Chinese enterprises and improves the degree of dependence on bank deposits in debt financing, but also improves the current situation that Chinese enterprises are keen on equity financing and improves the capital market. The separation of enterprise ownership and management rights and the resulting information asymmetry are a prominent feature of modern enterprises. Corporate bondholders are external investors of the enterprise. There are also information asymmetries and other problems between them and the operators. The bond financing cost of the enterprise is influenced by the market value of the enterprise, and the market value of the enterprise depends on the judgment of the risk level of the enterprise by the investor, when the investor thinks that the enterprise is at the high risk level, They demand high returns as compensation for risk, and they are willing to accept lower returns when companies are at low risk levels. Therefore, corporate bond financing costs will also be affected by investors' judgment of corporate risk level to some extent. In recent years, whether the media report can produce the corporate governance effect has attracted more and more scholars' attention. Most studies also confirm that media not only has the function of information disclosure and social politics, but also pays attention to market demand and economic benefits. As an important carrier for enterprises to disclose letter information to the public, the media conveys all kinds of relevant information to the public and potential investors, while alleviating the problem of information asymmetry faced by both parties. It also affects the corporate bond investors' cognition of the enterprise risk and the judgment of the enterprise value, thus affecting the corporate bond financing cost. In the context of the implementation of Corporate Bonds issuance and Trading measures, this paper takes 319 issues of corporate bonds, which were publicly issued in Shanghai and Shenzhen stock markets in 2015, as a research sample, and uses empirical research methods to base on corporate governance. The information asymmetry theory, agency cost, risk perception theory and investor relative scale hypothesis are proposed in this paper. This paper mainly studies the influence of media reports on corporate bond financing cost in the primary issuing market. In order to deduct macro factors, this paper determines the corporate bond financing cost. In this paper, the difference between the coupon interest at the time of issuance of corporate bonds and the yield of bonds with the same maturity as that of corporate bonds is taken as an index to measure the financing cost. The research in this paper shows that under the condition of controlling the relevant variables, the more the number of media reports, the more positive the content of media reports, and the lower the financing cost of corporate bonds. At the same time, this paper also studies whether the role of media reports on corporate bond financing costs is different under different ownership properties. The empirical results show that, compared with state-owned enterprises, Media reports on the financing costs of non-state-owned corporate bonds play a greater role.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275.3;F832.51

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