G公司发行短期融资券动因及效果分析

发布时间：2018-01-10 12:05

本文关键词：G公司发行短期融资券动因及效果分析　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着金融市场的不断发展,我国债券市场上发行债券的企业不论是在企业的数量上还是在企业发行债券的规模上都在不断的增加。一般企业的融资方式可以分为直接融资跟间接融资两种。由于间接融资存在着诸如发行成本高、发行手续复杂等缺点,越来越多的企业开始关注除了间接融资之外的其他融资方式,短期融资券应运而生。短期融资券是指中华人民共和国境内的具有法人资格的非金融企业,依照《银行间债券市场非金融企业债务融资工具管理办法》的条件和程序发行的有价证券,该有价证券是发行在银行间债券市场上的,约定的到期日是一年。随着经济的不断发展和市场化程度的不断提高,短期融资券作为新的融资方式,受到了广泛的关注。到2015年底,共有1001家企业在银行间债券市场上发行了32427.30亿元的短期融资券,发行的企业较2014年增加了 18.18%,发现规模较2014年增加了 50.70%,短期融资券已经成为企业直接融资的一条重要途径。短期融资券可以提高企业融资效率,降低企业融资成本,为企业的发展提供充足的资金保障。本文分为五个部分,立足于G公司发行短期融资券的案例,针对性地分析企业短期融资券发行过程中应该关注的问题,并提出相应的建议。第一部分,首先提出研究背景和研究意义,其次介绍了国内外学者对短期融资券的相关研究成果,最后指出本文的研究思路和创新点。第二部分,阐述了短期融资券的基础概念和MM理论、优序融资理论、信号传递理论、投资组合理论等理论基础。第三部分,介绍G公司的基本概况以及G公司发行短期融资券的情况,对G公司发行短期融资券的动因进行分析。第四部分分别从财务效果、管理效果和社会影响三方面对G公司发行短期融资券的效果进行分析。第五部分对G公司能够成功发行短期融资券的经验做出总结,然后根据G公司的成功案例提出适合一般企业发行短期融资券的经验。本文的最后一个部分是对整篇文章进行总结与归纳,对短期融资券未来的发展做出了展望并指出本文存在的不足之处。本文的创新之处在于以G公司发行短期融资券这一实际案例分析了该企业发行短期融资券的原因及发行短期融资券的效果。阐述了企业发行短期融资券应注意的事项,为其他企业发行短期融资券提供了一个可以借鉴的成功案例。目前国内对短期融资券的研究更多集中在短期融资券的理论研究上,很少有结合企业的实际情况进行研究。短期融资券的发展,为企业提供了一种新的融资方式,这种方式将会受到越来越多的企业的青睐。
[Abstract]:With the development of financial market. The enterprises issuing bonds in China's bond market are increasing in both the number of enterprises and the scale of bonds issued by enterprises. Generally, the financing methods of enterprises can be divided into direct financing and indirect financing. Because of indirect financing, such as high issuance costs. Due to the complexity of issuing procedures, more and more enterprises begin to pay attention to other financing methods besides indirect financing. Short-term financing bills emerge as the times require. Short-term financing bills refer to non-financial enterprises with legal personality in the people's Republic of China. Marketable securities issued in accordance with the conditions and procedures of the measures for the Management of debt financing Instruments of Non-Financial Enterprises in the Interbank Bond Market, which are issued on the inter-bank bond market. The fixed maturity date is one year. With the development of economy and the improvement of marketization, short-term financing bonds, as a new financing method, have received extensive attention. Until end of 2015. A total of 1, 001 enterprises issued three tillion two hundred and forty-two billion seven hundred and thirty million yuan short-term financing notes in the interbank bond market, an increase of 18.18% over 2014. It is found that the scale has increased by 50.70 compared with 2014, and short-term financing bonds have become an important way for enterprises to direct financing. Short-term financing bills can improve the financing efficiency of enterprises and reduce the financing costs of enterprises. This paper is divided into five parts, based on the case of G company issuing short-term financing bonds, and analyzes the problems that enterprises should pay attention to in the process of issuing short-term financing bills. And put forward the corresponding recommendations. The first part, the research background and significance of the first, followed by the introduction of domestic and foreign scholars on short-term financing bills related research results. Finally, this paper points out the research ideas and innovations. The second part, describes the basic concept of short-term financing bills and MM theory, priority financing theory, signaling theory. The third part introduces the basic situation of G Company and the situation of G Company issuing short term financing bonds. This paper analyzes the motivation of G company to issue short-term financing bonds. 4th part respectively from the financial effect. Management effect and social impact of G company to analyze the effect of issuing short-term financing bonds. 5th to G company can successfully issue short-term financing bonds to make a summary of the experience. Then according to the successful cases of G company, the paper puts forward the experience of issuing short-term financing bonds suitable for general enterprises. The last part of this paper is the summary and induction of the whole article. The paper looks forward to the future development of short-term financing bonds and points out the shortcomings of this paper. The innovation of this paper lies in the analysis of the original issue of short-term financing bills by G Company as a practical case. Because of and the effect of issuing short-term financing bonds, this paper expounds the matters that enterprises should pay attention to in issuing short-term financing bills. For other enterprises to issue short-term financing bills to provide a successful case for reference. At present, the domestic research on short-term financing bills more focused on the theory of short-term financing bills. The development of short-term financing bonds provides a new financing method for enterprises, which will be favored by more and more enterprises.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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