我国上市公司债权再融资研究

发布时间：2018-02-09 18:35

本文关键词： 债权再融资公告效应公司绩效公司债中期票据短期融资券　出处：《苏州大学》2014年博士论文　论文类型：学位论文

【摘要】：对所有的企业而言，资本都是非常重要的资源。融资问题是企业必须面对的问题，融资方式的不同会导致企业资本结构的差异，从而影响企业的公司治理、经营业绩和发展战略等诸多方面。我国证券市场成立后较长一段时间，国内上市公司再融资手段较为单一，且长期存在“重股轻债”的现象。2007年8月14日，《公司债券发行试点办法》的正式颁布，标志着我国公司债券的真正起步，加之2005年5月《短期融资券管理办法》的实施以及2008年4月中期票据业务的正式启动，极大地拓宽了我国上市公司的融资渠道，企业发债融资的积极性显著提升。十八届三中全会明确提出要“发展并规范债券市场，提高直接融资比重”，国内债券市场迎来良好发展机遇，国内上市公司的债券融资规模也得到了快速增长。数据显示，2005年我国上市公司的债券融资规模仅有1424亿元，此后数年均保持一定比例的增速，，2012年突破2.5万亿元，不足十年的时间增长了约17倍。近两年继续维持在较高水平，2014年上半年我国上市公司发债规模已超过2万亿元。此外，从债券融资规模与股权融资规模的比例系数来看，2005年以来该系数的平均值为2.94，表明国内债券市场规模迅速增长，创新品种日益丰富，尤其是随着短期融资券和中期票据的大规模发行，我国上市公司发行债券的规模已显著超越股权融资额。上市公司的融资方式一直是理论界的研究热点之一。近年来国内外学者的大量研究主要集中在股权融资和债权融资的选择和比较等方面，而债权融资工具种类繁多，不同工具的债务属性差异较大，现有文献主要分析了企业发债或贷款的决策影响因素，以及发债和贷款的比较优势和内在机制分析，但针对不同债权融资工具的比较研究较少，尤其是有关中期票据和短期融资券等方面的研究更为匮乏。因此，本文将以此为切入点，对我国上市公司三种主要的债权再融资方式，即公司债、中期票据和短期融资券展开研究，通过事前债权再融资方式的选择，到事后短期内债权再融资行为对公司股价的影响（即公告效应），再到较长时期内债权再融资行为对公司绩效的影响等多维度来探讨上市公司的债权再融资行为，以期提高融资效率，提升公司价值。本论文沿着“研究背景——文献综述、理论回顾——影响因素分析——公告效应分析——公司绩效分析——结论”的思路进行研究，主要梳理了国内外相关研究文献和西方经典融资结构理论，阐述了我国企业债权再融资的发展概况，随后采用Logistic判断模型考察债权再融资选择模式的影响因素，运用事件研究法分析债权再融资的公告效应，以及运用因子分析法研究了债权再融资对公司绩效的影响，并得到以下几点主要结论：（1）我国上市公司发债规模已显著超越股权融资额，但与发达国家相比，目前我国发债规模占GDP的比重仍处较低水平，国内债券市场仍有较大发展空间；（2）公司发行公司债、中期票据和短期融资券的影响因素存在一定的差异性，其中公司规模、财务杠杆和股权集中度是三种债权再融资的共有影响因素，与配对样本相比，样本公司往往具有更大的公司规模、更好的成长性、更强的盈利能力以及更低的经营风险，但没有证据表明进行债权再融资的上市公司具有更好的治理水平；（3）我国上市公司的债权再融资行为是普遍存在公告效应的，且在公告日前均产生正的累计异常收益率，但在公告日之后，发行公司债和短期融券继续向市场传递较为积极的信号，而发行中期票据则向市场传递了较为明显的负面信息。此外，公告效应的影响因素存在较大差异，只有净资产收益率是三种方式的共同影响因素；（4）在再融资前后四年间，发行公司债样本公司的公司绩效（因子综合得分）呈现先上升后下降的变化趋势，发行中期票据的样本公司总体呈现下降的趋势，发行短期融资券的样本公司呈现先小幅下降后持续上升的趋势。此外，上市公司绩效的影响因素存在较大的差异，仅有现金流和资产负债率是三种债权再融资方式的共有影响因素。
[Abstract]:For all enterprises, capital is a very important resource. The financing problem is the enterprise must face the problem of different ways of financing will lead to differences in capital structure, thus affecting corporate governance, business performance and development strategy of our country's securities market was established. After a long period of time, China refinancing means are relatively simple, and the long-term existence of light heavy debt stock "phenomenon of.2007 in August 14th, formally promulgated the" corporate bond issuance pilot approach ", marking the start of China's corporate bonds, coupled with the implementation of the May 2005" measures for the administration of short term financing bonds "and officially launched in April 2008 the medium-term business. Our country greatly broaden the financing channels for listed companies, corporate bonds financing enthusiasm significantly improved.
In the third Plenary Session of the 18th CPC Central Committee, explicitly proposed to develop and standardize the bond market, improve the proportion of direct financing, the domestic bond market ushered in a good development opportunities, domestic corporate bond financing scale has been rapid growth. Data show that in 2005 China's listed companies debt financing scale is only 142 billion 400 million yuan, then the average number of maintain a certain proportion of the growth rate. In 2012 exceeded 2 trillion and 500 billion yuan, less than ten years increased by about 17 times. The past two years to maintain at a high level, the debt scale of Listed Companies in China has more than 2 trillion yuan in the first half of 2014. In addition, the proportion coefficient of the scale of bond financing and equity financing scale, since 2005 the coefficient of mean value is 2.94. That rapid growth in the size of the domestic bond market innovation, increasingly rich variety, especially with the large-scale issuance of short-term financing bonds and medium-term notes, China's listed companies The size of the company's issuance of bonds has significantly exceeded the amount of equity financing.
The mode of financing of listed companies has been one of the hot spots of theoretical circles. In recent years a large number of domestic and foreign scholars mainly focus on equity financing and debt financing selection and comparison, and the debt financing tools of various kinds, different attributes of different tools of debt is large, the existing literature mainly analyzes the decision factors of corporate bonds or loans the analysis and comparative advantage of bonds and loans and the internal mechanism, but for different debt financing tools of the comparative study of less, especially on the medium-term notes and short-term financing bills and other aspects of the more scarce.
Therefore, this article will take it as a starting point for China's listed companies three major debt refinancing, namely corporate bonds, medium-term notes and short-term financing bills of the prior debt refinancing options, to influence short-term debt after the refinancing of the company stock price (i.e. the announcement effect) then, to the longer term debt refinancing behavior effects on firm performance dimensions to explore the listed company's debt Refinancing Behavior, in order to improve financing efficiency, enhance the value of the company.
This paper follows "research background: literature review, theory analysis -- the analysis of the performance of the company announcement effect analysis conclusion" the idea of the study on the influence factors, mainly summarizes the relevant literature and the western classical capital structure theory research at home and abroad, expounds the development situation of China's corporate debt financing, followed by the Logistic judge the model on debt refinancing mode selection factors, using the event study method to analyze the announcement effect of debt refinancing, and by using the factor of debt refinancing impact on company performance analysis, and get the following conclusions:
(1) the scale of issuing bonds in China's listed companies has significantly exceeded the amount of equity financing, but compared with developed countries, China's debt issuance scale is still at a low level of GDP, and the domestic bond market still has great room for development.
(2) the issuance of corporate bonds, medium-term notes and short-term financing bonds influence factors have some differences, including firm size, financial leverage and ownership concentration is three of the total debt refinancing factors, compared with paired samples, Sample Firms often have a greater scale, better growth. Stronger profitability and lower operating risk, but there is no evidence that the governance level of debt refinancing of the listed company has better;
(3) of China's listed companies debt refinancing behavior is widespread announcement effect, and in the day before the announcement has positive cumulative abnormal return, but after the announcement date, the issuance of corporate bonds and short-term securities continue to deliver more positive signal to the market, and the issuance of medium-term notes will convey more negative information clear to the market. In addition, there is a big difference between the influence factors of the announcement effect, only the rate of return on net assets is common influencing factors in three ways;
(4) in refinancing after four years, the issuance of corporate bonds of Sample Firms company performance (factor scores) increased first and then decreased, showing Sample Firms overall medium-term notes issued a downward trend, the issuance of short-term financing bonds of Sample Firms showed the first decline slightly after rising trend. In addition, there is a big difference the factors affecting the performance of listed companies, only cash flow and asset liability ratio is three of the total debt financing factors.

【学位授予单位】：苏州大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】