我国企业短期融资券发行价格影响因素分析

发布时间：2018-03-13 05:12

本文选题：短期融资券　切入点：发行价格　出处：《南京财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：短期融资券是指中华人民共和国境内具有法人资格的非金融企业在银行间债券市场发行的,约定在一年内还本付息的有价证券。在银行间债券市场引入短期融资券是金融市场改革和发展的重大举措。然而我国短期融资券市场刚刚起步,发展尚不完善,存在许多问题亟需解决,其中最重要、最核心的是短期融资券的发行定价问题。因此,分析影响短期融资券发行定价的影响因素,进而得出定价方程,对投融资者都具有重大意义。本文的研究目的在于通过理论与实证相结合的研究方式,对影响我国企业短期融资券发行价格的基本因素进行分析。本文先对可能影响短期融资券发行定价的诸因素进行了定性分析,其中,加入了新的变量如发行期限、发行规模和行业特征等。然后,在此基础上对各影响因素进行了定量分析,以确定各影响因素对短期融资券发行价格的影响程度。通过对已有的短期融资券定价理论进行了回顾和比较,发掘出理论模型中关于短融券定价影响因素的信息。本文的实证研究方法主要包括描述性统计分析、相关性分析和多元回归分析。其中描述性统计分析主要介绍变量的统计特征；相关性分析简单地度量了短期融资券发行利率及其他变量之间的关系；多元回归分析则较系统地分析了短期融资券发行利率和其他影响变量之间的关系。通过运用计量模型进行数据分析,得出显著影响发行价格的关键因素,并做出经济意义上的解释,进而做出政策建议。本文的主要研究结论为：SHIBOR利率是短期融资券发行定价的基准利率;发行规模、发行期限、企业所有制性质和主体信用评级对短期融资券发行利率的影响非常显著；企业是否上市和企业所属行业在与发行利率单独回归时显著,而在多元回归方程中的系数检验不显著；主承销商对于发行利率的影响不显著。
[Abstract]:Short-term financing bonds refer to the issuance of non-financial enterprises with legal personality in the people's Republic of China in the inter-bank bond market, The introduction of short-term financing bonds in the interbank bond market is a major measure for the reform and development of the financial market. However, the market for short-term financing bills in China has just started, and the development is not yet perfect. There are many problems that need to be solved, among which the most important and the most important is the issue of the pricing of short-term financing bonds. Therefore, the factors affecting the pricing of short-term financing bills are analyzed, and the pricing equation is obtained. The purpose of this paper is to combine theory with empirical research. Based on the analysis of the basic factors that affect the price of short term financing bonds in China, this paper first analyzes the factors that may influence the pricing of short term financing bills, among which, new variables such as the issue term are added. Then, on the basis of the quantitative analysis of the influencing factors, In order to determine the influence of various factors on the issue price of short-term financing bonds, the paper reviews and compares the existing pricing theories of short-term financing bills. Find out the information about the influence factors of short margin pricing in the theoretical model. The empirical research methods in this paper mainly include descriptive statistical analysis. Correlation analysis and multivariate regression analysis, in which descriptive statistical analysis mainly introduces the statistical characteristics of variables, correlation analysis simply measures the relationship between short term financing bond issue interest rate and other variables. The multivariate regression analysis systematically analyzes the relationship between the interest rate of short term financing bond issue and other influencing variables. By using the econometric model to analyze the data, the key factors that significantly affect the issue price are obtained. The main conclusion of this paper is that the interest rate of "1: SHIBOR" is the benchmark interest rate for the issue of short-term financing bonds, the size of the issue, the issue period, The property of enterprise ownership and the main credit rating have a very significant influence on the interest rate of short term financing bonds, whether the enterprise is listed or not and whether the enterprise belongs to the industry is significant when it returns to the issuing interest rate separately, but the coefficient test in the multivariate regression equation is not significant. The main underwriter's influence on the issue interest rate is not significant.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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