承销商声誉、承销连续性与公司债券融资成本

发布时间：2018-03-25 17:31

本文选题：承销商声誉　切入点：承销连续性　出处：《厦门大学》2014年硕士论文

【摘要】：IPO是公司进行融资的重要途径之一,而再融资渠道的匮乏成为了制约上市公司再融资的瓶颈。2007年,公司债券这种上市公司再融资渠道在证监会的力推下应运而生。基于信息不对称,需要再融资的上市公司试图向市场传递价值信息,但是由于有理由相信信息披露方具有利己动机,效果往往不甚理想。承销商作为最重要的中介机构,凭借自身的专业优势和对发行人信息的掌握,向市场传递发行人的价值信息。承销商的信息传递是否能得到市场的认可,影响了发行人融资成本的高低。已有的研究表明,公司IPO的过程中,承销商声誉能够较为显著地影响IPO的抑价程度。在我国监管制度下,公司债承销商需要对上市公司进行尽职调查并向外界披露相关信息,本文研究在公司债的发行中,承销商声誉是否同样能够影响债券发行的价格,同时,本文从承销连续性这个崭新的角度来考察承销商在公司债券融资成本中发挥的作用。本文通过理论分析和实证研究相结合的方法,选用2007年第一支公司债发行至2013年末的数据为基础,并基于公司债发行政策因素剔除了金融和房地产上市公司的数据,最终获得了研究样本。本文以公司债与发行日同期限国债到期收益率的利差作为融资成本的衡量标准。为了研究承销商声誉对公司债融资成本的影响,本文构建了衡量公司债承销商声誉的指标。在M-W法的基础之上,本文以截至2013年末承销商所承销公司债金额和支数所占市场份额作为衡量依据,并赋予两个要素相同权重,最终计算出公司债发行中的承销商声誉。本文使用虚拟变量衡量承销连续性。本文的研究表明,承销商声誉能够显著地影响公司债券融资成本,具有较高声誉的承销商能够为发行人带来更低的融资成本。同时,公司债市场的竞争日趋白热化,由非IPO主承销商承销能够有效地降低发行人的公司债券融资成本。本文的重要意义在于：首先,将承销商声誉从IPO抑价引入债券融资成本的研究,不仅丰富了该领域的文献,也为债券市场参与者提供更加直观的信息。其次,提出了承销连续性的概念,从承销连续性的角度研究公司债券融资成本影响因素。
[Abstract]:IPO is one of the important ways for companies to refinance, and the lack of refinancing channels has become the bottleneck of refinancing of listed companies. In 2007, corporate bonds, the refinancing channels of listed companies, came into being under the push of CSRC. Because of asymmetric information, listed companies that need refinancing try to transfer value information to the market, but the effect is often not ideal because of the reason to believe that the disclosing party has self-interest motive. The underwriter is the most important intermediary. By virtue of their own professional advantages and the mastery of issuer information, the value information of issuers is transmitted to the market. Whether the underwriters' information transmission can be recognized by the market affects the financing cost of issuers. Existing studies have shown that the underwriter reputation can significantly affect the underpricing degree of IPO in the process of IPO. Under the regulatory system of our country, corporate bond underwriters need to conduct due diligence on listed companies and disclose relevant information to the outside world. This paper studies whether the reputation of underwriters can also affect the price of bond issuance in the issuance of corporate bonds. At the same time, this paper examines the role of underwriters in the financing costs of corporate bonds from the perspective of underwriting continuity. Based on the data from the first corporate bond issue in 2007 to the end of 2013, and the financial and real estate listed companies' data based on the factors of corporate bond issuance policy, this paper combines the theoretical analysis and empirical research. In order to study the influence of underwriter reputation on corporate bond financing cost, this paper takes the difference between the maturity yield of corporate bond and the maturity yield of bond on the date of issue as the measure of financing cost. This paper constructs an index to measure the reputation of corporate bond underwriters. On the basis of M-W method, this paper uses the amount of corporate debt underwritten by underwriters and the market share of underwriters up to the end of 2013 as the basis, and assigns the same weight to the two factors. Finally, the reputation of underwriters in the issuance of corporate bonds is calculated. This paper uses virtual variables to measure the continuity of underwriting. The research in this paper shows that the underwriter reputation can significantly affect the financing cost of corporate bonds, and the underwriters with higher reputation can bring lower financing costs for issuers. At the same time, the competition in the corporate bond market is becoming more and more intense. Underwriting by non-IPO lead underwriters can effectively reduce the issuer's corporate bond financing costs. The significance of this paper lies in: firstly, introducing underwriter reputation from IPO underpricing into bond financing costs not only enriches the literature in this field, but also provides more intuitive information for bond market participants. This paper puts forward the concept of underwriting continuity and studies the influencing factors of corporate bond financing cost from the angle of underwriting continuity.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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