公司债券融资：投资需求还是融资替代

发布时间：2018-07-01 09:11

本文选题：公司债券 + 投资需求　；参考：《安徽工业大学》2014年硕士论文

【摘要】：公司债券融资是企业直接融资的重要渠道之一，是资本市场的主要组成部分。在我国，由于经济环境和制度的制约，公司债券市场发展严重落后于股票融资和国债融资等其他融资方式。近些年，我国逐步重视公司债券市场的发展，中国证监会于2007年8月14日颁布实施《公司债券发行试点办法》(以下简称《试点办法》)，这给我国公司债券市场发展创造了新的契机。但是，公司债券市场还有待进一步发展。本文在借鉴国内外研究的基础上，首先对我国公司债券的相关概念进行了介绍和界定，我国发行的真正意义上的公司债券应当是《试点办法》颁布实施后发行的公司债券，本文研究的公司债券就属于此范畴；其次，，对公司债券融资的动机进行了分析，先用图表和文字介绍了《试点办法》颁布实施之后我国公司债券市场的发展情况，接着阐述了公司债券融资的固定资产投资和流动资产投资需求，同时也介绍了公司债券融资相对于股票和银行借款融资的融资优势，进而说明企业为何选择公司债券融资。实证分析企业发行公司债券对银行借款、固定资产和流动资产项目的影响，以其来验证提出的假设；最后，针对实证研究结果以及我国公司债券融资过程中可能存在的问题，提出了促进我国上市公司债券融资效率的提高和我国公司债券未来发展建议。
[Abstract]:Corporate bond financing is one of the important channels of direct financing and the main component of capital market. In China, due to the restriction of economic environment and system, the development of corporate bond market lags behind other financing methods such as stock financing and national debt financing. In recent years, China has gradually attached importance to the development of the corporate bond market. On August 14, 2007, CSRC promulgated and implemented the "pilot measures for Corporate Bonds issuance" (hereinafter referred to as the "pilot measures"), which created a new opportunity for the development of China's corporate bond market. However, the corporate bond market needs to be further developed. On the basis of domestic and foreign research, this paper first introduces and defines the related concepts of corporate bonds in China. The real meaning of corporate bonds issued in China should be the corporate bonds issued after the promulgation and implementation of the "pilot measures". The corporate bonds studied in this paper belong to this category. Secondly, the motivation of corporate bond financing is analyzed, and the development of China's corporate bond market after the promulgation and implementation of the "pilot measures" is introduced with charts and words. Then the paper expounds the fixed assets investment and current assets investment demand of corporate bond financing, and also introduces the financing advantages of corporate bond financing compared with stock and bank borrowing financing, and then explains why enterprises choose corporate bond financing. Empirical analysis of the impact of corporate bond issuance on bank borrowing, fixed assets and current assets projects to verify the proposed assumptions; finally, in view of the empirical research results and the possible problems in the process of corporate bond financing in China. The paper puts forward some suggestions on how to improve the efficiency of bond financing of listed companies in China and how to develop them in the future.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F276.6

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