财务能力、公司治理对公司债发行影响的研究
发布时间：2018-10-13 13:15
【摘要】：公司债券作为重要的融资方式之一，对改善公司治理结构、丰富投融资渠道、优化金融资源配置和完善资本市场等不可或缺。本文基于当前的学术研究和我国特殊的制度背景，从财务能力和公司治理方面切入，运用独立样本T检验和Mann-Whitney U检验分析影响公司债发行的各项因素在发行公司债、增发股票和发行可转债的上市公司之间是否存在差异，并运用因子分析和二元Logistic回归模型从直接融资和债券融资角度进一步探究这些因素如何影响公司债的发行。 本文得出的主要研究结论有：（1）发行公司债的上市公司在财务能力和公司治理方面与增发股票的上市公司差异较大，与发行可转债的上市公司差异不明显；（2）直接融资时，公司治理因素比财务能力因素更具影响力：盈利能力强、股权集中度高、股权制衡度低、股权流通性好、管理层持股比例低、实际控制人不是国有企业的上市公司更倾向发行公司债。同时，公司规模、融资需求也与发行公司债显著正相关；（3）债券融资时，，上市公司在选择发行公司债或发行可转债时并未表现出明显偏好，除发展能力强、资产担保价值低、董事会独立性强的上市公司更倾向发行公司债外，其他财务能力和公司治理并未显著影响融资选择。
[Abstract]:As one of the important financing methods, corporate bonds are indispensable for improving the corporate governance structure, enriching the channels of investment and financing, optimizing the allocation of financial resources and perfecting the capital market. Based on the current academic research and the special institutional background of our country, this paper analyzes the factors influencing the issuance of corporate bonds by using independent sample T test and Mann-Whitney U test from the aspects of financial ability and corporate governance. Whether there is any difference between the listed companies issuing additional shares and issuing convertible bonds, and using factor analysis and dual Logistic regression model to further explore how these factors affect the issuance of corporate bonds from the perspective of direct financing and bond financing. The main conclusions of this paper are as follows: (1) the financial ability and corporate governance of the listed companies issuing corporate bonds are quite different from those of the listed companies issuing additional shares, and there is no obvious difference between the listed companies issuing convertible bonds and the listed companies issuing convertible bonds; (2) when financing directly, Corporate governance factors are more influential than financial ability factors: strong profitability, high concentration of equity, low equity checks and balances, good circulation of equity, low proportion of management shares, Listed companies with actual controllers who are not state-owned enterprises tend to issue corporate bonds. At the same time, the company size and financing demand are significantly positively correlated with the issuance of corporate bonds. (3) when bond financing, the listed companies do not show obvious preference when they choose to issue corporate bonds or issue convertible bonds, except for strong development ability and low asset guarantee value. Listed companies with strong board independence tend to issue corporate bonds, but other financial capabilities and corporate governance do not significantly affect financing options.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F832.51
本文编号：2268761
[Abstract]:As one of the important financing methods, corporate bonds are indispensable for improving the corporate governance structure, enriching the channels of investment and financing, optimizing the allocation of financial resources and perfecting the capital market. Based on the current academic research and the special institutional background of our country, this paper analyzes the factors influencing the issuance of corporate bonds by using independent sample T test and Mann-Whitney U test from the aspects of financial ability and corporate governance. Whether there is any difference between the listed companies issuing additional shares and issuing convertible bonds, and using factor analysis and dual Logistic regression model to further explore how these factors affect the issuance of corporate bonds from the perspective of direct financing and bond financing. The main conclusions of this paper are as follows: (1) the financial ability and corporate governance of the listed companies issuing corporate bonds are quite different from those of the listed companies issuing additional shares, and there is no obvious difference between the listed companies issuing convertible bonds and the listed companies issuing convertible bonds; (2) when financing directly, Corporate governance factors are more influential than financial ability factors: strong profitability, high concentration of equity, low equity checks and balances, good circulation of equity, low proportion of management shares, Listed companies with actual controllers who are not state-owned enterprises tend to issue corporate bonds. At the same time, the company size and financing demand are significantly positively correlated with the issuance of corporate bonds. (3) when bond financing, the listed companies do not show obvious preference when they choose to issue corporate bonds or issue convertible bonds, except for strong development ability and low asset guarantee value. Listed companies with strong board independence tend to issue corporate bonds, but other financial capabilities and corporate governance do not significantly affect financing options.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F832.51
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