中国公司债投资者保护机制研究

发布时间：2018-01-22 08:38

本文关键词： 公司债债券投资者保护信用评级债券融资成本现金红利政策　出处：《复旦大学》2013年博士论文　论文类型：学位论文

【摘要】：中国资本市场经过了近二十年的快速发展,逐渐形成了一个集股票、债券和衍生品等多品种、多层次、满足不同主体需求的市场。然而,我国资本市场的发展并不平衡,直接融资渠道中,我国债券市场,尤其是以企业为发行主体的债券市场,相对于股票市场来说,发展远远不足；同时,中国的企业融资渠道以银行贷款为主,虽然近年来短期融资券也成长迅速,但短期银行贷款仍然居多,银行体系也因此承担了较高的违约风险,给金融市场的稳定持续发展埋下隐患。在这种情形下,中国政府已将发展债券市场作为中国资本市场改革的重要战略之一。2007年,公司债券市场应运而生,在近几年股票市场持续低迷的背景下,公司债券因其收益的稳定性受到了市场的追捧。但是,我国公司债券市场尚处于发展早期,对债券投资者的保护没有得到足够重视,配套债权人保护机制尚不完善。2013年“11超日债”财务造假事件,更体现了投资者保护的重要性。因此,研究我国债券投资者保护机制设计具有重要的现实意义。从理论上来说,股东和债权人的代理冲突主要来自于逆向选择问题和道德风险问题。债券契约条款设计和审计分别从内部和外部对债券投资者形成保护。发行公司可以向市场传递信号以降低逆向选择,比如采用严格的债券投资者保护机制,或者选择质量好的审计师。债权人面临的道德风险主要来自与股东在如下四个方面的偏好不同：现金红利支付、所有权稀释、资产替换和投资不足。投资者可以通过债券契约条款设计,在这四个方面限定公司行为,以降低道德风险问题。高质量审计可以降低投资者和发债公司之间的信息不对称,提高债券投资者的监督能力,从而降低道德风险问题。基于以上背景,本文以2007年第一只公司债发行时开始至2011年底的公司债数据为样本,在委托代理理论的框架下,采用实证研究方法,从债券契约设计的内部债券投资者保护作用和审计的外部债券投资者保护作用两个角度,研究我国公司债投资者保护现状,在此基础上进一步分析内外两种保护机制的有效性问题。融资成本和信用评级是发债公司和投资者最关心的指标,而现金红利政策是股东通过提高现金红利侵占债权人利益的手段之一。因此,本文以融资成本为视角,研究债券契约条款设计对投资者的影响；再以发债公司的现金红利政策为视角,研究债券契约条款设计对发债公司的影响；最后以信用评级为视角；探讨审计作为外部债权人保护机制对信用评级机构的影响,及其与债券契约条款设计之间的相互关系。首先,本文考察了债券契约条款设计与债券融资成本的关系。本文通过手工摘录和归纳债券契约中投资者的保护条款,进一步将其区分为事件型条款和治理型条款,构建出综合债券契约保护指数、治理型债券契约保护指数和事件型债券契约保护指数,以刻画公司债契约对债权人保护的程度。研究发现：公司债的债权人契约保护设计越好,融资成本越低；发债公司的破产风险越小,其公司债的融资成本越低。这些研究结果表明,发债主体可以通过债券契约设计提高对债券投资者的保护,从而降低融资成本。其次,本文研究了债券契约条款设计与发债公司现金红利政策的关系。通过组间检验和回归分析的方法,发现债券契约条款设计的确能够降低发债公司的现金红利发放程度。最后,本文还考察了审计质量与公司债的信用评级之间的关系,并在此基础上,进一步研究审计和债权人保护条款设计之间的相互关系。评级机构需要依靠发债公司经过审计后的财务信息进行评级。审计质量越高,审计的“信息鉴证”作用和“保险”作用越大,信息不对称越低,公司债的债券评级和发债公司的主体评级越高。研究结果表明,选择高质量的审计的确有助于提高公司债的债券评级和发行公司的主体评级。进一步,本文还发现在不同股权性质下,审计质量对信用评级的影响程度不同,其中,民营企业通过高质量审计提高信用评级的程度要高于国有企业。最后,本文还提供了审计和债券契约设计之间存在替代关系的经验证据。本文的主要贡献在于：手工收集公司债合约中的每一个条款,包括债权人保护条款与基本条款,从合约设计的角度衡量出中国的公司债投资者契约保护现状,并提供了公司债券合约条款设计与债券融资成本和发债公司现金红利发放程度存在负相关关系的经验证据；本文还从债券投资者和信用评级机构的角度,讨论了高质量审计的作用,并在此基础上,还提供了不同债券投资者保护机制之间存在替代关系的经验证据。作者希望研究结论对发债公司在设计债券契约条款和选择审计师时有一定参考价值,并且对债券投资者、信用评级机构和监管部门等债券市场相关主体有参考意义。
[Abstract]:China capital market after nearly twenty years of rapid development, and gradually formed a set of stocks, bonds and derivatives such as multi species, multi-level, to meet the different needs of the market subject. However, the development of China's capital market is not balanced, direct financing channels, our securities market bonds, especially with enterprises as issued the main body of the bond market, compared to the stock market, the development is far insufficient; at the same time, the financing channels for enterprises China to bank loans, although in recent years the short-term financing bonds is also growing rapidly, but the short-term bank loans still mostly, the banking system and therefore bear a higher risk of default, financial market stability and sustainable development lay hidden in this case, China government has been the development of the bond market as Chinese capital market reform one of the important strategic.2007, corporate bonds in the stock market emerged, in recent years The market downturn in the background, the corporate bond market has been sought after by the stability of its revenue. However, China's corporate bond market is still in the early stages of development, to protect the bond investors do not get enough attention, supporting the creditor protection mechanism is not perfect.2013 11 super day debt event of financial fraud, but also reflects the importance of the protection of investors. Therefore, has important practical significance to design and research of China's bond investor protection mechanism.
In theory, agency conflicts between shareholders and creditors mainly from adverse selection and moral hazard problems. The bond contract clause design and audit from internal and external to the bond investors to form protection. The issuing company can send signals to the market in order to reduce the adverse selection, such as the use of strict protection mechanism of bond investors, or quality good auditors. Moral hazard mainly from shareholders and creditors in the following four aspects: different preference for cash dividend payments, ownership dilution, asset substitution and under investment. Investors can design the bonds through the terms of the contract, limiting the company behavior in these four aspects, in order to reduce the moral hazard problem. High quality auditing can be reduced the information asymmetry between investors and Corporation, to improve the supervision ability of bond investors, thereby reducing the moral hazard problem.
Based on the above background, this paper begins with the data of corporate bonds in 2007 first only the company bonds to the end of 2011 as samples, in the framework of principal-agent theory, using empirical research methods, from the perspective of two bond contract design internal bond investor protection and audit of the external bond investor protection, research company in China the debt investor protection status, effectiveness on the basis of further analysis and two kinds of protection mechanism. The cost of financing and credit rating is the issuing company and investors are most concerned about the index, and the cash dividend policy is the shareholders by raising the cash dividend occupation of the interests of creditors means. Therefore, based on the view of financing cost, influence of terms the bond contract design for investors to cash dividend policy; the corporation from the perspective of the study of contract design on bond terms of debt Finally, from the perspective of credit rating, we discuss the impact of audit as an external creditor protection mechanism on credit rating agencies and its relationship with the design of bond contract terms.
First, this paper examines the relationship between bond contract design and bond financing cost. Through the investor protection provisions manual and summarized in excerpts from bond contract further, it will be divided into event clauses and governance terms, to construct comprehensive bond contract protection index, governance index and bond contract protection event bond contract protection index in order to describe the company's debt, contract of creditor protection. The study found that: the protection of creditors contract design better corporate bonds, financing cost is low; the Corporation bankruptcy risk is small, the company's debt financing costs lower. These results indicate that issuers can improve the protection of bond investors through the bond contract the design, thereby reducing the cost of financing.
Secondly, this paper studies the relationship between the design of the bond contract terms and the cash dividend policy of the issuing company. Through the inter group test and regression analysis, it is found that the design of the bond contract terms can really reduce the cash dividend payment of the issuing company.
Finally, this paper also examines the relationship between audit quality and corporate bond credit rating, and on this basis, to further study the relationship between the protection of creditors and audit clause design between the rating agencies need to rely on the corporation after the audited financial information rating. The higher the quality of audit, the audit of the "information assurance" and "insurance" role, information asymmetry is low, corporate debt bond rating and issuer of the main rating is high. The results show that the selection of high quality audit does help improve corporate bond bond rating and issuer's main rating. Further, this paper also finds that in different ownership property the degree of influence on the audit quality, credit rating is different, the private enterprises through high quality audit to enhance the credit rating to a greater extent than state-owned enterprises. Finally, this paper also provides the Empirical evidence of alternative relationships between the design of a bond contract and a bond design.
The main contribution of this paper is: every clause in the contract of the manual collection of corporate bonds, including the creditor protection provisions and basic terms, measure Chinese corporate bond investors contract protection status from contract design perspective, and provides corporate bond contract design and debt financing cost and cash dividend payment of the issuing company has a negative degree the relationship between empirical evidence; the bond investors and credit rating agencies, discussed the high quality audit, and on this basis, also provides different bond investor protection mechanisms exist between alternative empirical evidence. The author hopes that the research results have a certain reference value on the issuing company bond contract and in terms of design selection of auditors, and bond investors, reference credit rating agencies and regulators such as bond market related subjects.

【学位授予单位】：复旦大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51;F275;F224

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