影响我国公司债券期限结构的因素分析

发布时间：2018-01-24 02:46

本文关键词： 公司债券债券期限理论假设回归分析　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：长期以来，，我国金融体系发展不平衡：经济活动过分依赖间接融资，直接融资比例过低；直接融资中，债券融资特别是公司债券融资规模过小。公司债券市场成了我国金融市场发展的薄弱环节。为了完善金融体系，我国政府和相关监管部门明确提出了大力发展公司债券市场的战略部署。在未来，公司如何通过公司债券市场进行融资是公司资本结构选择，资产负债调整的重要内容。在公司债券融资中，公司债券期限选择是公司债券发行人融资决策的重要方面。本文采用资产期限匹配理论、代理成本理论、流动性风险理论、信息不对称理论、违约风险理论和税收收益理论对影响公司债券期限选择的影响因素进行了理论分析，采用我国上市公司公司债券信息以及上市公司相关财务数据对以上理论分析提出的影响因素进行了实证检验。首先，从理论上提出了影响我国上市公司公司债券期限选择的6个理论假设（1）公司债券期限与资产期限理论正相关；（2）公司债券期限与代理成本可能正相关也可能负相关；（3）公司债券期限与流动性风险可能正相关也可能负相关；（4）公司债券期限与信息不对称理论负相关；（5）公司债券期限与违约风险负相关；（6）公司债券期限与税收效应正相关。其次以我国上市公司新发行的公司债券的期限为被解释变量，以资产期限、公司规模、公司成长能力、流动性风险、信息不对称程度、违约风险程度、税收等影响因素的代理变量为解释变量，采用多元线性回归进行实证分析。结果发现（1）公司资产期限与公司债券的期限显著正相关；（2）上市公司规模与公司债券的期限正相关，这验证了代理成本理论；公司成长能力与公司债券期限正相关但是结果却是不显著的；公司资产负债率、产权比率与公司债券期限正相关，公司债券期限与流动比率负相关，从这个角度充分验证了流动性风险理论。因此可以说代理成本理论和流动性风险理论在我国公司债券市场都只得到了部分的验证；（3）违约风险与公司债券期限正相关，即违约风险越大，上市公司更倾向于发行长期公司债。但是在实证研究的结果中Z值在单因素回归模型中与公司债券的期限负相关，而在多因素回归模型中却与公司债券的期限呈现正的相关关系。这可能是因为在多因素回归模型中，Z的影响受到了其他影响因素的稀释作用。因此只能说违约风险理论得到了部分的验证；（4）公司前五名持股比例与公司债券的期限存在显著的负相关关系，也就是说在信息不对称理论的假设在我国上市公司公司债券的期限的影响因素分析中得到了充分的验证；（5）税率与我国上市公司公司债券期限不存在显著的相关关系，说明我国上市公司在进行债务融资的时候很少考虑到债务所带来的税收效应。最后，本文提出了我国公司债券市场存在的一些问题并对如何充分发挥好公司债券市场的作用提出了相关的政策建议。本文认为在我国公司债券市场，信息披露要更加透明，加强市场监管，还要进行制度性的改革，如简化公司债券发行程序等。
[Abstract]:For a long time, the development of China's financial system is not balanced: economic activity over reliance on indirect financing, the low proportion of direct financing; direct financing, bond financing, corporate bond financing small scale. The corporate bond market has become a weak link in China's financial market development. In order to improve the financial system, our government and relevant regulatory the Department clearly put forward the strategic plan to develop the corporate bond market. In the future, how the company through the corporate bond market financing is the company's capital structure choice, an important balance adjustment. In the enterprise bond financing, corporate bond maturity is an important aspect of corporate bond financing decision. This paper uses the term matching of assets the theory of agency cost theory, liquidity risk theory, information asymmetry theory, default risk theory and tax revenue theory of corporate bond issue The influencing factors of limit selection are analyzed theoretically, and the influencing factors of the above theoretical analysis are empirically tested based on corporate bond information and related financial data of Listed Companies in China.
First of all, the influence of 6 theoretical assumptions the maturity of the bonds of Listed Companies in China choose to put forward theoretically (1) corporate bond maturity and asset maturity theory of positive correlation; (2) the term of the bonds may be positively related to agency costs may also be negatively correlated; (3) the time limit of corporate bonds and liquidity risk may be some may also be negatively correlated; (4) the maturity of a bond is negatively correlated with asymmetric information theory; (5) the maturity of a bond is negatively correlated with the risk of default; (6) the term of the bonds of tax effects are related.
The second term corporate bonds of Listed Companies in China to issue new explanatory variables, with asset maturity, company size, company growth ability, liquidity risk, information asymmetry, default risk, tax and other factors affecting the proxy variables as explanatory variables, using multiple linear regression empirical analysis. The results found that (1) is positively related to the company's assets term and the term of corporate bonds; (2) the size of listed companies and corporate bond period is related to the verification of the agency cost theory; corporate bond maturity growth ability has positive correlation with the company but the result is not significant; the company's asset liability ratio, equity ratio and corporate bond maturity is positively related the term of the bonds, liquidity ratio is negatively related to, from this point fully verify the liquidity risk theory. So we can say that the agency cost theory and liquidity risk theory in China The corporate bond market has only been a part of the verification; (3) the risk of default and corporate bonds period is related to the risk of default is larger, listed companies prefer to issue long-term bonds. But in the empirical research results of Z value in the single factor regression model and the term of corporate bonds in the negative correlation. The multivariate regression model is maturity and corporate bonds has positive correlation. This may be because in the multi factor regression model, Z is affected by the dilution effect of other factors. It can only be said to the risk of default theory has been part of the inspection certificate; (4) there is a significant negative correlation between the period of five ownership and corporate bonds of the company, that is to say in the theory of information asymmetry hypothesis in China's listed companies the maturity factor analysis has been fully verified; (5) and the rate in China There is no significant correlation between the maturity of corporate bonds and the tax effect of debt.
Finally, this paper puts forward some problems in China's corporate bond market and puts forward relevant policy suggestions on how to give full play to the role of good corporate bond market. This paper argues that in the corporate bond market in China, information disclosure should be more transparent, strengthen market supervision, but also the reform of the system, such as simplifying the corporate bond issuance program.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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