中国企业债券融资研究

【作者】 蒋屏；

【导师】 余恕莲；

【作者基本信息】 对外经济贸易大学 ， 国际贸易学， 2004， 博士

【摘要】 企业利用国内公司债券融资,可以改善企业资本结构,降低融资成本和完善公司治理结构。本文运用企业融资理论,对企业债券市场的规模以及企业的融资行为进行了定性研究,并辅之多元统计定量分析方法,从我国上市公司融资行为的角度对企业运用公司债券融资进行研究。研究内容分为三篇六章。首先分析国内企业债券融资的环境。主要分析了中国企业债券市场的现状和现有的监管模式,对公司债券市场进行了国际比较,并通过实证研究分析影响我国企业债券市场的宏观因素,从而说明中国发展企业债券市场的巨大发展空间。然后,在对现有的研究成果梳理和分析的基础上提出发展中国企业债券市场需要在制度上进行改革,这些改革包括,发行制度的改革;债券利率市场化;建立健全债券信用评级制度;大力发展二级市场,引入做市商制度;推进金融系统的整合和改革。通过以上的改革,促进中国企业债券市场的发展,并为企业的多元化融资创造良好的市场环境、提供更多的融资渠道。其次,在企业融资理论文献综述的基础上,分析了由于中国企业在特殊股权结构情况,上市公司在债务融资和股权融资方面偏好股权融资;由于历史发展的渊源,企业若采用债务融资,则更偏好银行贷款而不重视发行企业债券。另外从管理层角度分析了企业的融资行为,通过采集上市公司总经理持股数据的实证研究表明:总经理在持股比例较大时,为了保护总经理他们自身的利益,公司一般采用稳健的融资政策,当公司需要资金时通常通过增发新股筹集,而少举债。但是,随着总经理持股比例的减少,融资决策随意性较大。最后,论文提出了中国企业债券融资的发展思路:第一,非流通股要全流通,在推进全流通过程中,对现有非流通股可采用备兑证、股转债的形式;第二,随着我国利率市场化的进程,有必要重新启动国债期货市场;最后,规避利率风险除了国债期货市场外,还应该逐步推出一些金融衍生产品,如远期利率协议,利率互换,利率顶,利率套等。更多还原

【Abstract】 To raise the capital with domestic corporate bonds can improve the capital structure and the corporate governance, and help corporations to reduce their financing costs. Under the guidance of the firm’s financing theories, the research of the size of corporate bonds financing and firm’s financing behavior have been done through the application of qualitative analysis combined with quantitative analysis of multivariate statistical, taking into account the financing behavior of listed companies. This thesis consists of three parts and six chapters. In the first place, focused on the financing environment of corporate bonds in China, this thesis analyzes external environment of corporate bonds financing, including the status, legal and regulatory framework of Chinese corporate bonds market, and compares domestic corporate bonds market with international corporate bonds market, demonstrating the macro-economic factors to influence domestic corporate bonds market, and a large room for China to promote corporate bonds market. Then, having reviewed the academic papers and research in this field, a conclusion has been reached that, to influence the development of corporate bond in China, reforms of the systems of corporate bond should be carried out, including: 1) the system of initial issuance of corporate bonds and rate in marketlization; 2) credit ratings; 3) secondary market; 4) introduction of the market-makers; 5) financial system and optimization of the allocation of financial resources. Chinese corporate bonds market will be developed rapidly, thus providing a variety for firms to diversify financing structure and creating a good environment for corporate bonds market through the reform of the systems. Secondly, based on the firm’s financing theories and literatures reviewed, the thesis deals with the analysis of the behavior of the corporations’ financing. Owing to the unreasonable ownership structure and highly non-tradable shares, Chinese listed companies have the preference of equity financing to debts. If company took the debt refinancing, they would have the preference of bank loan to bonds. On the other hand, the characteristics of the top managers’ refinancing behavior are similar to those of the companies. By collecting data from the top managers’ holding shares of listed companies, the empirical analysis shows that the more shares top managers hold, the more conservative financing policies the firms would carry out, trying to raise capital via right issues other than debt refinancing. However, it is shown that top managers with few shares will finance at discretion. Last but not the least, the prospects for the development of Chinese corporate bonds financing have been seen. They are as follows: 1) the non-tradable shares are traded freely on the market; 2) the futures market of government bonds should be resumed; 3) derivative instruments of the interest rates are provided progressively, such as forward rate agreement, interest rate swap, and so on.更多还原