【作者】 杨丽；

【导师】 陈淑云；

【作者基本信息】 华中师范大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 民营经济一直是支撑中国经济高速发展的重要力量。然而,民营企业却长期存在着较为明显的外部融资约束。一方面,民企受政治关联度、金融市场发展程度以及宏观经济环境等因素难以获取稳定信贷支持;另一方面,民营企业在金融“强监管”、外贸受限的背景下,通过非正规金融渠道融资也日益困难。债权融资逐渐发展成为民企依赖的融资渠道。然而,2018年以来我国经济结构调整的持续深化使得民营企业信用风险集中爆发,整体信用受到了较大影响。为有效缓解民营企业的融资约束,监管部门、人民银行会同有关部门重启信用风险缓释凭证,为投资者提供规避债券违约风险选择。本文以信用风险缓释凭证作为民企债券融资支持工具定向重启切入,理论结合实证深入探究民企发债时同步配售CRMW对民营企业债券融资利率的影响。本文结构安排如下:理论部分介绍信用风险缓释凭证的创设背景、作用原理并理论推导至其对民企债券利率的作用机制;实证部分选取2018年10月至2019年12月期间内公开发行的私营企业信用债券为样本进行研究,探究CRMW对民营企业债券融资利率的影响,并进一步探究其是否会因民企评级不同而存在差异化影响。最后根据研究结果得出结论,并提出相应的启示。本文研究结果表明:同等条件下,在债券发行阶段同步发售CRMW可降低民营企业的发债利率,通过降低民企融资成本进而缓解民营企业的融资约束;此外,进一步研究发现,该影响对于信用评级不同的企业具有异质性。具体来看,在同等条件下,民营企业的信用评级越低,该影响就越大。从结果出发本文启示如下:①现阶段为持续缓解民营企业的融资约束,应高度重视债务融资支持工具在债券市场中的积极作用,完善并落实债务融资支持工具的相关政策;②为完善、丰富及形成我国多层次金融体系,应扩大信用衍生品交易主体范围,鼓励更多机构将资金投向民营企业,在债券违约时为CRM卖方提供信用保护;③针对投资者对信用缓释凭证信息获取不足造成的问题,应进一步扩大投资者获取信息的渠道,加强投资者对政策工具的认识,最大程度减少信息不对称,降低信息获取的机会成本,充分释放民企融资风险溢价,支持民企减负。更多还原

【Abstract】 private sector of the economy has always been an important force supporting the rapid development of Chinese growth..However,private enterprises have obvious external financing constraints for a long time.On the one hand,it is difficult for private enterprises to obtain stable credit support due to political relevance,financial market development and macroeconomic environment;On the other hand,under the background of economic "deleveraging",financial "strong supervision" and foreign trade instability,it is increasingly difficult for private enterprises to obtain financing through informal financial channels,so debt financing has gradually developed into a financing channel for private enterprises.However,since 2018,with the continuous deepening of China’s economic restructuring,the credit risk of private enterprises has broken out,and the overall credit has been greatly affected.In order to effectively alleviate the financing constraints of private enterprises,the regulatory authorities,the people’s Bank of China and relevant departments restart the credit risk mitigation certificate.In order to avoid the risk of bond default,crmw is simultaneously sold in the bond issuing stage.After that,credit risk mitigation certificates developed rapidly.In this paper,credit risk mitigation certificate as a private enterprise bond financing support tool,combined with theory and empirical research,in-depth explore the impact of private enterprise bond financing interest rate when the synchronous placement of crmw.The structure of this paper is as follows:in the theoretical part,it introduces the background and principle of credit risk mitigation voucher,and deduces its mechanism of action on private enterprise bond interest rate;In the empirical part,private enterprise credit bonds issued in public from October 2018 to December 2020 are selected as samples to get the results of the impact of credit risk mitigation certificates on private enterprise bond financing,and to further explore whether it will have a differential impact due to the different ratings of private enterprises.Finally,according to the research results,we draw conclusions,and put forward the corresponding policy recommendations and future prospects.The results show that:under the same conditions,the synchronous sale of CRMW in the bond issuing stage can reduce the bond issuing interest rate of private enterprises,and alleviate the financing constraints of private enterprises by reducing the financing cost of private enterprises;In addition,it is found that the impact is heterogeneous for enterprises with different credit ratings.Specifically,under the same conditions,the lower the credit rating of private enterprises,the greater the impact.Based on the results,this paper suggests that China should pay more attention to the private bond market and introduce more relevant policies and measures to support the financing constraints of private enterprises;In view of the problems caused by investors’ insufficient access to the information of credit risk mitigation certificates,China should further strengthen the breadth and depth of information publicity,actively study and formulate relevant supporting measures on credit derivatives,such as capital provision and investment requirements,effectively improve the insurance effect of credit risk mitigation certificates,form a long-term mechanism,and fully release the financing risk premium of private enterprises,Reduce the burden on private enterprises.更多还原