本文選題：公司債券 + 長(zhǎng)期債務(wù)融資��； 參考：《山東大學(xué)》2012年碩士論文

【摘要】：公司債券作為面向上市公司的新興債務(wù)融資方式,能否為企業(yè)發(fā)展帶來福音?既往以來,企業(yè)債務(wù)融資的理論研究主要包括債務(wù)融資類型結(jié)構(gòu)、債務(wù)期限結(jié)構(gòu)、債務(wù)水平結(jié)構(gòu)等問題。本文重點(diǎn)關(guān)注屬于債務(wù)融資類型之一的公司債券,研究討論企業(yè)的債務(wù)融資方式,通過公司債券發(fā)行對(duì)企業(yè)投資行為影響的實(shí)證分析,檢驗(yàn)公司債券發(fā)行對(duì)企業(yè)非效率性投資行為的影響。 本文在回顧和梳理國(guó)內(nèi)外相關(guān)文獻(xiàn)基礎(chǔ)上,選取已成功發(fā)行過公司債券的125家A股上市公司(截至2011年12月31日)從2005至2010年度的共681組年度數(shù)據(jù),通過對(duì)比公司債券發(fā)行前后債務(wù)融資對(duì)企業(yè)非效率性投資行為影響,建立非效率投資動(dòng)因的解釋模型,研究債務(wù)融資方式對(duì)企業(yè)投資行為的影響。四組模型分別從資產(chǎn)負(fù)債率、長(zhǎng)期借款和短期借款存量、長(zhǎng)期借款和短期借款增量、公司債券規(guī)模等解釋變量出發(fā)探討債務(wù)融資方式和期限結(jié)構(gòu)對(duì)非效率投資的影響。在得出整體樣本表現(xiàn)出長(zhǎng)期投資不足與投資過度并存的非效率性投資環(huán)境的基礎(chǔ)上,進(jìn)一步研究了債務(wù)融資與非效率投資之間的制約關(guān)系。實(shí)證檢驗(yàn)發(fā)現(xiàn),企業(yè)的長(zhǎng)期債務(wù)融資和短期債務(wù)融資與非效率投資之間存在負(fù)相關(guān)關(guān)系,即負(fù)債對(duì)非效率投資行為產(chǎn)生抑制作用,而且長(zhǎng)期債務(wù)抑制作用更為明顯,當(dāng)檢驗(yàn)對(duì)象變?yōu)楫?dāng)期新增長(zhǎng)期負(fù)債和短期負(fù)債時(shí),這種負(fù)相關(guān)關(guān)系更加顯著,長(zhǎng)期負(fù)債融資的擬合優(yōu)度高于短期負(fù)債,即長(zhǎng)期負(fù)債更能約束企業(yè)的投資行為。雖然我國(guó)資本市場(chǎng)長(zhǎng)期存在短期債務(wù)融資替代長(zhǎng)期債務(wù)融資的問題,但是研究長(zhǎng)期債務(wù)與企業(yè)投資行為的聯(lián)系將有利于拓展資本市場(chǎng)的融資外沿；另一方面,公司債券作為長(zhǎng)期債務(wù)融資方式的一種,其對(duì)非效率投資能發(fā)揮抑制作用。鑒于長(zhǎng)期債務(wù)融資對(duì)非效率投資制約的效應(yīng),推動(dòng)公司債券發(fā)展有利于提高企業(yè)的投資效率,促進(jìn)有效投資。
[Abstract]:Corporate bonds, as a new debt financing method for listed companies, can bring good news for the development of enterprises? In the past, the theoretical research of corporate debt financing mainly includes debt financing type structure, debt maturity structure, debt level structure and so on. This paper focuses on corporate bonds, one of the types of debt financing, studies and discusses the debt financing methods of enterprises, and analyzes the impact of corporate bond issuance on corporate investment behavior through empirical analysis. To examine the impact of corporate bond issuance on the non-efficient investment behavior of enterprises. On the basis of reviewing and combing the relevant literature at home and abroad, this paper selects 125 A-share listed companies (as of December 31, 2011), which have successfully issued corporate bonds, from 2005 to 2010, with a total of 681sets of annual data. By comparing the influence of debt financing on enterprises' non-efficient investment behavior before and after the issuance of corporate bonds, this paper establishes an explanatory model of the inefficiency investment motivation, and studies the influence of debt financing mode on enterprises' investment behavior. The four groups of models discuss the influence of debt financing mode and maturity structure on non-efficient investment from the explanatory variables of asset-liability ratio, long-term borrowing and short-term borrowing stock, long-term borrowing and short-term borrowing increment, corporate bond size and so on. On the basis of the conclusion that the whole sample shows the inefficiency investment environment in which long-term underinvestment and over-investment coexist, the restriction relationship between debt financing and inefficient investment is further studied. The empirical results show that there is a negative correlation between long-term debt financing and short-term debt financing and inefficient investment, that is, debt has an inhibitory effect on inefficient investment behavior, and long-term debt inhibition is more obvious. The negative correlation is more significant when the object is the new long-term liabilities and short-term liabilities, and the goodness of fit of long-term debt financing is higher than that of short-term liabilities, that is, long-term liabilities can more constrain the investment behavior of enterprises. Although there is a long-term problem of short-term debt financing instead of long-term debt financing in China's capital market, studying the relationship between long-term debt and enterprise investment behavior will help to expand the financing externalities of the capital market; on the other hand, As one of the long-term debt financing methods, corporate bonds can inhibit the non-efficient investment. In view of the effect of long-term debt financing on inefficient investment, promoting the development of corporate bonds is conducive to improving the investment efficiency of enterprises and promoting effective investment.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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