發(fā)布時間：2018-01-02 00:17

  本文關(guān)鍵詞：承銷商能力與擔(dān)保因素對公司債發(fā)行價差的影響研究　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 公司債券 承銷商因素 債券擔(dān)保 發(fā)行利差

【摘要】：公司債市場近年來在我國取得了快速的發(fā)展。然而，與西方成熟市場相比，中國的公司債市場有許多獨特的現(xiàn)象。比如，擔(dān)保及承銷商的因素可能會起到與其他國家不同的作用。母公司擔(dān)保等由非獨立第三方提供的擔(dān)保手段被廣泛使用，，這些擔(dān)保由于擔(dān)保人與發(fā)行人的相關(guān)性過高等原因，擔(dān)保有效性下降，或許并不能為投資者所認(rèn)可從而成功降低發(fā)行成本。與之相反，承銷商的因素則可能重要，更大更著名的證券公司不僅擁有更多的承銷能力和資金優(yōu)勢，同時也愿意并能夠吸引優(yōu)秀的風(fēng)險較小的債券發(fā)行人，從而實現(xiàn)信號機(jī)制。因此，本文想通過實證分析來在中國的公司債市場檢驗上述猜想，檢驗?zāi)男┓N類的擔(dān)保才能真正有效降低發(fā)行價差，以及發(fā)行人是否可以通過選擇一個好的承銷商來降低發(fā)行成本。 實證結(jié)果表明承銷商因素的確能有效降低發(fā)行利差，對于由資產(chǎn)規(guī)模和債券承銷市場份額更大的證券公司，或者所承銷債券中降級比例更少的證券公司承銷的債券，投資者會愿意減少發(fā)行收益率；而對于擔(dān)保，無論何種形式的擔(dān)保，無論擔(dān)保人的信用評級是否高于發(fā)行人，無論擔(dān)保人是否對發(fā)行人財務(wù)狀況敏感，均被投資者視為無效擔(dān)保，無法顯著降低發(fā)行利差。 總之，為了節(jié)省發(fā)行成本，建議計劃發(fā)債公司選擇一個好的承銷商，即使需要適量支付額外的承銷費。而在選擇擔(dān)保方面，只要擔(dān)保不是發(fā)行的強(qiáng)制條件，無需使用擔(dān)保。
[Abstract]:In recent years, the corporate bond market has made rapid development in China. However, compared with the western mature market, there are many unique phenomena in China's corporate bond market. For example. Guarantees and underwriters may play a different role than in other countries. Guarantees provided by non-independent third parties, such as parent company guarantees, are widely used. As a result of the excessive correlation between the guarantor and the issuer, these guarantees are less effective and may not be recognized by investors and thus successfully reduce the cost of issuance. The underwriter factor may be important, as larger and more prominent securities firms not only have more underwriting capacity and financial advantages, but are also willing and able to attract good issuers with less risk. Therefore, this paper tries to test the above conjecture in China's corporate bond market through empirical analysis, and test what kinds of guarantees can effectively reduce the issue price difference. And whether the issuer can reduce the issue cost by selecting a good underwriter. The empirical results show that the underwriter factor can effectively reduce the margin of issue interest, for securities companies with larger market share of assets and bond underwriting. Or a bond underwritten by a securities firm with a smaller downgrade of the underwritten bonds, and investors will be willing to reduce their yields; For the guarantee, no matter what form of guarantee, whether the credit rating of the guarantor is higher than that of the issuer or not, whether the guarantor is sensitive to the issuer's financial situation, it is regarded as invalid guarantee by investors. Can not significantly reduce the issue spread. In short, in order to save the cost of issuance, it is recommended that the issuer choose a good underwriter, even if an appropriate amount of the additional underwriting fee is required, while in the selection of security, as long as the guarantee is not a mandatory condition of the issue. No warranty is required.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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