本文關(guān)鍵詞： 市場(chǎng)擇機(jī) 債券融資 債券指數(shù) 監(jiān)管政策　出處：《湖南師范大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：由于在金融市場(chǎng)上出現(xiàn)的一些異象難以得到傳統(tǒng)金融學(xué)理論的解釋,學(xué)者開始對(duì)它的基本假設(shè)如投資者理性、有效市場(chǎng)等越來提出了質(zhì)疑。國(guó)內(nèi)外學(xué)者開始從投資者非理性、市場(chǎng)非完全有效的視角,研究資本市場(chǎng)環(huán)境對(duì)公司融資選擇的影響,這大大推動(dòng)了行為金融理論在融資方面的研究和發(fā)展。研究表明企業(yè)融資活動(dòng)中確實(shí)存在著市場(chǎng)擇機(jī)效應(yīng)。國(guó)內(nèi)外對(duì)于該理論的研究主要集中在股票市場(chǎng)上,而對(duì)于債券市場(chǎng)的研究卻比較少。由于我國(guó)的股權(quán)融資偏好,企業(yè)債券作為融資的重要組成部分,在研究中長(zhǎng)期受到忽視。因此本文試圖將市場(chǎng)時(shí)機(jī)理論與債券融資理論相結(jié)合,探討債券市場(chǎng)的發(fā)展規(guī)律,推動(dòng)我國(guó)債券市場(chǎng)的發(fā)展。 本文首先介紹了市場(chǎng)擇機(jī)理論的發(fā)展和主要研究?jī)?nèi)容,總結(jié)了市場(chǎng)擇機(jī)與債券融資相結(jié)合的國(guó)內(nèi)外研究理論與方法,為本文的研究提供了理論基礎(chǔ)。接著,用多元回歸方法檢驗(yàn)我國(guó)上市公司債券融資中是否存在市場(chǎng)擇機(jī)行為,然后對(duì)產(chǎn)生市場(chǎng)擇機(jī)行為的主要因素進(jìn)行理論分析,并為進(jìn)一步實(shí)證研究提供了變量選擇的基礎(chǔ)。在此基礎(chǔ)上對(duì)產(chǎn)生市場(chǎng)擇機(jī)行為的主要變量進(jìn)行了實(shí)證檢驗(yàn),以期給管理者把握債券融資時(shí)機(jī)提供建議。 實(shí)證檢驗(yàn)的結(jié)果表明：我國(guó)上市公司管理者在進(jìn)行債券融資時(shí),確實(shí)存在市場(chǎng)擇機(jī)行為,市場(chǎng)條件對(duì)上市公司債券融資行為的影響效果取決于債券市場(chǎng)的收益與監(jiān)管制度雙重因素,即上市公司在債券融資時(shí)機(jī)選擇上一方面是基于債券市場(chǎng)情況的選擇,即當(dāng)前一期的債券指數(shù)較高時(shí),理性的公司管理者會(huì)對(duì)債券市場(chǎng)前景持積極的態(tài)度,更傾向于采取債券融資并且規(guī)模也更大；另一方面則基于債券監(jiān)管政策的擇機(jī),當(dāng)國(guó)家對(duì)債券融資持鼓勵(lì)政策時(shí),將有更多的上市公司選擇債券融資。同時(shí),對(duì)于債券融資時(shí)機(jī)的把握,管理者主要考慮三個(gè)因素,即倫敦同業(yè)拆借率、上證綜合指數(shù)及國(guó)家對(duì)債券發(fā)行的監(jiān)管政策。
[Abstract]:Because some anomalies in the financial market can not be explained by the traditional financial theory, scholars begin to make some basic assumptions such as investor rationality. Domestic and foreign scholars began to study the impact of capital market environment on the choice of corporate financing from the perspective of investor irrationality and incomplete market efficiency. This has greatly promoted the research and development of behavioral finance theory in financing. The research shows that there is a market opportunity effect in the financing activities of enterprises. The domestic and foreign research on this theory is mainly focused on the stock market. However, there is little research on the bond market. Because of the preference of equity financing in China, corporate bonds as an important part of financing. Therefore, this paper attempts to combine the market opportunity theory with the bond financing theory, to explore the development law of the bond market and to promote the development of the bond market in China. This paper first introduces the development and main research content of market opportunity theory, summarizes the domestic and foreign research theories and methods of market choice and bond financing, which provides a theoretical basis for this study. This paper uses multiple regression method to test whether there exists market opportunistic behavior in bond financing of listed companies in our country, and then analyzes the main factors that produce market opportunistic behavior. It also provides the basis of variable selection for further empirical research. On this basis, this paper makes an empirical test on the main variables that produce market opportunistic behavior, in order to provide suggestions for managers to grasp the timing of bond financing. The results of empirical test show that the managers of listed companies in China do have market opportunity behavior in the process of bond financing. The effect of market conditions on bond financing behavior of listed companies depends on the double factors of bond market income and regulatory system. That is, listed companies in the bond financing timing on the one hand is based on the choice of bond market conditions, that is, the current issue of higher bond index, rational corporate managers will take a positive attitude to the outlook of the bond market. More inclined to bond financing and larger; On the other hand, based on the opportunity of bond regulatory policy, more listed companies will choose bond financing when the country holds the policy of encouraging bond financing. At the same time, the timing of bond financing will be grasped. Regulators consider three factors, namely, LIBOR, Shanghai Composite Index and national regulatory policy on bond issuance.
【學(xué)位授予單位】：湖南師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275;F224

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