【摘要】：股權(quán)市場和債券市場一直以來都被企業(yè)視為重要的直接融資途徑,但相比于銀行貸款等間接融資工具,我國的直接融資工具特別是債券的市場規(guī)模還比較小。而中小企業(yè)作為我國經(jīng)濟(jì)體的重要組成部分,卻大都無法滿足債券發(fā)行的條件,融資困難的問題十分突出。2012年5月22日,《中小企業(yè)私募債券業(yè)務(wù)試點辦法》出臺,中小企業(yè)私募債券由此推出。本文從這一新型債券品種入手,希望能夠通過研究,找出對其信用利差產(chǎn)生影響的關(guān)鍵因素。本文首先介紹了中小企業(yè)私募債券的推出背景和推出意義,并將其與國外高收益?zhèn)M(jìn)行了橫向比較。隨后通過研究和參考國內(nèi)外學(xué)者關(guān)于信用利差影響因素理論和模型,分別就宏觀和微觀兩個方面概括出影響私募債券信用利差的10個因素,并運(yùn)用理論研究的方法分析這些因素對私募債券信用利差造成影響的原因。在實證分析的部分,本文對這些因素間的相關(guān)性進(jìn)行分析,在此基礎(chǔ)上運(yùn)用因子分析法將因素合并,篩選出最能反映信用利差本質(zhì)的7個因素建立模型,進(jìn)行多元線性回歸分析,進(jìn)一步驗證預(yù)期理論,形成最終的結(jié)論。最后,本文還對我國中小企業(yè)私募債券今后的發(fā)展提出了相關(guān)政策建議。
[Abstract]:Stock market and bond market have always been regarded as an important direct financing approach by enterprises, but compared with indirect financing tools such as bank loans, the market size of direct financing instruments, especially bonds, in China is still relatively small. As an important part of China's economy, small and medium-sized enterprises (SMEs) are unable to meet the conditions of bond issuance, and the problem of financing difficulties is very prominent. On May 22, 2012, the "pilot measures for Private Bond Business of small and Medium-sized Enterprises" was issued. Small and medium-sized private equity bonds from this out. Starting with this new bond variety, this paper hopes to find out the key factors that affect the credit spread through the research. This paper first introduces the background and significance of the introduction of small and medium sized private equity bonds, and compares them with foreign high-yield bonds. Then, by studying and referring to the theories and models of credit spread between domestic and foreign scholars, this paper sums up 10 factors that affect credit spread of private equity bond from macro and micro aspects, respectively. And use the method of theoretical research to analyze the influence of these factors on the credit spread of private equity bond. In the part of empirical analysis, this paper analyzes the correlation between these factors, and then combines the factors with factor analysis, and selects 7 factors that can best reflect the nature of credit spreads. Multivariate linear regression analysis is carried out to further verify the expected theory and to reach the final conclusion. Finally, this paper also puts forward the relevant policy recommendations for the future development of private equity bonds of small and medium-sized enterprises in China.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 喬嘉;張翰;;私募債券來了[J];新理財;2011年07期

2 姚靜娟;徐明華;;試論中小企業(yè)私募債券的風(fēng)險及其防范[J];企業(yè)導(dǎo)報;2012年21期

3 張宏豫;王倩倩;;加強(qiáng)對中小企業(yè)私募債券風(fēng)險防范機(jī)制的若干建議[J];企業(yè)導(dǎo)報;2013年11期

4 李俊峰;李振群;;中小企業(yè)私募債券待起航[J];金融博覽;2012年06期

5 宋怡欣;;中小企業(yè)私募債券轉(zhuǎn)讓服務(wù)法律研究[J];河南科技;2012年14期

6 高濤;;我國中小企業(yè)私募債券發(fā)行與監(jiān)管模式的再反思[J];金融發(fā)展研究;2012年11期

7 ;新疆成為全國第14個中小企業(yè)私募債券試點省區(qū)[J];大陸橋視野;2012年11期

8 周e，

本文編號：2395476