本文選題：債務(wù)融資工具 + 企業(yè)特征��； 參考：《江西財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：股權(quán)融資和債務(wù)融資構(gòu)成了企業(yè)的融資結(jié)構(gòu),其中債務(wù)融資包括銀行貸款和債券融資。長期以來,由于經(jīng)濟(jì)、政治體制和思想觀念等各方面因素的影響,我國金融市場企業(yè)融資的發(fā)展極其不平衡：過分依賴銀行貸款的間接融資,直接融資中股權(quán)融資一直受到上市公司的青睞,而企業(yè)債券市場的直接融資比例相對偏低。2004年中央政府出臺(tái)《國務(wù)院關(guān)于推進(jìn)資本市場改革開放和穩(wěn)定發(fā)展的若干意見》,明確提出“積極拓展債券市場,完善和規(guī)范發(fā)行程序,擴(kuò)大企業(yè)債券發(fā)行規(guī)�！钡姆结�,積極穩(wěn)妥的發(fā)展債券市場以促進(jìn)資本市場協(xié)調(diào)發(fā)展。自此,我國企業(yè)債券市場隨著金融改革的深化揭開了嶄新的篇章。2005年人民銀行重啟短期融資券,2007年證監(jiān)會(huì)又頒布《公司債券發(fā)行試點(diǎn)辦法》,隨后中期票據(jù)這一市場化色彩最濃的債券品種在銀行間市場推出。2005年我國企業(yè)債券融資規(guī)模還是2028億元,到了2013年,該融資規(guī)模就已達(dá)34,959.01億元,遠(yuǎn)遠(yuǎn)超過股權(quán)融資。這些債務(wù)融資工具的發(fā)布極大的豐富了證券投資品種,拓寬了企業(yè)直接融資渠道,進(jìn)一步健全了資本市場體系。 隨著企業(yè)債務(wù)融資品種的增多和市場規(guī)模的擴(kuò)大,企業(yè)對融資工具的選擇也會(huì)受各種各樣因素的影響。面對市場上不同的債券品種有不同的監(jiān)管模式和發(fā)行條件這一狀況,究竟是哪些因素影響著企業(yè)的融資方式選擇,如何在各種債券品種之間進(jìn)行資源配置,近幾年引起了國內(nèi)學(xué)者的注意,并成為理論界和實(shí)務(wù)界共同關(guān)注的重要課題之一。本文正是以這一問題為基點(diǎn)展開相關(guān)分析的,通過梳理國內(nèi)外關(guān)于債務(wù)融資工具選擇的文獻(xiàn),在我國企業(yè)債券市場特殊的多頭管理制度下,從企業(yè)自身特征和融資工具特征兩個(gè)方面考察企業(yè)在選擇公司債、中期票據(jù)和企業(yè)債時(shí)偏好改變的內(nèi)在機(jī)理及對發(fā)債工具選擇的影響因素。具體的研究思路主要分為以下四個(gè)部分進(jìn)行分析和闡述： 第一部分,主要是描述了我國債券市場總體發(fā)展歷程及現(xiàn)狀,并對2005-2013年我國企業(yè)債、公司債、中期票據(jù)和短期融資券發(fā)行狀況呈現(xiàn)的特點(diǎn)和發(fā)展規(guī)律進(jìn)行比較和總結(jié)。具體而言,通過收集相關(guān)的法律法規(guī),從發(fā)行模式和交易制度梳理了我國企業(yè)債券市場特有的多頭監(jiān)管體制的內(nèi)容,進(jìn)一步指出目前我國企業(yè)債務(wù)融資工具選擇的多樣性和復(fù)雜性。 第二部分,即本文的理論分析和研究假設(shè)。在分析我國企業(yè)債券市場發(fā)展現(xiàn)狀、結(jié)合相關(guān)文獻(xiàn)的研究基礎(chǔ)上,從發(fā)債主體的財(cái)務(wù)特征與債券工具特征兩大方面提出理論假設(shè),并闡述了每個(gè)假設(shè)的分析邏輯。 第三部分,主要分為兩大塊：其一,實(shí)證研究上市公司對公司債和中期票據(jù)選擇的影響因素；其二,實(shí)證研究非上市公司對企業(yè)債和中期票據(jù)的影響因素。首先,以2010-2012年間A股上市公司公開發(fā)行的330只公司債和中期票據(jù)為研究樣本,采用Logistic二元判定模型設(shè)定方程,基于第二部分提出的理論假設(shè)從企業(yè)特征和發(fā)債工具特征兩方面設(shè)置解釋變量。實(shí)證結(jié)果表明,資產(chǎn)期限長、成長性好及信用評級高的上市公司傾向于公司債,而資產(chǎn)規(guī)模大、企業(yè)現(xiàn)金流水平高及產(chǎn)權(quán)性質(zhì)為國有的上市公司偏好中期票據(jù)。同時(shí),前者的發(fā)債工具特征較后者表現(xiàn)為金額大、利率高及有擔(dān)保。然后,第五章以2009-2012年非上市公司公開發(fā)行企業(yè)債和中期票據(jù)的1597個(gè)樣本觀察值為研究對象,仍然采用Logistic判定模型考察非上市企業(yè)在進(jìn)行該兩種債務(wù)融資工具選擇時(shí)的影響因素,研究發(fā)現(xiàn),大部分發(fā)債主體都是國有企業(yè),其中在發(fā)改委監(jiān)管下的企業(yè)債發(fā)行主體財(cái)務(wù)狀況表現(xiàn)出資產(chǎn)期限長、凈利潤增長率高及盈利能力強(qiáng)的特征,而資產(chǎn)規(guī)模大、信用評級高的非上市國有企業(yè)仍然傾向于銀行間的中期票據(jù)。同樣,監(jiān)管嚴(yán)格的企業(yè)債較中期票據(jù)發(fā)行利率高及有擔(dān)保,但發(fā)行規(guī)模并沒有顯著差異。 第四部分為文章結(jié)論。根據(jù)前文的實(shí)證結(jié)果,指出目前我國企業(yè)債券市場存在的一些問題,并有針對性的提出本文的政策建議。
[Abstract]:Equity financing and debt financing constitute the financing structure of the enterprise, among which debt financing includes bank loans and bond financing. For a long time, the development of financial markets in our financial market is extremely unbalanced because of the influence of various factors such as economy, political system and ideas. Capital equity financing has always been favored by listed companies, and the proportion of direct financing in the corporate bond market is relatively low in.2004. The central government issued a number of opinions of the State Council on promoting the reform and opening up of the capital market and the steady development of the capital market. It clearly proposed that "actively expand the bond market, improve and standardize the issuing procedures, and expand the issuance of corporate bonds." On the basis of the policy of scale, the bond market is actively and steadily developed to promote the coordinated development of the capital market. Since the deepening of the financial reform, the people's Bank of China's corporate bond market has opened a new chapter in.2005. In 2007, the CSRC promulgated the pilot method of the company bond issuance pilot, and then the medium-term bill. In the interbank market, the most concentrated bond variety in the inter-bank market was launched in.2005. In 2013, the size of the bond financing was 202 billion 800 million yuan. In 2013, the financing scale had reached 3 trillion and 495 billion 901 million yuan, far exceeding the equity financing. The issuance of these debt financing tools greatly enriched the variety of securities investment, widened the direct financing channels for enterprises. One step improved the capital market system.
With the increase of the variety of debt financing and the expansion of the market scale, the choice of financing tools will also be affected by various factors. In the face of different regulatory modes and issuing conditions of different bond varieties in the market, what are the factors that affect the choice of financing methods and how to be in various bonds The allocation of resources among the varieties has aroused the attention of domestic scholars in recent years, and has become one of the important topics of common concern in the theoretical and practical circles. This paper is based on the analysis of this problem. By combing the literature about the choice of debt financing tools at home and abroad, it is a special multi pipe in the corporate bond market of our country. Under the system, from two aspects of the characteristics of the enterprise and the characteristics of the financing tools, the internal mechanism of the preference change in the choice of corporate debt, the medium-term bill and the corporate debt and the influencing factors on the choice of the debt tool are investigated. The concrete research ideas are divided into four parts as follows:
The first part describes the overall development process and present situation of the bond market in China, and compares and summarizes the characteristics and development rules of the state of the issuance of corporate bonds, corporate bonds, medium-term bills and short-term financing vouchers in the 2005-2013 years. The contents of China's corporate bond market's unique multi supervision system are further pointed out, and the diversity and complexity of the choice of debt financing instruments in China's enterprises are further pointed out.
The second part is the theoretical analysis and research hypothesis of this article. On the basis of the analysis of the current situation of the development of the corporate bond market in China, based on the related literature, it puts forward the theoretical hypothesis from the two aspects of the financial characteristics of the subject of debt issuance and the characteristics of the bond tool, and expounds the analysis logic of each hypothesis.
The third part, mainly divided into two blocks: first, the empirical study of the factors affecting the choice of corporate bonds and medium-term bills by listed companies; secondly, the empirical study of the influencing factors of the corporate bonds and medium-term bills by non-listed company. First, the study samples of the 330 corporate bonds and medium-term bills of the public Development Bank of the A shares listed companies in 2010-2012 years. The Logistic two element decision model is used to set the equation. Based on the second part of the theoretical hypothesis, the explanatory variables are set from the characteristics of the enterprise and the characteristics of the debt issuance tool. The empirical results show that the listed companies with long term, good growth and high credit rating are inclined to corporate debt, with a large scale of assets, high level of cash flow and property rights. The state-owned listed companies prefer the medium-term bill. At the same time, the former is characterized by large amount, high interest rate and guarantee. Then, the fifth chapter is the research object of the 2009-2012 year non-listed company public issuance of corporate bonds and medium-term bills, and still uses the Logistic decision model to investigate the non. The influencing factors of the choice of the two debt financing tools are carried out by the listed companies. It is found that most of the main body of the debt issuance are state-owned enterprises, among which the financial status of the main body of corporate debt issuance under the supervision of the NDRC is characterized by the long term of capital investment, the high net profit growth rate and the strong profit ability, and the large scale of the assets and the high credit rating. The unlisted state-owned enterprises still tend to be in the mid-term notes between banks. Similarly, strict regulatory corporate bonds have higher interest rates and guarantee than medium-term bills, but there is no significant difference in the size of the issuance.
The fourth part is the conclusion of the article. According to the empirical results of the previous article, it points out some problems existing in the current enterprise bond market in our country and puts forward the policy suggestions for this article.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F224

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