本文關(guān)鍵詞：短期融資券規(guī)模、資產(chǎn)負(fù)債期限匹配及財(cái)務(wù)困境關(guān)系研究　出處：《華僑大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：短期融資券相比銀行短期貸款具有諸多優(yōu)點(diǎn),成本低、備案制發(fā)行很便捷、單次發(fā)行額度可以很大,因而其廣受企業(yè)歡迎。但發(fā)行企業(yè)在使用短期融資券募集資金的過(guò)程中卻存在使用募集資金投資長(zhǎng)期資產(chǎn)的現(xiàn)象。長(zhǎng)期資產(chǎn)周轉(zhuǎn)緩慢、資金被積壓在資產(chǎn)中,短期融資券到期快且到期日往往需要大量現(xiàn)金,因而使用募集資金投資長(zhǎng)期資產(chǎn)對(duì)企業(yè)按時(shí)償還債務(wù)、維持正常的經(jīng)營(yíng)狀態(tài)有較大的不良影響,增大企業(yè)面臨財(cái)務(wù)困境的概率,同時(shí)還可能引發(fā)一系列嚴(yán)重后果,如發(fā)行主體聲譽(yù)受到重創(chuàng)、被監(jiān)管機(jī)構(gòu)監(jiān)管、企業(yè)破產(chǎn)等等。基于此,本文研究短期融資券發(fā)行規(guī)模與發(fā)行主體資產(chǎn)負(fù)債期限匹配的關(guān)系及后者與財(cái)務(wù)困境的關(guān)系,同時(shí)討論不同性質(zhì)的企業(yè)之間的差異。本文使用資產(chǎn)與融資期限匹配指數(shù)MMI度量企業(yè)的資產(chǎn)負(fù)債期限匹配程度,使用Z值模型計(jì)算出的數(shù)值度量企業(yè)面臨的財(cái)務(wù)困境風(fēng)險(xiǎn)。使用描述性統(tǒng)計(jì)、相關(guān)性分析以及多元回歸等方法對(duì)相關(guān)問(wèn)題進(jìn)行定量研究。研究發(fā)現(xiàn),短期融資券發(fā)行規(guī)模越大,則發(fā)行主體的資產(chǎn)負(fù)債期限錯(cuò)配程度越高。不同性質(zhì)的企業(yè)其資產(chǎn)負(fù)債期限錯(cuò)配程度不同,非國(guó)有企業(yè)、上市公司以及資金規(guī)模小的發(fā)行主體存在著更為嚴(yán)重的資產(chǎn)負(fù)債期限錯(cuò)配問(wèn)題。不同性質(zhì)的企業(yè)因資產(chǎn)負(fù)債期限錯(cuò)配面臨的財(cái)務(wù)困境程度有所差異,非國(guó)有企業(yè)、上市公司以及資金規(guī)模小的發(fā)行主體資產(chǎn)負(fù)債期限錯(cuò)配將會(huì)大大增加企業(yè)面臨財(cái)務(wù)困境的風(fēng)險(xiǎn)。企業(yè)使用短期融資券募集資金進(jìn)行長(zhǎng)期投資,一方面說(shuō)明企業(yè)自身管理不夠嚴(yán)謹(jǐn),另一方面說(shuō)明我國(guó)監(jiān)管部門(mén)對(duì)企業(yè)使用募集資金的管理存在漏洞,需要采取措施予以彌補(bǔ),如明確規(guī)定如何使用募集資金、進(jìn)一步完善相關(guān)信用評(píng)級(jí)體系、嚴(yán)格發(fā)行主體信息披露制度等。
[Abstract]:Compared with bank short-term loans, short-term financing bonds have many advantages, low cost, easy to issue under the record system, and the single issue amount can be very large. Therefore, it is widely welcomed by enterprises. However, in the process of using short-term financing bonds to raise funds, there exists the phenomenon of using raised funds to invest in long-term assets. The long-term assets turnover is slow, and the funds are overstocked in assets. The short term financing paper matures quickly and often requires a large amount of cash on maturity, so the use of raised funds to invest long-term assets on time to repay the debt of the enterprise, to maintain the normal state of operation has a greater adverse impact. Increase the probability of enterprises facing financial distress, but also may lead to a series of serious consequences, such as the reputation of the issuer has been severely damaged, regulated by regulatory bodies, corporate bankruptcy and so on. Based on this. This paper studies the relationship between the issuing scale of short-term financing bills and the maturities of the main assets and liabilities and the relationship between the latter and the financial distress. At the same time, the paper discusses the differences between different enterprises. This paper uses the asset and financing maturity matching index (MMI) to measure the maturity matching degree of assets and liabilities. The risk of financial distress is measured by using the Z-value model. The quantitative research on the related problems is carried out using descriptive statistics, correlation analysis and multivariate regression. The larger the issuance scale of short-term financing bonds, the higher the mismatch degree of maturity of assets and liabilities of the issuers. The different nature of enterprises have different degree of mismatch of term of assets and liabilities, non-state-owned enterprises. Listed companies and issuers with small capital scale have more serious mismatch of term of assets and liabilities. Different enterprises have different degree of financial distress due to the mismatch of maturity of assets and liabilities. Non-state-owned enterprises, listed companies and the issuance of small scale of assets and liabilities maturity mismatch will greatly increase the risk of financial distress. Enterprises use short-term financing bonds to raise funds for long-term investment. On the one hand, it shows that the management of enterprises is not strict enough, on the other hand, the regulatory authorities of our country have loopholes in the management of the use of funds raised by enterprises, which need to take measures to make up, such as clear provisions on how to use the funds raised. Further improve the relevant credit rating system, strictly issue the information disclosure system and so on.
【學(xué)位授予單位】：華僑大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832.51

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