發(fā)布時間：2018-01-22 15:27

  本文關(guān)鍵詞： 中小企業(yè)債券 融資成本 信用評級 擔(dān)保機制　出處：《浙江工商大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在經(jīng)濟社會日益發(fā)展的過程中,中小企業(yè)以其自身的優(yōu)勢迅速發(fā)展,在充分利用社會閑散資金、帶動勞動力就業(yè)方面發(fā)揮著不可替代的作用。在發(fā)展的同時,中小企業(yè)也面臨著融資難題。政府等相關(guān)部門非常關(guān)注中小企業(yè)的發(fā)展問題,一直以來,出臺了許多政策積極拓寬中小企業(yè)的融資渠道,推出了中小企業(yè)集合債券、中小企業(yè)集合票據(jù)和中小企業(yè)私募債券的試點,創(chuàng)新了中小企業(yè)的融資方式。2015年1月,《公司債券發(fā)行與交易管理辦法》開始實施,中小企業(yè)發(fā)行債券的條件放寬了,可以通過非公開的方式發(fā)行公司債券。然而在中小企業(yè)發(fā)行債券的過程中還存在著諸多問題,影響其債券融資成本的因素模糊不清,制約著中小企業(yè)的發(fā)展。本文以2007—2015年在上海和深圳證券交易所發(fā)行的839支中小企業(yè)集合債券、中小企業(yè)集合票據(jù)和中小企業(yè)私募債券作為研究樣本,以MM理論、信息不對稱理論、信號傳遞理論等理論作為基礎(chǔ),通過分析我國債券市場和中小企業(yè)債券的發(fā)展現(xiàn)狀,探討了影響中小企業(yè)債券融資成本的影響因素,并提出了信用評級、擔(dān)保和企業(yè)財務(wù)狀況對中小企業(yè)債券融資成本影響的研究假設(shè),設(shè)立了相應(yīng)的多元線性回歸模型,利用實證方法檢驗了假設(shè)結(jié)果。經(jīng)過研究,本文得出結(jié)論:具有信用評級的債券信用利差較低,同時信用評級與中小企業(yè)債券的信用利差呈顯著的負(fù)相關(guān)關(guān)系,即證明了信用評級可以降低中小企業(yè)債券的融資成本,而相比較大型企業(yè)和其他企業(yè)來說,信用評級對民營中小企業(yè)債券融資成本的降低更為顯著;與其他公司債券不同的是,擔(dān)�？梢燥@著地降低中小企業(yè)債券的信用利差,而專業(yè)的擔(dān)保機構(gòu)由于擔(dān)保能力和專業(yè)性更強,和普通企業(yè)擔(dān)保相比,對中小企業(yè)債券融資成本的降低更有效;實證結(jié)果表明中小企業(yè)的財務(wù)狀況對債券融資成本沒有顯著的影響。最后,本文在研究分析的基礎(chǔ)上,根據(jù)實證檢驗的結(jié)果,有針對性地提出了促進中小企業(yè)債券發(fā)展的相關(guān)建議,有健全債券信用評級,建立完備統(tǒng)一的中小企業(yè)信用評級體系;提高擔(dān)保機構(gòu)的專業(yè)性,政府推動擔(dān)保機制的建設(shè),使擔(dān)保機構(gòu)運作更加規(guī)范;加強中小企業(yè)的信息披露,提高債券信息的透明度,并完善財務(wù)管理制度;從完善產(chǎn)權(quán)制度和增強中小企業(yè)自身實力方面入手,改善中小企業(yè)的不平等地位等。
[Abstract]:In the process of economic and social development, small and medium-sized enterprises with their own advantages of rapid development, in the full use of social idle funds, promote the employment of labor force plays an irreplaceable role in the development at the same time. Small and medium-sized enterprises are also facing financing problems. The government and other relevant departments are very concerned about the development of small and medium-sized enterprises. All along, many policies have been introduced to actively broaden the financing channels of small and medium-sized enterprises. Introduced the small and medium-sized enterprise collective bond, small and medium-sized enterprise collective bill and small and medium-sized enterprise private equity bond pilot, has innovated the small and medium-sized enterprise financing way. January 2015. The measures for Managing the issuance and Trading of Corporate Bonds began to be implemented, and the conditions for issuing bonds by small and medium-sized enterprises were relaxed. Corporate bonds can be issued in a private manner. However, there are still many problems in the process of issuing bonds by small and medium-sized enterprises, and the factors affecting their bond financing costs are unclear. This paper uses 839 bonds issued in Shanghai and Shenzhen stock exchanges from 2007 to 2015. Small and medium-sized enterprises aggregate bills and small and medium-sized enterprises private equity as a research sample, based on MM theory, information asymmetry theory, signaling theory and other theories as the basis. By analyzing the present situation of bond market and bonds of small and medium-sized enterprises in China, this paper discusses the factors that affect the financing cost of bonds of small and medium-sized enterprises, and puts forward the credit rating. Based on the hypothesis of the effect of guarantee and financial situation on the bond financing cost of SMEs, a multivariate linear regression model is established, and the hypothesis results are tested by empirical method. This paper concludes that the credit spread of bonds with credit rating is low, and the credit rating has a significant negative correlation with the credit spreads of small and medium-sized enterprises. It is proved that credit rating can reduce the financing cost of SME bonds, but compared with large enterprises and other enterprises, credit rating can reduce the financing cost of private SMEs more significantly. Unlike other corporate bonds, guarantees can significantly reduce the credit spreads of SME bonds, while professional guarantee agencies are more capable and professional than ordinary corporate guarantees because of their ability to guarantee. It is more effective to reduce the bond financing cost of small and medium-sized enterprises. Empirical results show that the financial situation of small and medium-sized enterprises has no significant impact on bond financing costs. Finally, this paper based on the research and analysis, according to the results of empirical testing. The paper puts forward some relevant suggestions to promote the development of SMEs' bonds, including improving the credit rating of bonds and establishing a complete and unified credit rating system for small and medium-sized enterprises. To improve the professionalism of guarantee institutions, the government promotes the construction of guarantee mechanism to make the operation of guarantee institutions more standardized; Strengthen the information disclosure of small and medium-sized enterprises, improve the transparency of bond information, and improve the financial management system; From perfecting the property right system and strengthening the strength of the small and medium-sized enterprises, the unequal position of the small and medium-sized enterprises is improved.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F276.3;F275;F832.51

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