發(fā)布時間：2018-04-07 15:53

  本文選題：短期融資券　切入點：企業(yè)價值　出處：《山東大學(xué)》2017年碩士論文

【摘要】：2005年5月23日我國重新啟動了短期融資券的發(fā)行,這是我國金融創(chuàng)新的嶄新嘗試,它的出現(xiàn)改變了多年來我國企業(yè)短期債務(wù)融資渠道較為單一的局面,尤其是可以有力地改善企業(yè)對銀行短期貸款較為依賴的情況,為企業(yè)籌集短期資金開辟了新的渠道。短期融資券以其具有的較低的融資成本、簡便的發(fā)行程序和相對靈活的發(fā)行方式等市場化特征,一經(jīng)推出便受到了市場的密切關(guān)注和熱力追捧。自2005年5月26日第一批短期融資券成功發(fā)行以來,截至2016年末,我國短期融資券已經(jīng)累計發(fā)行10912只,累計融資規(guī)模高達(dá)152346.75億元,從發(fā)行頻率和發(fā)行規(guī)模來看,短期融資券已經(jīng)遠(yuǎn)遠(yuǎn)領(lǐng)先于其他直接債務(wù)融資工具。我國短期融資券市場雖然起步較晚,近十余年來其發(fā)行數(shù)量和融資規(guī)模的增長速度卻異常迅猛,短期融資券已經(jīng)成為我國企業(yè)重要的融資渠道。短期融資券對于改善企業(yè)融資狀況具有極為重要的意義,那企業(yè)通過短期融資券融資是否會對企業(yè)價值存在影響呢?如果存在影響,會是怎樣的作用機(jī)制?針對上述問題的探討和分析,可以為企業(yè)理性開展短期融資券融資決策提供參考,也有利于促進(jìn)我國短期融資券市場的健康有序發(fā)展。本文從一個創(chuàng)新視角出發(fā),以短期融資券作為研究對象,將短期融資券融資與企業(yè)價值相結(jié)合,采用理論分析與實證檢驗相結(jié)合的研究方法,探究了短期融資券融資是否對企業(yè)價值存在影響,并分析了其可能存在的作用機(jī)制。在梳理有關(guān)短期融資券與企業(yè)價值的研究成果的基礎(chǔ)上,本文首先對短期融資券融資對企業(yè)價值是否存在影響展開理論分析,首先分析了短期融資券融資對企業(yè)價值影響存在的合理性,然后對二者之間的作用機(jī)制進(jìn)行了剖析。最后以2010-2014年我國112家上市公司的面板數(shù)據(jù)對理論分析進(jìn)行實證檢驗,其中重點檢驗了我國上市公司短期融資券融資是否對企業(yè)價值存在影響及其影響結(jié)果。實證檢驗結(jié)果發(fā)現(xiàn):短融比率和市凈率之間存在單向格蘭杰因果關(guān)系,短融比率是市凈率的格蘭杰原因之一;短融比率與市凈率呈負(fù)相關(guān)關(guān)系,且在10%水平上顯著,即短期融資券融資對企業(yè)價值有負(fù)向影響。在理論分析和實證檢驗的基礎(chǔ)上,結(jié)合我國短期融資券的規(guī)章制度和發(fā)展現(xiàn)狀,本文發(fā)現(xiàn)許多因素在一定程度上限制了短期融資券發(fā)揮作用,并針對上述問題提出了促進(jìn)短期融資券及其市場發(fā)展完善的政策建議。本文是將短期融資券融資與企業(yè)價值結(jié)合起來的嶄新嘗試,雖然在一定程度上拓展了對短期融資券的研究范圍,但多方面的原因造成研究尚有諸多不足,未能明確其具體作用機(jī)制,僅為今后的研究提供參考,期待后續(xù)研究能對本文中存在的問題有更大的創(chuàng)新和突破。
[Abstract]:On May 23, 2005, China restarted the issue of short-term financing bonds, which is a new attempt of financial innovation in our country, and its appearance has changed the situation that the financing channel of short-term debt of Chinese enterprises has been relatively single for many years.In particular, it can improve the dependence of banks on short-term loans and open up new channels for enterprises to raise short-term funds.Because of its low financing cost, simple issuing procedure and relatively flexible issuing method, the short term financing bond has been paid close attention to and pursued by the market as soon as it was launched.Since the successful issuance of the first batch of short-term financing bills on May 26, 2005, up to the end of 2016, China has issued 10912 short-term financing bills, with a cumulative financing scale of 15.234675 trillion yuan.Short-term bills are well ahead of other direct debt financing instruments.Although the market of short term financing bonds in our country started relatively late, the amount of issue and the scale of financing have been increasing rapidly in the past ten years, and short term financing bonds have become an important financing channel for enterprises in our country.Short-term financing bonds are of great significance to improve the financing situation of enterprises. Does it have an impact on the value of enterprises through short-term financing bills?If there is an impact, what is the mechanism?The discussion and analysis of the above problems can provide a reference for enterprises to rationally carry out the financing decision of short-term financing bonds, and also help to promote the healthy and orderly development of the short-term financing bond market in China.From an innovative angle of view, this paper takes short-term financing bonds as the research object, combines the financing of short-term financing bonds with the value of enterprises, and adopts the research method of combining theoretical analysis and empirical testing.This paper probes into the influence of short-term financing on enterprise value and analyzes its possible mechanism.On the basis of combing the research results of short-term financing bond and enterprise value, this paper first carries out a theoretical analysis on the influence of short-term financing bond financing on enterprise value.This paper first analyzes the rationality of the influence of short-term financing bond financing on enterprise value, and then analyzes the mechanism between them.Finally, using the panel data of 112 listed companies in China from 2010 to 2014, the paper makes an empirical test on the theoretical analysis, which focuses on whether the financing of short-term financing bills of listed companies in China has an impact on the enterprise value and the results.The empirical results show that there is a one-way Granger causality relationship between the short-finance ratio and the price-to-book ratio, the short-melt ratio is one of the Granger reasons for the price-to-book ratio, and the short-melt ratio has a negative correlation with the price-to-book ratio, and is significant at the level of 10%.That is, short-term financing bonds have a negative impact on the value of the enterprise.On the basis of theoretical analysis and empirical test, combined with the rules and regulations of short-term financing bills in China and the current situation of development, this paper finds that many factors have limited the role of short-term financing bills to some extent.In view of the above problems, the paper puts forward some policy suggestions to promote the development and perfection of short-term financing paper and its market.This paper is a new attempt to combine the financing of short-term financing bonds with the value of enterprises. Although the scope of research on short-term financing bills has been expanded to some extent, there are still many deficiencies in the study due to various reasons.It can only provide reference for the future research, and hope that the follow-up research can bring more innovation and breakthrough to the existing problems in this paper.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F275

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本文編號：1719854