本文關(guān)鍵詞：G公司發(fā)行短期融資券動因及效果分析　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 直接融資 短期融資券 融資成本 融資效率

【摘要】：隨著金融市場的不斷發(fā)展,我國債券市場上發(fā)行債券的企業(yè)不論是在企業(yè)的數(shù)量上還是在企業(yè)發(fā)行債券的規(guī)模上都在不斷的增加。一般企業(yè)的融資方式可以分為直接融資跟間接融資兩種。由于間接融資存在著諸如發(fā)行成本高、發(fā)行手續(xù)復(fù)雜等缺點,越來越多的企業(yè)開始關(guān)注除了間接融資之外的其他融資方式,短期融資券應(yīng)運而生。短期融資券是指中華人民共和國境內(nèi)的具有法人資格的非金融企業(yè),依照《銀行間債券市場非金融企業(yè)債務(wù)融資工具管理辦法》的條件和程序發(fā)行的有價證券,該有價證券是發(fā)行在銀行間債券市場上的,約定的到期日是一年。隨著經(jīng)濟的不斷發(fā)展和市場化程度的不斷提高,短期融資券作為新的融資方式,受到了廣泛的關(guān)注。到2015年底,共有1001家企業(yè)在銀行間債券市場上發(fā)行了32427.30億元的短期融資券,發(fā)行的企業(yè)較2014年增加了 18.18%,發(fā)現(xiàn)規(guī)模較2014年增加了 50.70%,短期融資券已經(jīng)成為企業(yè)直接融資的一條重要途徑。短期融資券可以提高企業(yè)融資效率,降低企業(yè)融資成本,為企業(yè)的發(fā)展提供充足的資金保障。本文分為五個部分,立足于G公司發(fā)行短期融資券的案例,針對性地分析企業(yè)短期融資券發(fā)行過程中應(yīng)該關(guān)注的問題,并提出相應(yīng)的建議。第一部分,首先提出研究背景和研究意義,其次介紹了國內(nèi)外學(xué)者對短期融資券的相關(guān)研究成果,最后指出本文的研究思路和創(chuàng)新點。第二部分,闡述了短期融資券的基礎(chǔ)概念和MM理論、優(yōu)序融資理論、信號傳遞理論、投資組合理論等理論基礎(chǔ)。第三部分,介紹G公司的基本概況以及G公司發(fā)行短期融資券的情況,對G公司發(fā)行短期融資券的動因進行分析。第四部分分別從財務(wù)效果、管理效果和社會影響三方面對G公司發(fā)行短期融資券的效果進行分析。第五部分對G公司能夠成功發(fā)行短期融資券的經(jīng)驗做出總結(jié),然后根據(jù)G公司的成功案例提出適合一般企業(yè)發(fā)行短期融資券的經(jīng)驗。本文的最后一個部分是對整篇文章進行總結(jié)與歸納,對短期融資券未來的發(fā)展做出了展望并指出本文存在的不足之處。本文的創(chuàng)新之處在于以G公司發(fā)行短期融資券這一實際案例分析了該企業(yè)發(fā)行短期融資券的原因及發(fā)行短期融資券的效果。闡述了企業(yè)發(fā)行短期融資券應(yīng)注意的事項,為其他企業(yè)發(fā)行短期融資券提供了一個可以借鑒的成功案例。目前國內(nèi)對短期融資券的研究更多集中在短期融資券的理論研究上,很少有結(jié)合企業(yè)的實際情況進行研究。短期融資券的發(fā)展,為企業(yè)提供了一種新的融資方式,這種方式將會受到越來越多的企業(yè)的青睞。
[Abstract]:With the development of financial market. The enterprises issuing bonds in China's bond market are increasing in both the number of enterprises and the scale of bonds issued by enterprises. Generally, the financing methods of enterprises can be divided into direct financing and indirect financing. Because of indirect financing, such as high issuance costs. Due to the complexity of issuing procedures, more and more enterprises begin to pay attention to other financing methods besides indirect financing. Short-term financing bills emerge as the times require. Short-term financing bills refer to non-financial enterprises with legal personality in the people's Republic of China. Marketable securities issued in accordance with the conditions and procedures of the measures for the Management of debt financing Instruments of Non-Financial Enterprises in the Interbank Bond Market, which are issued on the inter-bank bond market. The fixed maturity date is one year. With the development of economy and the improvement of marketization, short-term financing bonds, as a new financing method, have received extensive attention. Until end of 2015. A total of 1, 001 enterprises issued three tillion two hundred and forty-two billion seven hundred and thirty million yuan short-term financing notes in the interbank bond market, an increase of 18.18% over 2014. It is found that the scale has increased by 50.70 compared with 2014, and short-term financing bonds have become an important way for enterprises to direct financing. Short-term financing bills can improve the financing efficiency of enterprises and reduce the financing costs of enterprises. This paper is divided into five parts, based on the case of G company issuing short-term financing bonds, and analyzes the problems that enterprises should pay attention to in the process of issuing short-term financing bills. And put forward the corresponding recommendations. The first part, the research background and significance of the first, followed by the introduction of domestic and foreign scholars on short-term financing bills related research results. Finally, this paper points out the research ideas and innovations. The second part, describes the basic concept of short-term financing bills and MM theory, priority financing theory, signaling theory. The third part introduces the basic situation of G Company and the situation of G Company issuing short term financing bonds. This paper analyzes the motivation of G company to issue short-term financing bonds. 4th part respectively from the financial effect. Management effect and social impact of G company to analyze the effect of issuing short-term financing bonds. 5th to G company can successfully issue short-term financing bonds to make a summary of the experience. Then according to the successful cases of G company, the paper puts forward the experience of issuing short-term financing bonds suitable for general enterprises. The last part of this paper is the summary and induction of the whole article. The paper looks forward to the future development of short-term financing bonds and points out the shortcomings of this paper. The innovation of this paper lies in the analysis of the original issue of short-term financing bills by G Company as a practical case. Because of and the effect of issuing short-term financing bonds, this paper expounds the matters that enterprises should pay attention to in issuing short-term financing bills. For other enterprises to issue short-term financing bills to provide a successful case for reference. At present, the domestic research on short-term financing bills more focused on the theory of short-term financing bills. The development of short-term financing bonds provides a new financing method for enterprises, which will be favored by more and more enterprises.
【學(xué)位授予單位】：安徽大學(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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