本文關(guān)鍵詞： 債權(quán)再融資 公告效應(yīng) 公司績效 公司債 中期票據(jù) 短期融資券　出處：《蘇州大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：對所有的企業(yè)而言，資本都是非常重要的資源。融資問題是企業(yè)必須面對的問題，融資方式的不同會導(dǎo)致企業(yè)資本結(jié)構(gòu)的差異，從而影響企業(yè)的公司治理、經(jīng)營業(yè)績和發(fā)展戰(zhàn)略等諸多方面。我國證券市場成立后較長一段時(shí)間，國內(nèi)上市公司再融資手段較為單一，且長期存在“重股輕債”的現(xiàn)象。2007年8月14日，《公司債券發(fā)行試點(diǎn)辦法》的正式頒布，標(biāo)志著我國公司債券的真正起步，加之2005年5月《短期融資券管理辦法》的實(shí)施以及2008年4月中期票據(jù)業(yè)務(wù)的正式啟動，極大地拓寬了我國上市公司的融資渠道，企業(yè)發(fā)債融資的積極性顯著提升。 十八屆三中全會明確提出要“發(fā)展并規(guī)范債券市場，提高直接融資比重”，國內(nèi)債券市場迎來良好發(fā)展機(jī)遇，國內(nèi)上市公司的債券融資規(guī)模也得到了快速增長。數(shù)據(jù)顯示，2005年我國上市公司的債券融資規(guī)模僅有1424億元，此后數(shù)年均保持一定比例的增速，，2012年突破2.5萬億元，不足十年的時(shí)間增長了約17倍。近兩年繼續(xù)維持在較高水平，2014年上半年我國上市公司發(fā)債規(guī)模已超過2萬億元。此外，從債券融資規(guī)模與股權(quán)融資規(guī)模的比例系數(shù)來看，2005年以來該系數(shù)的平均值為2.94，表明國內(nèi)債券市場規(guī)模迅速增長，創(chuàng)新品種日益豐富，尤其是隨著短期融資券和中期票據(jù)的大規(guī)模發(fā)行，我國上市公司發(fā)行債券的規(guī)模已顯著超越股權(quán)融資額。 上市公司的融資方式一直是理論界的研究熱點(diǎn)之一。近年來國內(nèi)外學(xué)者的大量研究主要集中在股權(quán)融資和債權(quán)融資的選擇和比較等方面，而債權(quán)融資工具種類繁多，不同工具的債務(wù)屬性差異較大，現(xiàn)有文獻(xiàn)主要分析了企業(yè)發(fā)債或貸款的決策影響因素，以及發(fā)債和貸款的比較優(yōu)勢和內(nèi)在機(jī)制分析，但針對不同債權(quán)融資工具的比較研究較少，尤其是有關(guān)中期票據(jù)和短期融資券等方面的研究更為匱乏。 因此，本文將以此為切入點(diǎn)，對我國上市公司三種主要的債權(quán)再融資方式，即公司債、中期票據(jù)和短期融資券展開研究，通過事前債權(quán)再融資方式的選擇，到事后短期內(nèi)債權(quán)再融資行為對公司股價(jià)的影響（即公告效應(yīng)），再到較長時(shí)期內(nèi)債權(quán)再融資行為對公司績效的影響等多維度來探討上市公司的債權(quán)再融資行為，以期提高融資效率，提升公司價(jià)值。 本論文沿著“研究背景——文獻(xiàn)綜述、理論回顧——影響因素分析——公告效應(yīng)分析——公司績效分析——結(jié)論”的思路進(jìn)行研究，主要梳理了國內(nèi)外相關(guān)研究文獻(xiàn)和西方經(jīng)典融資結(jié)構(gòu)理論，闡述了我國企業(yè)債權(quán)再融資的發(fā)展概況，隨后采用Logistic判斷模型考察債權(quán)再融資選擇模式的影響因素，運(yùn)用事件研究法分析債權(quán)再融資的公告效應(yīng)，以及運(yùn)用因子分析法研究了債權(quán)再融資對公司績效的影響，并得到以下幾點(diǎn)主要結(jié)論： （1）我國上市公司發(fā)債規(guī)模已顯著超越股權(quán)融資額，但與發(fā)達(dá)國家相比，目前我國發(fā)債規(guī)模占GDP的比重仍處較低水平，國內(nèi)債券市場仍有較大發(fā)展空間； （2）公司發(fā)行公司債、中期票據(jù)和短期融資券的影響因素存在一定的差異性，其中公司規(guī)模、財(cái)務(wù)杠桿和股權(quán)集中度是三種債權(quán)再融資的共有影響因素，與配對樣本相比，樣本公司往往具有更大的公司規(guī)模、更好的成長性、更強(qiáng)的盈利能力以及更低的經(jīng)營風(fēng)險(xiǎn)，但沒有證據(jù)表明進(jìn)行債權(quán)再融資的上市公司具有更好的治理水平； （3）我國上市公司的債權(quán)再融資行為是普遍存在公告效應(yīng)的，且在公告日前均產(chǎn)生正的累計(jì)異常收益率，但在公告日之后，發(fā)行公司債和短期融券繼續(xù)向市場傳遞較為積極的信號，而發(fā)行中期票據(jù)則向市場傳遞了較為明顯的負(fù)面信息。此外，公告效應(yīng)的影響因素存在較大差異，只有凈資產(chǎn)收益率是三種方式的共同影響因素； （4）在再融資前后四年間，發(fā)行公司債樣本公司的公司績效（因子綜合得分）呈現(xiàn)先上升后下降的變化趨勢，發(fā)行中期票據(jù)的樣本公司總體呈現(xiàn)下降的趨勢，發(fā)行短期融資券的樣本公司呈現(xiàn)先小幅下降后持續(xù)上升的趨勢。此外，上市公司績效的影響因素存在較大的差異，僅有現(xiàn)金流和資產(chǎn)負(fù)債率是三種債權(quán)再融資方式的共有影響因素。
[Abstract]:For all enterprises, capital is a very important resource. The financing problem is the enterprise must face the problem of different ways of financing will lead to differences in capital structure, thus affecting corporate governance, business performance and development strategy of our country's securities market was established. After a long period of time, China refinancing means are relatively simple, and the long-term existence of light heavy debt stock "phenomenon of.2007 in August 14th, formally promulgated the" corporate bond issuance pilot approach ", marking the start of China's corporate bonds, coupled with the implementation of the May 2005" measures for the administration of short term financing bonds "and officially launched in April 2008 the medium-term business. Our country greatly broaden the financing channels for listed companies, corporate bonds financing enthusiasm significantly improved.
In the third Plenary Session of the 18th CPC Central Committee, explicitly proposed to develop and standardize the bond market, improve the proportion of direct financing, the domestic bond market ushered in a good development opportunities, domestic corporate bond financing scale has been rapid growth. Data show that in 2005 China's listed companies debt financing scale is only 142 billion 400 million yuan, then the average number of maintain a certain proportion of the growth rate. In 2012 exceeded 2 trillion and 500 billion yuan, less than ten years increased by about 17 times. The past two years to maintain at a high level, the debt scale of Listed Companies in China has more than 2 trillion yuan in the first half of 2014. In addition, the proportion coefficient of the scale of bond financing and equity financing scale, since 2005 the coefficient of mean value is 2.94. That rapid growth in the size of the domestic bond market innovation, increasingly rich variety, especially with the large-scale issuance of short-term financing bonds and medium-term notes, China's listed companies The size of the company's issuance of bonds has significantly exceeded the amount of equity financing.
The mode of financing of listed companies has been one of the hot spots of theoretical circles. In recent years a large number of domestic and foreign scholars mainly focus on equity financing and debt financing selection and comparison, and the debt financing tools of various kinds, different attributes of different tools of debt is large, the existing literature mainly analyzes the decision factors of corporate bonds or loans the analysis and comparative advantage of bonds and loans and the internal mechanism, but for different debt financing tools of the comparative study of less, especially on the medium-term notes and short-term financing bills and other aspects of the more scarce.
Therefore, this article will take it as a starting point for China's listed companies three major debt refinancing, namely corporate bonds, medium-term notes and short-term financing bills of the prior debt refinancing options, to influence short-term debt after the refinancing of the company stock price (i.e. the announcement effect) then, to the longer term debt refinancing behavior effects on firm performance dimensions to explore the listed company's debt Refinancing Behavior, in order to improve financing efficiency, enhance the value of the company.
This paper follows "research background: literature review, theory analysis -- the analysis of the performance of the company announcement effect analysis conclusion" the idea of the study on the influence factors, mainly summarizes the relevant literature and the western classical capital structure theory research at home and abroad, expounds the development situation of China's corporate debt financing, followed by the Logistic judge the model on debt refinancing mode selection factors, using the event study method to analyze the announcement effect of debt refinancing, and by using the factor of debt refinancing impact on company performance analysis, and get the following conclusions:
(1) the scale of issuing bonds in China's listed companies has significantly exceeded the amount of equity financing, but compared with developed countries, China's debt issuance scale is still at a low level of GDP, and the domestic bond market still has great room for development.
(2) the issuance of corporate bonds, medium-term notes and short-term financing bonds influence factors have some differences, including firm size, financial leverage and ownership concentration is three of the total debt refinancing factors, compared with paired samples, Sample Firms often have a greater scale, better growth. Stronger profitability and lower operating risk, but there is no evidence that the governance level of debt refinancing of the listed company has better;
(3) of China's listed companies debt refinancing behavior is widespread announcement effect, and in the day before the announcement has positive cumulative abnormal return, but after the announcement date, the issuance of corporate bonds and short-term securities continue to deliver more positive signal to the market, and the issuance of medium-term notes will convey more negative information clear to the market. In addition, there is a big difference between the influence factors of the announcement effect, only the rate of return on net assets is common influencing factors in three ways;
(4) in refinancing after four years, the issuance of corporate bonds of Sample Firms company performance (factor scores) increased first and then decreased, showing Sample Firms overall medium-term notes issued a downward trend, the issuance of short-term financing bonds of Sample Firms showed the first decline slightly after rising trend. In addition, there is a big difference the factors affecting the performance of listed companies, only cash flow and asset liability ratio is three of the total debt financing factors.

【學(xué)位授予單位】：蘇州大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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