本文選題：承銷商聲譽(yù)　切入點(diǎn)：承銷連續(xù)性　出處：《廈門大學(xué)》2014年碩士論文

【摘要】：IPO是公司進(jìn)行融資的重要途徑之一,而再融資渠道的匱乏成為了制約上市公司再融資的瓶頸。2007年,公司債券這種上市公司再融資渠道在證監(jiān)會的力推下應(yīng)運(yùn)而生。 基于信息不對稱,需要再融資的上市公司試圖向市場傳遞價值信息,但是由于有理由相信信息披露方具有利己動機(jī),效果往往不甚理想。承銷商作為最重要的中介機(jī)構(gòu),憑借自身的專業(yè)優(yōu)勢和對發(fā)行人信息的掌握,向市場傳遞發(fā)行人的價值信息。承銷商的信息傳遞是否能得到市場的認(rèn)可,影響了發(fā)行人融資成本的高低。 已有的研究表明,公司IPO的過程中,承銷商聲譽(yù)能夠較為顯著地影響IPO的抑價程度。在我國監(jiān)管制度下,公司債承銷商需要對上市公司進(jìn)行盡職調(diào)查并向外界披露相關(guān)信息,本文研究在公司債的發(fā)行中,承銷商聲譽(yù)是否同樣能夠影響債券發(fā)行的價格,同時,本文從承銷連續(xù)性這個嶄新的角度來考察承銷商在公司債券融資成本中發(fā)揮的作用。 本文通過理論分析和實(shí)證研究相結(jié)合的方法,選用2007年第一支公司債發(fā)行至2013年末的數(shù)據(jù)為基礎(chǔ),并基于公司債發(fā)行政策因素剔除了金融和房地產(chǎn)上市公司的數(shù)據(jù),最終獲得了研究樣本。本文以公司債與發(fā)行日同期限國債到期收益率的利差作為融資成本的衡量標(biāo)準(zhǔn)。為了研究承銷商聲譽(yù)對公司債融資成本的影響,本文構(gòu)建了衡量公司債承銷商聲譽(yù)的指標(biāo)。在M-W法的基礎(chǔ)之上,本文以截至2013年末承銷商所承銷公司債金額和支數(shù)所占市場份額作為衡量依據(jù),并賦予兩個要素相同權(quán)重,最終計算出公司債發(fā)行中的承銷商聲譽(yù)。本文使用虛擬變量衡量承銷連續(xù)性。 本文的研究表明,承銷商聲譽(yù)能夠顯著地影響公司債券融資成本,具有較高聲譽(yù)的承銷商能夠?yàn)榘l(fā)行人帶來更低的融資成本。同時,公司債市場的競爭日趨白熱化,由非IPO主承銷商承銷能夠有效地降低發(fā)行人的公司債券融資成本。 本文的重要意義在于：首先,將承銷商聲譽(yù)從IPO抑價引入債券融資成本的研究,不僅豐富了該領(lǐng)域的文獻(xiàn),也為債券市場參與者提供更加直觀的信息。其次,提出了承銷連續(xù)性的概念,從承銷連續(xù)性的角度研究公司債券融資成本影響因素。
[Abstract]:IPO is one of the important ways for companies to refinance, and the lack of refinancing channels has become the bottleneck of refinancing of listed companies. In 2007, corporate bonds, the refinancing channels of listed companies, came into being under the push of CSRC. Because of asymmetric information, listed companies that need refinancing try to transfer value information to the market, but the effect is often not ideal because of the reason to believe that the disclosing party has self-interest motive. The underwriter is the most important intermediary. By virtue of their own professional advantages and the mastery of issuer information, the value information of issuers is transmitted to the market. Whether the underwriters' information transmission can be recognized by the market affects the financing cost of issuers. Existing studies have shown that the underwriter reputation can significantly affect the underpricing degree of IPO in the process of IPO. Under the regulatory system of our country, corporate bond underwriters need to conduct due diligence on listed companies and disclose relevant information to the outside world. This paper studies whether the reputation of underwriters can also affect the price of bond issuance in the issuance of corporate bonds. At the same time, this paper examines the role of underwriters in the financing costs of corporate bonds from the perspective of underwriting continuity. Based on the data from the first corporate bond issue in 2007 to the end of 2013, and the financial and real estate listed companies' data based on the factors of corporate bond issuance policy, this paper combines the theoretical analysis and empirical research. In order to study the influence of underwriter reputation on corporate bond financing cost, this paper takes the difference between the maturity yield of corporate bond and the maturity yield of bond on the date of issue as the measure of financing cost. This paper constructs an index to measure the reputation of corporate bond underwriters. On the basis of M-W method, this paper uses the amount of corporate debt underwritten by underwriters and the market share of underwriters up to the end of 2013 as the basis, and assigns the same weight to the two factors. Finally, the reputation of underwriters in the issuance of corporate bonds is calculated. This paper uses virtual variables to measure the continuity of underwriting. The research in this paper shows that the underwriter reputation can significantly affect the financing cost of corporate bonds, and the underwriters with higher reputation can bring lower financing costs for issuers. At the same time, the competition in the corporate bond market is becoming more and more intense. Underwriting by non-IPO lead underwriters can effectively reduce the issuer's corporate bond financing costs. The significance of this paper lies in: firstly, introducing underwriter reputation from IPO underpricing into bond financing costs not only enriches the literature in this field, but also provides more intuitive information for bond market participants. This paper puts forward the concept of underwriting continuity and studies the influencing factors of corporate bond financing cost from the angle of underwriting continuity.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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本文編號：1664155