本文關鍵詞： 公司債 債券投資者保護 信用評級 債券融資成本 現(xiàn)金紅利政策　出處：《復旦大學》2013年博士論文　論文類型：學位論文

【摘要】：中國資本市場經過了近二十年的快速發(fā)展,逐漸形成了一個集股票、債券和衍生品等多品種、多層次、滿足不同主體需求的市場。然而,我國資本市場的發(fā)展并不平衡,直接融資渠道中,我國債券市場,尤其是以企業(yè)為發(fā)行主體的債券市場,相對于股票市場來說,發(fā)展遠遠不足；同時,中國的企業(yè)融資渠道以銀行貸款為主,雖然近年來短期融資券也成長迅速,但短期銀行貸款仍然居多,銀行體系也因此承擔了較高的違約風險,給金融市場的穩(wěn)定持續(xù)發(fā)展埋下隱患。在這種情形下,中國政府已將發(fā)展債券市場作為中國資本市場改革的重要戰(zhàn)略之一。2007年,公司債券市場應運而生,在近幾年股票市場持續(xù)低迷的背景下,公司債券因其收益的穩(wěn)定性受到了市場的追捧。但是,我國公司債券市場尚處于發(fā)展早期,對債券投資者的保護沒有得到足夠重視,配套債權人保護機制尚不完善。2013年“11超日債”財務造假事件,更體現(xiàn)了投資者保護的重要性。因此,研究我國債券投資者保護機制設計具有重要的現(xiàn)實意義。 從理論上來說,股東和債權人的代理沖突主要來自于逆向選擇問題和道德風險問題。債券契約條款設計和審計分別從內部和外部對債券投資者形成保護。發(fā)行公司可以向市場傳遞信號以降低逆向選擇,比如采用嚴格的債券投資者保護機制,或者選擇質量好的審計師。債權人面臨的道德風險主要來自與股東在如下四個方面的偏好不同：現(xiàn)金紅利支付、所有權稀釋、資產替換和投資不足。投資者可以通過債券契約條款設計,在這四個方面限定公司行為,以降低道德風險問題。高質量審計可以降低投資者和發(fā)債公司之間的信息不對稱,提高債券投資者的監(jiān)督能力,從而降低道德風險問題。 基于以上背景,本文以2007年第一只公司債發(fā)行時開始至2011年底的公司債數據為樣本,在委托代理理論的框架下,采用實證研究方法,從債券契約設計的內部債券投資者保護作用和審計的外部債券投資者保護作用兩個角度,研究我國公司債投資者保護現(xiàn)狀,在此基礎上進一步分析內外兩種保護機制的有效性問題。融資成本和信用評級是發(fā)債公司和投資者最關心的指標,而現(xiàn)金紅利政策是股東通過提高現(xiàn)金紅利侵占債權人利益的手段之一。因此,本文以融資成本為視角,研究債券契約條款設計對投資者的影響；再以發(fā)債公司的現(xiàn)金紅利政策為視角,研究債券契約條款設計對發(fā)債公司的影響；最后以信用評級為視角；探討審計作為外部債權人保護機制對信用評級機構的影響,及其與債券契約條款設計之間的相互關系。 首先,本文考察了債券契約條款設計與債券融資成本的關系。本文通過手工摘錄和歸納債券契約中投資者的保護條款,進一步將其區(qū)分為事件型條款和治理型條款,構建出綜合債券契約保護指數、治理型債券契約保護指數和事件型債券契約保護指數,以刻畫公司債契約對債權人保護的程度。研究發(fā)現(xiàn)：公司債的債權人契約保護設計越好,融資成本越低；發(fā)債公司的破產風險越小,其公司債的融資成本越低。這些研究結果表明,發(fā)債主體可以通過債券契約設計提高對債券投資者的保護,從而降低融資成本。 其次,本文研究了債券契約條款設計與發(fā)債公司現(xiàn)金紅利政策的關系。通過組間檢驗和回歸分析的方法,發(fā)現(xiàn)債券契約條款設計的確能夠降低發(fā)債公司的現(xiàn)金紅利發(fā)放程度。 最后,本文還考察了審計質量與公司債的信用評級之間的關系,并在此基礎上,進一步研究審計和債權人保護條款設計之間的相互關系。評級機構需要依靠發(fā)債公司經過審計后的財務信息進行評級。審計質量越高,審計的“信息鑒證”作用和“保險”作用越大,信息不對稱越低,公司債的債券評級和發(fā)債公司的主體評級越高。研究結果表明,選擇高質量的審計的確有助于提高公司債的債券評級和發(fā)行公司的主體評級。進一步,本文還發(fā)現(xiàn)在不同股權性質下,審計質量對信用評級的影響程度不同,其中,民營企業(yè)通過高質量審計提高信用評級的程度要高于國有企業(yè)。最后,本文還提供了審計和債券契約設計之間存在替代關系的經驗證據。 本文的主要貢獻在于：手工收集公司債合約中的每一個條款,包括債權人保護條款與基本條款,從合約設計的角度衡量出中國的公司債投資者契約保護現(xiàn)狀,并提供了公司債券合約條款設計與債券融資成本和發(fā)債公司現(xiàn)金紅利發(fā)放程度存在負相關關系的經驗證據；本文還從債券投資者和信用評級機構的角度,討論了高質量審計的作用,并在此基礎上,還提供了不同債券投資者保護機制之間存在替代關系的經驗證據。作者希望研究結論對發(fā)債公司在設計債券契約條款和選擇審計師時有一定參考價值,并且對債券投資者、信用評級機構和監(jiān)管部門等債券市場相關主體有參考意義。
[Abstract]:China capital market after nearly twenty years of rapid development, and gradually formed a set of stocks, bonds and derivatives such as multi species, multi-level, to meet the different needs of the market subject. However, the development of China's capital market is not balanced, direct financing channels, our securities market bonds, especially with enterprises as issued the main body of the bond market, compared to the stock market, the development is far insufficient; at the same time, the financing channels for enterprises China to bank loans, although in recent years the short-term financing bonds is also growing rapidly, but the short-term bank loans still mostly, the banking system and therefore bear a higher risk of default, financial market stability and sustainable development lay hidden in this case, China government has been the development of the bond market as Chinese capital market reform one of the important strategic.2007, corporate bonds in the stock market emerged, in recent years The market downturn in the background, the corporate bond market has been sought after by the stability of its revenue. However, China's corporate bond market is still in the early stages of development, to protect the bond investors do not get enough attention, supporting the creditor protection mechanism is not perfect.2013 11 super day debt event of financial fraud, but also reflects the importance of the protection of investors. Therefore, has important practical significance to design and research of China's bond investor protection mechanism.
In theory, agency conflicts between shareholders and creditors mainly from adverse selection and moral hazard problems. The bond contract clause design and audit from internal and external to the bond investors to form protection. The issuing company can send signals to the market in order to reduce the adverse selection, such as the use of strict protection mechanism of bond investors, or quality good auditors. Moral hazard mainly from shareholders and creditors in the following four aspects: different preference for cash dividend payments, ownership dilution, asset substitution and under investment. Investors can design the bonds through the terms of the contract, limiting the company behavior in these four aspects, in order to reduce the moral hazard problem. High quality auditing can be reduced the information asymmetry between investors and Corporation, to improve the supervision ability of bond investors, thereby reducing the moral hazard problem.
Based on the above background, this paper begins with the data of corporate bonds in 2007 first only the company bonds to the end of 2011 as samples, in the framework of principal-agent theory, using empirical research methods, from the perspective of two bond contract design internal bond investor protection and audit of the external bond investor protection, research company in China the debt investor protection status, effectiveness on the basis of further analysis and two kinds of protection mechanism. The cost of financing and credit rating is the issuing company and investors are most concerned about the index, and the cash dividend policy is the shareholders by raising the cash dividend occupation of the interests of creditors means. Therefore, based on the view of financing cost, influence of terms the bond contract design for investors to cash dividend policy; the corporation from the perspective of the study of contract design on bond terms of debt Finally, from the perspective of credit rating, we discuss the impact of audit as an external creditor protection mechanism on credit rating agencies and its relationship with the design of bond contract terms.
First, this paper examines the relationship between bond contract design and bond financing cost. Through the investor protection provisions manual and summarized in excerpts from bond contract further, it will be divided into event clauses and governance terms, to construct comprehensive bond contract protection index, governance index and bond contract protection event bond contract protection index in order to describe the company's debt, contract of creditor protection. The study found that: the protection of creditors contract design better corporate bonds, financing cost is low; the Corporation bankruptcy risk is small, the company's debt financing costs lower. These results indicate that issuers can improve the protection of bond investors through the bond contract the design, thereby reducing the cost of financing.
Secondly, this paper studies the relationship between the design of the bond contract terms and the cash dividend policy of the issuing company. Through the inter group test and regression analysis, it is found that the design of the bond contract terms can really reduce the cash dividend payment of the issuing company.
Finally, this paper also examines the relationship between audit quality and corporate bond credit rating, and on this basis, to further study the relationship between the protection of creditors and audit clause design between the rating agencies need to rely on the corporation after the audited financial information rating. The higher the quality of audit, the audit of the "information assurance" and "insurance" role, information asymmetry is low, corporate debt bond rating and issuer of the main rating is high. The results show that the selection of high quality audit does help improve corporate bond bond rating and issuer's main rating. Further, this paper also finds that in different ownership property the degree of influence on the audit quality, credit rating is different, the private enterprises through high quality audit to enhance the credit rating to a greater extent than state-owned enterprises. Finally, this paper also provides the Empirical evidence of alternative relationships between the design of a bond contract and a bond design.
The main contribution of this paper is: every clause in the contract of the manual collection of corporate bonds, including the creditor protection provisions and basic terms, measure Chinese corporate bond investors contract protection status from contract design perspective, and provides corporate bond contract design and debt financing cost and cash dividend payment of the issuing company has a negative degree the relationship between empirical evidence; the bond investors and credit rating agencies, discussed the high quality audit, and on this basis, also provides different bond investor protection mechanisms exist between alternative empirical evidence. The author hopes that the research results have a certain reference value on the issuing company bond contract and in terms of design selection of auditors, and bond investors, reference credit rating agencies and regulators such as bond market related subjects.

【學位授予單位】：復旦大學
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F832.51;F275;F224

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