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| 论文编号： | 7546 | |
| 作者编号： | 2120132407 | |
| 上传时间： | 2015/6/13 10:33:38 | |
| 中文题目： | 中国公司债券收益率影响因素研究 | |
| 英文题目： | Determinants of Corporate Bond Yield in China | |
| 指导老师： | 王永进 | |
| 中文关键字： | 公司债券；收益率；制造业；流动性 | |
| 英文关键字： | Corporate Bond; YTM; Manufacturing; Liquidity | |
| 中文摘要： | 2007年8月14日《公司债券发行试点办法》的颁布，标志着公司债券与企业债券的分离，我国公司债券市场的发展迎来了真正的春天。发行债券是公司融资的方式之一，具有融资成本低、融资范围广和灵活度高等优点，并且债券融资是杠杆融资，可以使公司利用杠杆优势，形成最优的资本结构。在逐步走向完善的市场机制下，大力发展公司债券是当前金融改革的热点问题，提高公司债券融资在公司直接融资中的比重是我国债券市场发展的一项战略目标。本文主要分析了上市流通的公司债券收益率的影响因素，从宏观经济环境、债券本身特征以及发行债券主体的特征三个角度分别研究了对公司债券收益率的影响程度。在宏观层面，本文选取了GDP增长率、生产者价格指数PPI、汇率、制造业采购经理指数PMI、消费者价格指数CPI以及无风险利率为解释变量；在微观层面，本文选取了债项本身特征（流动性、剩余到期期限）和发债公司特征（营运能力和财务杠杆）为解释变量，选取公司债券收益率为被解释变量，运用实证研究方法探讨了各解释变量对被解释变量的解释程度。通过实证分析本文得到了以下的结论：GDP增长率与公司债券的收益率显著负相关，对于由上海银行间同业拆借利率为代理变量的无风险利率并对公司债券收益率也有显著的影响；在债券本身的特征来看，流动性越好的债券，收益率越低；公司财务杠杆的作用较为显著，财务杠杆与公司债券收益率显著正相关。本文选取的是沪深交易所上市流通的债券作为样本，论文仅选取了制造业（证监会2012行业分类标准）行业的发行公司债券的公司为样本，而对于不同的行业本文结论的适用性有待于进一步深入研究。 | |
| 英文摘要： | Regulations on the Issue of Corporate Bonds was enacted on 14th August, 2007. From that moment on, corporate bond began to go through an unprecedented development. Issuing corporate bond is a choice of raising money for the corporates. According to the theory of the optimal capital structure, issuing bonds is an excellent access to raising money, because debt financing costs less and can get money from all kinds of people as quickly as possible .It is flexible for the corporate to raise money by issuing bonds. As we all know, Chinese bond market has been developing rapidly in recent years. The government is taking the bond market as a way of the revitalization of Chinese financial market. Leverage financing is becoming more and more popular in Chinese market, which is the background of my research. The thesis includes five parts, and the fourth part is the key part, which tells readers how the independent variables act on the dependent variable. I choose the yield to maturity of the bond (YTM) as the only dependent variable, and then, I analyze the impact on YTM from three aspects. Firstly, the paper take macroeconomic factors into consideration and come to a conclusion: the growth rate of GDP is significantly relevant to the YTM of the corporate bond, and while the risk-free rate is also highly relevant. Secondly, the liquidity of the bond has a significant correlation with YMT of the bond. Higher liquidity means lower YTM. Thirdly, the financial leverage of the company can also explain the change of the YTM. Corporate with higher leverage will confront a higher YTM, because the owners are more apt to defaulting, so the investors require higher risk premium. Our samples come from the corporates which were listed in Shanghai Stock Exchange and Shenzhen Stock Exchange. The companies belong to manufacturing. As a result, our conclusions may not apply to other industries，and we should do a further research. | |
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