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论文编号：	8368
作者编号：	2120142449
上传时间：	2016/6/8 12:07:01
中文题目：	企业性质、信用评级与债券融资成本
英文题目：	Corporate Nature, Credit Rating and the Cost of Debt Financing
指导老师：	齐岳
中文关键字：	企业性质；信用评级；债券融资成本；信用利差
英文关键字：	Corporate nature; Credit rating; Bond financing cost; Credit spread
中文摘要：	近年来随着我国资本市场的发展与完善，我国的债券市场也取得了长足的发展，债券的发行量连年增加，债券融资已逐渐成为众多企业直接融资的重要方式之一。但是，由于我国债券市场的发展较晚，关于债券融资方面的理论研究还比较少，债券市场上一些较为引人关注的问题亟需在理论上予以解答。 本文研究的主要问题是企业性质、信用评级和债券融资成本这三者之间的关系问题。债券融资成本是企业在利用债券进行融资时重点考虑的问题之一。债券融资成本的高低主要体现在债券的利率上，而债券利率主要由两部分够成，一是无风险报酬率，一是信用利差。信用利差是投资者在投资债券时因为自身承担了一定的违约风险要求发债企业给予一定的补偿，这种补偿通过高于无风险报酬率的那部分利率来体现。信用利差的大小主要取决于投资者预期要承担的风险的大小，投资者预期承担的风险越大，信用利差就越大，进而债券的融资成本就越高。投资者在投资债券时会参考诸多要素以评估其投资风险的高低，而信用评级就是其中重要参考因素之一。信用评级是外部独立的公正的评级机构根据企业的偿债能力情况而对企业的信用状况给予的评价。通常认为企业的信用评级越高，债券违约的风险就越小，所以投资者所要求的风险补偿也应该越低，债券融资的成本也应随之降低。因此，企业的信用评级应该是影响债券融资成本的重要因素，同时还应该看到企业的信用评级除了会受到反映企业偿债能力的因素影响以外，可能还会受到一些隐性信息的影响，如企业性质。在现实的债券市场当中，在条件相似的情况下，国有企业的信用评级有高于民营企业的倾向，从而导致国有企业的债券融资成本低于民营企业。基于上述分析，本研究检验了企业性质、信用评级与债券融资成本三者之间的关系，并最终得出本研究的研究结论。 本研究采用理论分析与实证分析相结合的方法，首先通过对相关理论的回顾与评述推导出本研究的理论假设，再利用实证的研究方法对理论假设进行验证。在实证部分，本研究根据理论假设构建了实证模型，以按一定条件筛后的2011年至2015年间在沪深证券交易所发行的公司债券为研究样本，利用多元线性回归的方法验证了本研究提出的理论假设。 经过实证分析，本研究最终得出如下结论：1.企业性质会影响企业的信用评级，在条件一定的情况下，国有企业的信用评级高于民营企业；2. 企业的信用评级与债券融资成本之间存在显著的负相关关系，企业的信用评级越高，债券的融资成本就越低；3. 企业性质会对企业主体信用评级和债券融资成本之间的关系产生调节效应，而对于债券信用评级与债券融资成本之间关系的调节效应不显著。 本文的研究结论揭示了企业信用评级和债券融资成本不仅受到企业财务状况、经营管理能力、未来发展前景等因素的影响，企业性质也是影响企业信用评级和债券融资成本的一项重要因素。本文希望通过此项研究对证券市场监管者、信用评级机构、投资者以及企业等债券市场的参与者给予一定的启示。
英文摘要：	In recent years, as the development of capital market, our country's bond market has made great development. Bond issuance is increasing in these years, and for many enterprises bond financing has gradually become one of the important ways of direct financing. However, because the development of China's bond market is relatively late, theoretical research on bond financing is limited. Some important problems about bond market are waiting to be solved on paper. This paper mainly studies the relationship among the nature of the enterprise, credit rating and debt financing cost. The enterprises concern bond financing cost greatly. Bond financing cost is mainly reflected by the bond interest rate and bond yields is mainly composed of two parts: one is the risk-free return rate, and the other is credit spreads. Because corporate bond have default risk, investors will demand a certain amount of compensation when they invest in bonds. This kind of compensation which is reflected by the interest rate above the risk-free return rate is called credit spreads. Credit spreads mainly depends on the size of the investors expecting to bear the risk. The greater risk investors expect to bear, the greater the credit spread, then the higher debt financing costs. When investing in bonds, investors will refer to many factors in order to assess the level of investment risk, and credit rating is one of the important reference factors. Credit rating is the evaluation of the credit status of enterprises which is given by independent impartial rating agencies. It is generally believed that the higher the credit rating, the smaller the risk of default. So when the enterprise credit rating is high, investors will ask for a low credit spreads, then bond financing cost is also low. Therefore, the enterprise's credit rating should be the important factors influencing the bond financing cost. At the same time, we also should know that the corporate credit rating can be affected not only by the factors which reflect the enterprise debt paying ability but by some of the hidden information, such as enterprise nature. In the real bond market, in terms of similar cases, the credit ratings of state-owned enterprises tend to be higher than private enterprises. This situation leads to the debt financing cost of state-owned enterprises is less than private enterprises. Based on the above analysis, this study examines the relationship between corporate nature, credit rating and the cost of bond financing, and finally draws the conclusion of this study. This study combines theoretical analysis and empirical analysis. First of all, the theoretical assumptions of this study are derived through the review relevant theory. Then the empirical research method is used to verify the theoretical hypothesis. In the empirical part, this research constructs an empirical model based on the theoretical hypothesis, make the corporate bonds issued in the Shanghai and Shenzhen Stock Exchange during 2011~2015 as the research sample and verify the theoretical hypothesis by the method of multiple linear regression. After an empirical analysis, this study finally draws the following conclusions: 1. Enterprise nature does affect the enterprise's credit rating. Under certain conditions, the state-owned enterprise's credit rating is higher than the private enterprise; 2. There is a significant negative correlation between corporate credit rating and bond financing cost, which means the higher the credit rating, the lower the financing cost of the bond; 3. The nature of enterprise can regulate the relationship between corporate credit rating and the cost of bond financing, but the moderating effect of the relationship between the bond credit rating and the bond financing cost is not significant. The conclusions of this paper reveal that the corporate credit rating and bond financing cost are affected by not only the financial situation, management capabilities, and future development prospects of the enterprise but also enterprise nature. In this paper, we hope that through this research can provide some inspiration to the securities market regulators, credit rating agencies, investors and other corporate bond market participants.
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