【摘要】：目前,我國資本市場存在著“重股輕債”的現(xiàn)象,根據(jù)國家政策,我國資本市場“十二五”期間的一項(xiàng)重點(diǎn)工作便是大力發(fā)展公司債券市場,逐步提升債券融資這一直接融資方式的功能和作用,擴(kuò)大直接融資占據(jù)融資渠道的比例。然而,中國對發(fā)行公司債融資后的經(jīng)濟(jì)后果等基礎(chǔ)性研究相對匱乏,因而研究公司債融資的經(jīng)濟(jì)后果究竟如何具有一定的理論和現(xiàn)實(shí)意義。 本文從兩個方面來研究公司債發(fā)行對發(fā)行主體的經(jīng)濟(jì)后果：一方面是對公司市值影響；另一方面為真實(shí)業(yè)績的影響。資本市場上股票價格對事件的反應(yīng)最為靈敏,股票價格的異常收益率便能體現(xiàn)出公司債發(fā)行這一事件的市場反應(yīng),也即公司債發(fā)行的公告效應(yīng)�；谥袊壳暗暮藴�(zhǔn)制背景,在發(fā)行前有融資需求的企業(yè)為了達(dá)到發(fā)行條件或者降低融資成本均由盈余管理的動機(jī),這種行為有可能會影響到公司債發(fā)行后的經(jīng)營績效。因此本文還進(jìn)一步了驗(yàn)證公司債發(fā)行主體是否存在事前盈余管理行為,并量化其對公司經(jīng)營績效的影響。研究中,本文采用了PSM樣本配對、分行業(yè)修正瓊斯模型、混合橫截面多元回歸分析等方法,最后,本文的主要研究結(jié)論如下：(1)公司債的發(fā)行有著負(fù)的公告效應(yīng),且在公告發(fā)行前第五日到第三日更為顯著,(-5,5)窗口期內(nèi)產(chǎn)生-1.2556%的累積平均異常收益率；(2)公司債發(fā)行前,發(fā)行公司確實(shí)存在較為強(qiáng)烈的盈余管理動機(jī),與未發(fā)債公司的盈余管理水平有著顯著的差異；(3)在統(tǒng)計(jì)特征上,樣本公司的會計(jì)業(yè)績在研究期間內(nèi)有滑坡,但是整體來看發(fā)行公司債的公司在發(fā)行前的盈余管理行為并沒有導(dǎo)致其與未發(fā)行公司債的公司相比有顯著的績效下滑。
[Abstract]:At present, there is a phenomenon of "heavy stock over debt" in China's capital market. According to the state policy, one of the key tasks of China's capital market during the "12th Five-Year Plan" period is to vigorously develop the corporate bond market. Gradually enhance the function and function of bond financing as a direct financing method and expand the proportion of direct financing to financing channels. However, the basic research on the economic consequences of corporate bond financing in China is relatively scarce, so it is of theoretical and practical significance to study the economic consequences of corporate debt financing. This paper studies the economic consequences of corporate bond issuance on the main issuer from two aspects: on the one hand, the impact on the market value of the company; on the other hand, the impact of real performance. The stock price is the most sensitive to the event in the capital market, and the abnormal rate of return on the stock price can reflect the market reaction of the issue of corporate bonds, that is, the announcement effect of the issuance of corporate bonds. Based on the background of China's current approval system, enterprises with financing needs before issuance are motivated by earnings management in order to meet the issuing conditions or reduce financing costs, which may affect the performance of corporate bonds after issuance. Therefore, this paper further verifies the existence of prior earnings management and quantifies its impact on corporate performance. In this study, PSM sample pairing, industry-modified Jones model, mixed cross-section multiple regression analysis and other methods are used. Finally, the main conclusions of this paper are as follows: (1) the issuance of corporate bonds has a negative announcement effect. Moreover, from the fifth to the third day before the issuance of the announcement, the cumulative average abnormal return rate of -1.2556% was produced during the window period. (2) before the issuance of corporate bonds, the issuing company did have stronger earnings management motivation. There are significant differences between the earnings management level of the sample companies and those of the non-bond companies. (3) the accounting performance of the sample companies declined during the study period. But on the whole, the earnings management behavior of the issuing company does not result in a significant decline compared with the unissued company.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F276.6

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