債券融資、財務(wù)風(fēng)險與信用評級
發(fā)布時間：2019-02-17 12:05
【摘要】：長期以來我國嚴重滯后的債券融資市場已經(jīng)成為制約提高直接融資比重的重要因素。目前我國資本市場在進行債券融資的主要還是國有企業(yè)為主，眾多的民營企業(yè)及中小企業(yè)還沒能充分有效利用資本市場進行直接債券融資。所以為了優(yōu)化我國資本市場結(jié)構(gòu)，提高直接融資比重，發(fā)展債券融資，特別是信用債券融資是有效的切入點。而從債券市場發(fā)展經(jīng)驗來看，信用評級已經(jīng)成為了資本市場、債券市場發(fā)展的基礎(chǔ)。但是從目前的資本市場中的信用債券的表現(xiàn)來看，我國公司信用體系并不健全，而且當前的資本市場也需要信用債券市場大發(fā)展，，所以很需要在這方面進行廣泛深入的研究，以便更好地發(fā)現(xiàn)問題，為信用評級行業(yè)和債券市場的健康發(fā)展提供參考意見。 所以本文將要研究的就是：信用評級機構(gòu)在進行評級時是否會關(guān)注公司的財務(wù)風(fēng)險，如果是，那么公司財務(wù)風(fēng)險的哪些方面對信用評級產(chǎn)生影響。本文將要從信用評級、財務(wù)風(fēng)險以及兩者之間關(guān)系對國內(nèi)外學(xué)者的研究進行了回顧，希望通過學(xué)習(xí)前人的研究成果，為本文的研究提供依據(jù)，并在現(xiàn)有的研究成果基礎(chǔ)上開展進一步的研究和探索，揭示信用評級與財務(wù)風(fēng)險之間的關(guān)系。 研究發(fā)現(xiàn)：對我國主體評級與債券評級具有顯著相關(guān)性的有公司規(guī)模、第一大股東類型、凈資產(chǎn)收益率、現(xiàn)金收入比以及資產(chǎn)負債率等。除了資產(chǎn)負債率與公司主體評級與債券評級都具有顯著負相關(guān)外，其他的變量都具有正相關(guān)效應(yīng)。單獨對主體評級具有顯著相關(guān)性的有總資產(chǎn)周轉(zhuǎn)率和非流動負債/負債合計，都是正相關(guān)性。單獨對債券評級具有相關(guān)性的主要是債券擔保，有擔保的債券比無擔保債券評級更高。
[Abstract]:For a long time, the bond financing market, which has lagged behind, has become an important factor restricting the increase of the proportion of direct financing. At present, the capital market of our country mainly carries on the bond financing mainly by the state-owned enterprises, many private enterprises and small and medium-sized enterprises have not been able to make full and effective use of the capital market to carry on the direct bond financing. Therefore, in order to optimize the capital market structure, increase the proportion of direct financing and develop bond financing, especially credit bond financing is an effective entry point. But from the bond market development experience, the credit rating has become the capital market, the bond market development foundation. However, judging from the performance of credit bonds in the current capital market, the corporate credit system of our country is not perfect, and the current capital market also needs a great development of the credit bond market, so it is very necessary to conduct extensive and in-depth research in this area. In order to better identify the problem, for the credit rating industry and the healthy development of the bond market to provide advice. Therefore, this paper will study whether the credit rating agencies will pay attention to the financial risk of the company, and if so, what aspects of the financial risk of the company will have an impact on the credit rating. This paper will review the research of domestic and foreign scholars from credit rating, financial risk and the relationship between them, hoping to provide the basis for this study by studying the previous research results. Further research and exploration are carried out on the basis of existing research results to reveal the relationship between credit rating and financial risk. It is found that the company size, the largest shareholder type, the return on net assets, the ratio of cash to income and the ratio of assets to liabilities are significantly related to the main body rating and bond rating in China. Except for the significant negative correlation between asset-liability ratio and corporate subject rating and bond rating, the other variables have positive correlation effect. Both the total asset turnover ratio and the total non-current liability / liability ratio, which have significant correlation to the main rating, are all positive correlation. The single bond rating is mainly related to bond guarantees, with guaranteed bonds having a higher rating than unsecured bonds.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51
本文編號：2425144
[Abstract]:For a long time, the bond financing market, which has lagged behind, has become an important factor restricting the increase of the proportion of direct financing. At present, the capital market of our country mainly carries on the bond financing mainly by the state-owned enterprises, many private enterprises and small and medium-sized enterprises have not been able to make full and effective use of the capital market to carry on the direct bond financing. Therefore, in order to optimize the capital market structure, increase the proportion of direct financing and develop bond financing, especially credit bond financing is an effective entry point. But from the bond market development experience, the credit rating has become the capital market, the bond market development foundation. However, judging from the performance of credit bonds in the current capital market, the corporate credit system of our country is not perfect, and the current capital market also needs a great development of the credit bond market, so it is very necessary to conduct extensive and in-depth research in this area. In order to better identify the problem, for the credit rating industry and the healthy development of the bond market to provide advice. Therefore, this paper will study whether the credit rating agencies will pay attention to the financial risk of the company, and if so, what aspects of the financial risk of the company will have an impact on the credit rating. This paper will review the research of domestic and foreign scholars from credit rating, financial risk and the relationship between them, hoping to provide the basis for this study by studying the previous research results. Further research and exploration are carried out on the basis of existing research results to reveal the relationship between credit rating and financial risk. It is found that the company size, the largest shareholder type, the return on net assets, the ratio of cash to income and the ratio of assets to liabilities are significantly related to the main body rating and bond rating in China. Except for the significant negative correlation between asset-liability ratio and corporate subject rating and bond rating, the other variables have positive correlation effect. Both the total asset turnover ratio and the total non-current liability / liability ratio, which have significant correlation to the main rating, are all positive correlation. The single bond rating is mainly related to bond guarantees, with guaranteed bonds having a higher rating than unsecured bonds.
【學(xué)位授予單位】：云南財經(jīng)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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