【摘要】：公司債券作為重要的融資方式之一，對(duì)改善公司治理結(jié)構(gòu)、豐富投融資渠道、優(yōu)化金融資源配置和完善資本市場(chǎng)等不可或缺。本文基于當(dāng)前的學(xué)術(shù)研究和我國(guó)特殊的制度背景，從財(cái)務(wù)能力和公司治理方面切入，運(yùn)用獨(dú)立樣本T檢驗(yàn)和Mann-Whitney U檢驗(yàn)分析影響公司債發(fā)行的各項(xiàng)因素在發(fā)行公司債、增發(fā)股票和發(fā)行可轉(zhuǎn)債的上市公司之間是否存在差異，并運(yùn)用因子分析和二元Logistic回歸模型從直接融資和債券融資角度進(jìn)一步探究這些因素如何影響公司債的發(fā)行。 本文得出的主要研究結(jié)論有：（1）發(fā)行公司債的上市公司在財(cái)務(wù)能力和公司治理方面與增發(fā)股票的上市公司差異較大，與發(fā)行可轉(zhuǎn)債的上市公司差異不明顯；（2）直接融資時(shí)，公司治理因素比財(cái)務(wù)能力因素更具影響力：盈利能力強(qiáng)、股權(quán)集中度高、股權(quán)制衡度低、股權(quán)流通性好、管理層持股比例低、實(shí)際控制人不是國(guó)有企業(yè)的上市公司更傾向發(fā)行公司債。同時(shí)，公司規(guī)模、融資需求也與發(fā)行公司債顯著正相關(guān)；（3）債券融資時(shí)，，上市公司在選擇發(fā)行公司債或發(fā)行可轉(zhuǎn)債時(shí)并未表現(xiàn)出明顯偏好，除發(fā)展能力強(qiáng)、資產(chǎn)擔(dān)保價(jià)值低、董事會(huì)獨(dú)立性強(qiáng)的上市公司更傾向發(fā)行公司債外，其他財(cái)務(wù)能力和公司治理并未顯著影響融資選擇。
[Abstract]:As one of the important financing methods, corporate bonds are indispensable for improving the corporate governance structure, enriching the channels of investment and financing, optimizing the allocation of financial resources and perfecting the capital market. Based on the current academic research and the special institutional background of our country, this paper analyzes the factors influencing the issuance of corporate bonds by using independent sample T test and Mann-Whitney U test from the aspects of financial ability and corporate governance. Whether there is any difference between the listed companies issuing additional shares and issuing convertible bonds, and using factor analysis and dual Logistic regression model to further explore how these factors affect the issuance of corporate bonds from the perspective of direct financing and bond financing. The main conclusions of this paper are as follows: (1) the financial ability and corporate governance of the listed companies issuing corporate bonds are quite different from those of the listed companies issuing additional shares, and there is no obvious difference between the listed companies issuing convertible bonds and the listed companies issuing convertible bonds; (2) when financing directly, Corporate governance factors are more influential than financial ability factors: strong profitability, high concentration of equity, low equity checks and balances, good circulation of equity, low proportion of management shares, Listed companies with actual controllers who are not state-owned enterprises tend to issue corporate bonds. At the same time, the company size and financing demand are significantly positively correlated with the issuance of corporate bonds. (3) when bond financing, the listed companies do not show obvious preference when they choose to issue corporate bonds or issue convertible bonds, except for strong development ability and low asset guarantee value. Listed companies with strong board independence tend to issue corporate bonds, but other financial capabilities and corporate governance do not significantly affect financing options.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F271;F832.51

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