信息不对称与企业债务融资方式选择

本文运用信息经济学的有关理论系统地分析了企业债务融资方式选择问题。认为银行贷款融资因在信息生产和监控方面比企业债券融资更具比较优势而成为企业债务融资的首选，企业债券融资更适宜于一些特殊的企业群体，企业债券的大力发展有赖一定的市场条件．以克服信息不对称问题。     

浅析我国企业债券市场发展的制约因素及对策

从理论意义和现实状况来看 ,企业债券融资具有很多优势。尤其对我国这样一个大的发展中国家来说 ,大力发展企业债券市场意义重大。文章针对我国企业债券市场发展过程中制约因素的分析 ,提出了发展我国企业债券的对策。     

企业债券融资问题研究

企业债券融资有其自身的优势,发展企业债券融资势在必行。但目前仍存在难点需要解决。为此应建立企业债券市场化的管理模式,提高企业债券的安全性、收益性和流动性。     

发展企业债券市场 完善资本市场体系

企业债券市场是资本市场一个重要组成部分 ,要完善资本市场 ,必须大力发展企业债券市场。企业债券作为一种直接融资方式 ,与股票相比 ,有着天然的优势。然而在我国 ,企业债券市场与股票市场相比却显得过于弱小 ,并存在种种不足。针对这些不足 ,提出了相应的对策     

银行主导融资下企业债券市场的发展:替代还是互补——从契约期限看银行贷款和企业债券的选择

基于对银行主导的金融格局及企业融资偏好的分析,发现银行贷款在公司债务融资中占有绝大部分.这和传统理论所突出的公司债券相对于银行贷款具有比较优势是不相符的.从契约期限角度可推出银行贷款契约和企业债券契约的关系,即银行贷款在短期债务中具有比较优势,而企业债券在长期债务中具有比较优势.我国企业债券市场和银行信贷市场是一种静态的替代关系和动态的互补关系.这为我国企业债券市场的发展提供了一个新的思路.     

关于企业发行债券问题的思考

企业债券作为资本市场重要的融资工具之一,凭借其独特的优势在企业融资体系中占据着十分重要的地位.但是我国的企业债券市场发展却比较缓慢,这会不利于资本市场的健康发展和企业的长远发展.本文从我国企业债券发展的现状、问题及建议等方面进行了探讨.     

企业债券市场发展与产权制度创新

章分析了我国企业债券市场的现状及存在的主要问题，我国上市公司重“股票融资”，轻“债券融资”的现状及原因，从管制经济学的角度对我国企业债券市场不发达的原因进行了解释，并提出了国有企业产权不明晰，上市公司产权制度不合理是我国企业债券市场不发达的根本原因。章认为，产权明晰是企业债券市场发展的前提，同时，发展债券市场又有利于企业产权制度创新，最后，提出了加快发展我国企业债券市场的对策。     

大力发展企业债券市场势在必行

企业债券市场是证券市场的重要组成部分，债券融资是市场经济体制下企业进行直接融资最重要的渠道之一，我国企业债券市场的发展有着良好的契机。为此应采取扩大一级市场、激活二级市场、使企业债券利率市场化、丰富企业债券品种、完善和强化信用评级制度等措施来发展我国企业债券市场。     

“圈钱饥渴症”与我国企业债券市场的发展

我国发行企业债券始于1987年,十几年来,企业债券累计融资总额已经超过了2000亿元人民币,为国民经济的建设和国有企业的发展提供了相当大的资金支持。然而,由于长期以来,我国融资结构不合理,企业债券融资占融资规模的比例一直偏低,债券品种和期限结构单一。此外,企业债券的交易规模偏小,二级市场有行无市。我国企业债券市场发展缓慢与我国企业的“圈钱饥渴症”有关。     

企业债券的设计与营销

与国债市场相比,我国企业债券市场的发展一直显得相对滞后与缓慢,其原因除了融资观念的局限和融资政策的不完善之外,还与企业债券本身缺乏吸引力有关。本文通过借鉴成熟资本市场企业债券发行的成功经验,说明加快我国企业债券市场发展,改善企业融资结构的关键在于企业债券的创新与营销策略,提高企业债券的投资价值     

Patterns of Corporate Financing and Financial System Convergence in Europe

The paper investigates the possibility of convergence in the European Union (EU) in terms of the patterns of corporate financing by banks, bond markets, and stock markets; and in the context of whether the economies are converging towards an Anglo‐Saxon (capital‐market‐oriented) or a continental (bank‐oriented) financial system. GMM estimation of a dynamic fixed‐effects model is implemented to test for conditional and unconditional convergence using a panel of flow of funds data for the period 1972–1996 for seven EU member countries. It is found that the pattern of corporate financing is consistent with the pecking order theory of financing choices. Overall, the evidence suggests convergence of the EU financial systems on a variant of the Anglo‐Saxon model, depicting heavy reliance on internal financing as well as direct financing via equity and bond markets, while bank debt is becoming relatively less important.     

ATTRACTING FOREIGN PARTICIPATION IN ASIAN LOCAL CURRENCY BOND MARKETS: THE CASE OF THE ASIAN BOND FUND 2 INITIATIVE

The Asian Bond Fund 2 (ABF2) is a $US2bn initiative by a group of central banks in Asia and the Pacific. To promote local currency government bond markets, the fund has been investing in 8 such markets in the region. These markets have made impressive strides since the fund's inception in 2005. The improvements may be traced in large part to overcoming a number of market impediments, including barriers to cross‐border investment. The ABF2 project has played an important catalytic role in market reforms aimed at removing these impediments. However, while the government bond markets have come of age, the corporate bond markets have remained immature. To develop, the immature markets would likely require the benefits of further opening up to regional issuance and investment flows.     

Who poisons the pool? Time-varying asymmetric and nonlinear causal inference between low-risk and high-risk bonds markets

Corporate bond markets enable the efficient allocation of capital among competing firms, as well as an extensive degree of disintermediation. While the role of the junk bond market in financing leveraged buyouts, “fallen angels,” start-ups, small firms, and sovereign governments is known, little is known about interactions between low-risk (AAA) bonds markets and high-risk (CCC and below) bonds markets. In this study, we used a sample of daily data spanning 20 years to investigate the dynamic link in first and second moments between low-risk and high-risk bonds during calm and turbulent periods in the U.S. financial markets. Using asymmetric and nonlinear causality tests, as well as the extended DCC-GJR-GARCH model, we found evidence of an asymmetric and nonlinear unidirectional causal link from high-risk to low-risk bonds markets, which intensifies during bear markets. There is a bidirectional volatility and shock transmission only during normal bond market conditions. The high-risk bonds market induces more destabilizing effects in the corporate bond market than the low-risk bonds market. The time-varying, highly persistent, and negative correlation during normal market conditions provides the opportunity for combining low-risk and high-risk bonds to diversify a portfolio.     

股权结构、产权性质与债券融资成本*——基于中国上市公司的实证研究

本文基于最近十年503家上市公司发行的984只债券数据，实证检验了股权结构、产权性质对债券融资成本的影响。研究表明：股权集中度与债券融资成本正相关，制衡度与债券融资成本负相关。进一步检验发现，股权结构对债券融资成本的影响在民营企业中比在国有企业中更显著，产权性质发挥了调节作用。本文一定程度上丰富了公司债券定价理论，为发行人降低债券融资成本、投资人评估债券投资风险提供了有益启示，并为监管部门完善债券市场监管政策提供了经验证据。       

盈余管理、股权再融资与公司业绩表现*

在公司股权结构集中的情况下，控股股东实施盈余管理并进行股权再融资后会引起公司利润回调，并可能对公司长期经营能力造成影响。本文以沪深两市实施股权再融资的A股上市公司为样本，研究发现盈余管理导致公司股权再融资后业绩下降。进一步地，在热发市场中公司实施盈余管理的幅度更大，引起股票错误定价的程度更高，导致股权再融资后会计业绩和市场业绩下滑的作用更为明显。此外，在发生控股股东股权稀释的公司中，盈余管理引起公司股权再融资后业绩下降的程度更为严重，这表明控股股东利用股价高估的“机会窗口”侵占外部投资者利益的动机非常强烈。     

Italian Corporate Governance, Investment, and Finance

Italian industrial structure and financial markets have several distinct features. Italian firms are relatively small, few trade publicly and no corporate bond market exists. The limited types of external funds available to Italian firms makes them prone to financing constraints. We examine a panel containing over 1100 Italian firms. We find that firm size does not appear correlated with the severity of financing constraints. We also find that small firms are frequently mature. Our results suggest that young firms face financing constraints, while mature firms may develop relationships with lenders that lower the costs of external funds. Small, young firms appear to face the tightest financing constraints. Many firms are affiliatedwith pyramidal business groups. We find that affiliation with pyramidal businessgroups appears to reduce the effect of financing constraints. Our results haveimportant implications for government policy to promote small firm growth in Italy.     

Do mutual fund flows affect the French corporate bond market?

We study whether investors’ withdrawals from mutual funds affect corporate bond prices. As mutual funds have become major players in the financial markets, they are likely to exert downward pressures on asset prices when facing investors’ redemptions, particularly in the less liquid markets such as corporate bonds. We use a novel dataset on the French bond funds and show that both flows in and out of mutual funds lead to a significant effect on the corporate bond yields. This effect is asymmetric as redemptions provoke a change in yields of greater magnitude than inflows. Moreover, all corporate bonds are not equally affected by investors’ withdrawals from funds: The more a bond is detained by funds, the higher the impact of redemptions on its yield. These three results are robust to various changes in econometric specifications.     

战略承诺、融资约束与债务选择*——债券市场支持了谁的战略发展

本文旨在从战略承诺视角考察债券市场的资源配置功能。研究显示,自2007年《公司债券发行试点办法》实施以来,债券市场在支持企业的战略发展方面具有重要性。但进一步研究表明,该支持作用只存在于所受融资约束较低的企业中。即：市场化进程较高、终极控制人为国有性质、内部资本市场活跃的上市公司,其战略承诺越高时,越可能采用债券融资方式;而承受较高融资约束的企业的债券融资方式对战略承诺的敏感性则不稳健,或者敏感系数低于前者。这说明债券市场的资源配置功能受到了融资约束的限制,而非缓解了融资约束。进一步来说,“强者恒强、弱者恒弱”是金融资源配置的内在规律,而无论其形式在中介与市场之间如何变化。该结论深化了对金融资源配置功能的理解。依据本文的研究,未来改革既要完善金融体系,更要提升企业负债能力,否则,市场将很难依靠它的内在机制达到均衡配置。     

中小民营企业融资创新研究：融资路径依赖与内生性契约构建

中小民营企业融资难问题的实质是中小民营企业不能在较高层次的货币市场和资本市场上如愿地获得资金支持。目前解决中小民营企业融资难问题的关键在于,创新金融制度安排,构建一种能够使外部投资者与中小民营企业建立起横向信用联系的内生性融资契约。在我国既有的金融契约框架下,通过适当的融资结构设计和制度安排,信托私募融资能够最小化中小民营企业融资的代理成本和信息成本,从而使中小民营企业能够沿着既有的融资路径有效地获得所需的资金。     

上市公司债务融资、公司治理与市场价值

本文就上市公司的债务融资与公司治理、公司市场价值的关系进行了理论分析和实证检验 ,发现我国上市公司债务融资占总资产的比重不大 ;总体上债务融资具有加强公司治理、增加公司市场价值的作用 ,但是对于少数资产负债率非常高的公司 ,这种作用并不显著 ;市场对公司发行债券有积极的反应 ;同时债务融资起到了传递公司业绩的信号作用。