| 上市公司中期票据融资的影响因素研究 |
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| 引用本文： | 廖士光.上市公司中期票据融资的影响因素研究[J].证券市场导报,2011(3). |
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| 作者姓名： | 廖士光 |
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| 作者单位： | 上海证券交易所研究中心; |
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| 摘 要： | 本文以发行中期票据的A股上市公司为样本,通过配对样本研究以及Logistic判定分析方法,从企业财务特征视角深入研究影响企业发行中期票据的相关因素。研究结果表明,中期票据已经成为企业代替中期贷款的重要融资形式;同配对样本相比,发行中期票据的上市公司具有较大的规模、较高的财务成本以及较低的财务杠杆和经营风险,即公司规模与财务成本越高,财务杠杆与经营风险越低,则公司发行中期票据的概率越高。
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| 关 键 词： | 中期票据 财务成本 经营风险 |
A research on the factors of medium-term notes financing of listed companies |
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| Liao Shiguang.A research on the factors of medium-term notes financing of listed companies[J].Securities Market Herald,2011(3). |
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| Authors: | Liao Shiguang |
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| Institution: | Liao Shiguang |
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| Abstract: | Based on the samples of A share listed companies issuing medium-term notes(MTN) and the paired listed companies,this paper applies the Logistic method to investigate the determinants of MTN financing from the perspective of corporate finance features.The results suggest that MTN has been an important financing resource to replace medium-term loans,and compare to the paired companies,companies issuing MTN are of bigger size,higher financial cost,and lower financial leverage and operation risk.In another word... |
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| Keywords: | medium-term notes financial cost operation risk |
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