我国企业债券融资决策的影响因素研究

提高直接融资比重,大力发展债券市场是十二五资本市场发展的一大重点。本文首先对企业在银行贷款和公开发行债券之间的取舍做了理论文献回顾,然后以2005年初至2010年底公开发行债券的上市公司及未发行债券的匹配公司为样本,从企业融资决策的角度,实证检验我国企业债务融资方式的主要影响因素。发现与国外债券市场情况相似,企业发展前景、财务状况和企业规模是影响企业债务融资决策的重要因素。

An Empirical Study on the Determinants of Corporate Debt Financing Decisions in China

Enhancing the proportion of direct financing to develop bond markets is the major focus of theTwelfth Five Years Planfor capital market developments.Firstly,this paper provides a theoretical literature review of trade-offs between loans and public bonds in enterprise decision making.From the perspective of corporate financing,we use a sample of listed companies including those issuing public debt and those not issuing,from 2005 to 2010,to test the factors that have effect on the firm's financing decision.Si...