摘要
本文针对我国公司债务融资的现状,首先指出企业债券市场发展相对滞后的根本原因在于政府融资系统,即政府在资金融通和分配过程中占有绝对支配地位,从而在多方面限制和阻碍了企业债券融资渠道;同时通过对我国企业债券发行情况的系统分析,说明我国企业债券市场的不完善和扭曲现象。为验证改革债务融资压抑现状的重要性,通过对上市公司债务融资和公司价值关系的实证分析和信号模型检验,发现用新增债务比率衡量的债务融资在一定限度内与公司价值具有正向的显著性相关关系,同时还能向市场传递积极的信号。因此,促进我国公司在合理的范围内进行债务融资,特别是企业债券融资,具有突出的现实意义。
The paper firefly points out that the fundamental constraints on the development of corporate bond market in China is the government financing system, which means that government dominates in the capital financing and allocation, and restricts the corporate bond financing channel. Meanwhile, the systematic analysis of the issuing conditions of corporate bonds indicates that the corporate bond market in China is immature. In addition, the empirical studies on the relationship between debt financing and firm value of listed companies and signal effect of debt financing finds that debt financing measured by NDR is positively significant related to firm value considering DAR range influence and companies with bigger proportion of debt financing would transfer positive signal of corporate performance to market. Therefore, it would be beneficial and important for Chinese companies to make good use of debt financing especially corporate bonds.
出处
《金融研究》
CSSCI
北大核心
2006年第8期20-30,共11页
Journal of Financial Research
基金
国家自然科学基金(70371002和70372001)的资助。
关键词
债务融资
企业债券
公司价值
政府融资体系
debt financing
corporate bond： firm value
government financing system
