摘要
本文运用偏相关分析、多元回归方法等对企业短期融资券发行定价的各种影响因素进行分析,试图找出我国承销商和发行人在确定发行价格时应考虑的主要因素,以及这些因素对发行定价的影响程度,从而为首次公开发行定价真正走向市场化提供指导。研究结果表明,企业所有制性质、央行票据发行利率、行业特征、发行规模等因素显著影响发行价格,流动性风险是发行市场考虑的重要因素,而发行主体的偿债能力、主承销商声誉等级等对发行价格的影响不显著。
This paper studies factors affecting the issuing price of short-term business financing bonds by way of partial correlation and multiple regression methods to find out what factors are to be considered by the underwriter and the issuer when pricing the bonds and how these factors affect bond pricing and to guide IPO towards real marketization. Findings show that the issuing price is more susceptible to the nature of ownership system, initial rate of the central bank＇s bill, industrial characteristics and the issuing scale than to financial solvency of issuing bodies and underwriters＇ credit grade, and liquidity risk is a major factor to be considered.
出处
《金融论坛》
CSSCI
北大核心
2007年第10期59-63,共5页
Finance Forum
关键词
短期融资券
发行定价
实证分析
short-term financing bonds
issuing price
empirical analysis
