公司债发行公告效应及对业绩的影响

发布时间：2018-08-21 19:30

【摘要】：目前,我国资本市场存在着“重股轻债”的现象,根据国家政策,我国资本市场“十二五”期间的一项重点工作便是大力发展公司债券市场,逐步提升债券融资这一直接融资方式的功能和作用,扩大直接融资占据融资渠道的比例。然而,中国对发行公司债融资后的经济后果等基础性研究相对匮乏,因而研究公司债融资的经济后果究竟如何具有一定的理论和现实意义。本文从两个方面来研究公司债发行对发行主体的经济后果：一方面是对公司市值影响；另一方面为真实业绩的影响。资本市场上股票价格对事件的反应最为灵敏,股票价格的异常收益率便能体现出公司债发行这一事件的市场反应,也即公司债发行的公告效应。基于中国目前的核准制背景,在发行前有融资需求的企业为了达到发行条件或者降低融资成本均由盈余管理的动机,这种行为有可能会影响到公司债发行后的经营绩效。因此本文还进一步了验证公司债发行主体是否存在事前盈余管理行为,并量化其对公司经营绩效的影响。研究中,本文采用了PSM样本配对、分行业修正琼斯模型、混合横截面多元回归分析等方法,最后,本文的主要研究结论如下：(1)公司债的发行有着负的公告效应,且在公告发行前第五日到第三日更为显著,(-5,5)窗口期内产生-1.2556%的累积平均异常收益率；(2)公司债发行前,发行公司确实存在较为强烈的盈余管理动机,与未发债公司的盈余管理水平有着显著的差异；(3)在统计特征上,样本公司的会计业绩在研究期间内有滑坡,但是整体来看发行公司债的公司在发行前的盈余管理行为并没有导致其与未发行公司债的公司相比有显著的绩效下滑。
[Abstract]:At present, there is a phenomenon of "heavy stock over debt" in China's capital market. According to the state policy, one of the key tasks of China's capital market during the "12th Five-Year Plan" period is to vigorously develop the corporate bond market. Gradually enhance the function and function of bond financing as a direct financing method and expand the proportion of direct financing to financing channels. However, the basic research on the economic consequences of corporate bond financing in China is relatively scarce, so it is of theoretical and practical significance to study the economic consequences of corporate debt financing. This paper studies the economic consequences of corporate bond issuance on the main issuer from two aspects: on the one hand, the impact on the market value of the company; on the other hand, the impact of real performance. The stock price is the most sensitive to the event in the capital market, and the abnormal rate of return on the stock price can reflect the market reaction of the issue of corporate bonds, that is, the announcement effect of the issuance of corporate bonds. Based on the background of China's current approval system, enterprises with financing needs before issuance are motivated by earnings management in order to meet the issuing conditions or reduce financing costs, which may affect the performance of corporate bonds after issuance. Therefore, this paper further verifies the existence of prior earnings management and quantifies its impact on corporate performance. In this study, PSM sample pairing, industry-modified Jones model, mixed cross-section multiple regression analysis and other methods are used. Finally, the main conclusions of this paper are as follows: (1) the issuance of corporate bonds has a negative announcement effect. Moreover, from the fifth to the third day before the issuance of the announcement, the cumulative average abnormal return rate of -1.2556% was produced during the window period. (2) before the issuance of corporate bonds, the issuing company did have stronger earnings management motivation. There are significant differences between the earnings management level of the sample companies and those of the non-bond companies. (3) the accounting performance of the sample companies declined during the study period. But on the whole, the earnings management behavior of the issuing company does not result in a significant decline compared with the unissued company.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.6

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