债券融资、财务风险与信用评级

发布时间：2019-02-17 12:05

【摘要】：长期以来我国严重滞后的债券融资市场已经成为制约提高直接融资比重的重要因素。目前我国资本市场在进行债券融资的主要还是国有企业为主，众多的民营企业及中小企业还没能充分有效利用资本市场进行直接债券融资。所以为了优化我国资本市场结构，提高直接融资比重，发展债券融资，特别是信用债券融资是有效的切入点。而从债券市场发展经验来看，信用评级已经成为了资本市场、债券市场发展的基础。但是从目前的资本市场中的信用债券的表现来看，我国公司信用体系并不健全，而且当前的资本市场也需要信用债券市场大发展，，所以很需要在这方面进行广泛深入的研究，以便更好地发现问题，为信用评级行业和债券市场的健康发展提供参考意见。所以本文将要研究的就是：信用评级机构在进行评级时是否会关注公司的财务风险，如果是，那么公司财务风险的哪些方面对信用评级产生影响。本文将要从信用评级、财务风险以及两者之间关系对国内外学者的研究进行了回顾，希望通过学习前人的研究成果，为本文的研究提供依据，并在现有的研究成果基础上开展进一步的研究和探索，揭示信用评级与财务风险之间的关系。研究发现：对我国主体评级与债券评级具有显著相关性的有公司规模、第一大股东类型、净资产收益率、现金收入比以及资产负债率等。除了资产负债率与公司主体评级与债券评级都具有显著负相关外，其他的变量都具有正相关效应。单独对主体评级具有显著相关性的有总资产周转率和非流动负债/负债合计，都是正相关性。单独对债券评级具有相关性的主要是债券担保，有担保的债券比无担保债券评级更高。
[Abstract]:For a long time, the bond financing market, which has lagged behind, has become an important factor restricting the increase of the proportion of direct financing. At present, the capital market of our country mainly carries on the bond financing mainly by the state-owned enterprises, many private enterprises and small and medium-sized enterprises have not been able to make full and effective use of the capital market to carry on the direct bond financing. Therefore, in order to optimize the capital market structure, increase the proportion of direct financing and develop bond financing, especially credit bond financing is an effective entry point. But from the bond market development experience, the credit rating has become the capital market, the bond market development foundation. However, judging from the performance of credit bonds in the current capital market, the corporate credit system of our country is not perfect, and the current capital market also needs a great development of the credit bond market, so it is very necessary to conduct extensive and in-depth research in this area. In order to better identify the problem, for the credit rating industry and the healthy development of the bond market to provide advice. Therefore, this paper will study whether the credit rating agencies will pay attention to the financial risk of the company, and if so, what aspects of the financial risk of the company will have an impact on the credit rating. This paper will review the research of domestic and foreign scholars from credit rating, financial risk and the relationship between them, hoping to provide the basis for this study by studying the previous research results. Further research and exploration are carried out on the basis of existing research results to reveal the relationship between credit rating and financial risk. It is found that the company size, the largest shareholder type, the return on net assets, the ratio of cash to income and the ratio of assets to liabilities are significantly related to the main body rating and bond rating in China. Except for the significant negative correlation between asset-liability ratio and corporate subject rating and bond rating, the other variables have positive correlation effect. Both the total asset turnover ratio and the total non-current liability / liability ratio, which have significant correlation to the main rating, are all positive correlation. The single bond rating is mainly related to bond guarantees, with guaranteed bonds having a higher rating than unsecured bonds.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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