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| Title: | 企業舉債選擇與債券特性 ─以人民幣債券市場為例
Bond financing and characteristics of bond -- Renminbi-denominated bond |
| Authors: | 李卉亭 |
| Contributors: | 岳夢蘭
李卉亭 |
| Keywords: | 境外人民幣債券
境內人民幣債券
點心債券
債券融資選擇
Offshore Renminbi Bond
Domestic Renminbi Bond
Dim Sum Bond
Bond Financing |
| Date: | 2013 |
| Issue Date: | 2014-07-14 11:24:33 (UTC+8) |
| Abstract: | 針對中國2011年1月至2013年12月所發行之人民幣境內債券與點心債券，使用邏輯迴歸模型探討企業融資選擇與其財務特性，研究結果顯示政府持股比例較多的企業傾向發行境外債券，發行境內債券並不受借貸成本影響，成長潛力較低、獲利能力較低、公司規模較小的企業傾向發行境內債券，反之，成長潛力較高、獲利能力較佳、公司規模較大的企業則傾向發行境外債券。
另外並使用複迴歸模型討論境內外人民幣債券性質，主要針對債券信用價差和發行額度影響因素作深入研究。研究結果顯示境內債券的信用利差高於境外債券，而所發行境內債券也較境外債券的發行額度高；無論境內或境外債券，信用評等愈佳的發行公司，信用利差愈低；存續期間愈長的債券其發行額度和信用利差也會較大。研究接著將點心債與境內債分開討論，人民幣匯率與點心債券發行額度為顯著正向關係，市場預期人民幣升值時，發行額度也會明顯增加，境內債券則無論是信用利差或發行額度皆未有顯著關係。
The article focuses on the offshore Renminbi bonds (dim sum bonds) and domestic Renminbi bonds issued from January 2011 to December 2013. We use logistic regression model to analyze the relation between financial characteristics of issuers and bond financing determination. We find that the companies with more proportion of government ownership, higher growth potential, better profitability, and greater size tend to issue Dim Sum bonds instead of domestic Renminbi bonds.
In addition, from the issued amounts and credit spreads of the bonds, this article tries to analyze the different characteristics of offshore dim Sum bonds and domestic Renminbi bonds. The results show that the issued amount and the credit spread of the dim Sum bonds are significantly lower than those of domestic Renminbi bonds. For dim sum bonds, the expected RMB exchange rate and the amount issuance have significantly positive relation, while the expected appreciation of the Renminbi with no significantly effect to domestic bonds. |
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| Description: | 碩士
國立政治大學
財務管理研究所
100357037
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0100357037 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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