中国上市公司债券融资需求、工具选择和机制设计

To develop the bond market is a long-tern and siginificant strategic task in the construction of China's financial market system. In recent years, bond issuance has rapidly grown to be an important financing means only after bank loan, far more than the equity financing, and result in macro-financial structure transformation, micro corporate financing preference change and some other new problems. However, the apparent tendency of research is "value equity and despise bond" in China's academic circle. We pay insufficient attention to this major economic phenomenon. The CSRC is revising the "measure of admistration and issuance of the corporate bond" at present, and intend to further deregulation. There are new opportunities for the development of corporate bond. And this requires the scholars to study the iherent law and innovation of regulatory system of the development of corporate bond market. This project start from the analysis of the need for listed companies to issue bond. We study the influence of financial control intensity on corporates' choices of financing tools and market response through establishing financial regulation index of different industries. We do empirical research for the influence of significant regulatory measures on the change of financing preference of listed companies by difference of difference method. This project will theoretically reveal the market constrain mechanism and the system of choices of financing tools of listed companies, improve the pecking order theory, debt contract theory and financial regulation theory. In practice, this project will provide appropriate policy options for the deregulation and product design of corporate bonds.

大力发展债券市场是我国金融体系建设中一项重大的战略任务，近年我国企业债券已快速成长为仅次于银行贷款的第二大融资平台，远超股票融资，由此引起金融结构转型和企业融资偏好改变一系列新问题。然而我国学术界 "重股轻债"的研究倾向明显，对债券融资选择内在机制的研究相对滞后。目前证监会正修订"公司债券发行管理办法"，拟进一步放松管制，公司债券面临新的发展机遇，这需要学者深入探究我国公司债券市场发展的背后逻辑并创新监管制度。本课题从分析上市公司发债需求入手，通过编制分行业的金融管制指数来全面系统地研究管制强度差异如何影响公司发债、发股和贷款的选择以及市场反映，同时辅以双差法来研究重大管制措施实施如何导致公司融资偏好的改变。本项目研究将在理论上揭示我国上市公司融资工具选择行为的制度与市场约束机制，完善优序融资、债务契约和金融管制理论；在实践中为我国公司债券管制放松和产品设计提供合适的政策选择方案。

经过20多年金融体系的改革，虽然中国依然是银行主导的金融结构，但资本市场的发展使得企业直接融资规模占比接近1/3。银行贷款在企业融资比率中正逐步下降，中国正在经历“金融结构”的转型，这引起了理论界和实务界的广泛关注，只有发现这一重大历史进程的动力源泉，才能理解其转型路径、并把握中国金融结构演变的规律。本项目首先较为系统梳理了国内外有关企业融资工具选择的理论脉络，深入比较国际公司债券市场发展特点和各类发行交易制度安排。然后对我国上市公司现实的发债融资需求进行测度，分析上市公司融资需求中债务工具结构。在此基础上，重点通过实证研究对我国上市公司债券融资需求和工具选择的内在机理进行剖析，由此对我国公司债放松管制、发行体制改革、电子交易平台的完善和违约处理机制的构建提出可选择的政策建议。