中国上市公司发行短期融资券的影响因素分析

The Analysis of Short-term Financing Bills Issued by the Listed Firms in China

自2005年5月中国人民银行发布《短期融资券管理办法》以来,短期融资券已成为中国上市公司短期资本的重要来源之一。本文以2005年5月至2008年2月发行短期融资券的157家上市公司以及157家未发行短期融资券的匹配公司为样本,从财务状况和公司治理两个视角,实证检验我国上市公司发行短期融资券的主要影响因素。结果表明:总体而言,我国发行短期融资券的公司具有较好的财务状况,而在公司治理状况方面并无显著差异;具体来看,当公司规模越大、信用等级越高、财务杠杆越低、经营风险越低时,上市公司选择发行短期融资券进行融资的概率就越高。

The introduction of short - term financing bills is an important resource for short - term fund - raising for public firms in China since the People＇s Bank of China promulgated the Administrative Rules for Short - term Financing Bills in 2005. Selecting a sample of 157 firms issuing short - term financing bills and 157 paired firms from May, 2005 to February, 2008, this paper empirically examines the primary determinants of the short - term financing bills issues from both angles of financial status and corporate governance. The results suggest that the financial status of firms issuing short - term financing bills is significantly different from the paired sampled finns, but not in the situation of corporate governance. In detail, firms with bigger size, higher credit ratings, lower leverage, and lower operational risk have more probabilities to choose short -term financial bills.