上市公司对中期票据和公司债券的融资选择

On the Financing Choice of Listed Companies between Medium-Term Notes and Corporate Bonds

近年中期票据和公司债券的融资呈现出此消彼长的现象,然而上市公司对公司债券和中期票据偏好改变的内在机理是什么?研究发现:证监会对上市公司发债的高门槛,使得能入围发债的公司具有上市时间长和每股收益增长率过快的特征。这种严格管制下的发债公司并没有表现出更佳的财务特征;相反,规模大、自由现金流充沛的公司会偏好发行中期票据。公司发债前的每股企业自由现金流偏少,但每股收益增长率过快,是为了达标而进行的盈余控制。公司债券严格管制导致交易所债券市场萎缩,使得公司债券的流动性下降。为了弥补流动性的损失,公司债券的票面利率高于中期票据,这又导致上市公司更偏好发行中期票据。

In recent years, medium term notes and corporate bonds are developing reversely; how- ever, what is the internal mechanism of the changes of preference between corporate bonds and medi- um term notes in the listed companies？ The study of this paper finds that the high threshold for bonds issuing set by the China Securities Regulatory Commission makes the companies which can issue bonds have the characteristics of longer listing time and higher growth rate of EPS. Under this kind of strict regulation, the issuing companies are not showing better financial characteristics. On the contrary, companies with large scale and abundant free cash flow would prefer to issue medium term notes. Free cash flow per share is lower before issuing debt while the quick growth of EPS is to reach the standard with earnings control. The strict regulation on corporate bonds makes the bond market in the stock exchanges shrink, which reduces the liquidity of corporate bonds. In order to make up the loss in liquidity, the coupon rate of corporate bonds is higher than that of medium term notes, which makes the listed companies even prefer to issue medium term notes.