公司规模、风险特征与债券融资成本——来自中国民营上市公司的经验证据

Size,Risk Characteristics and Bond Financing Cost——Evidence from Listed Private Companies of China

以中国上市民营企业发行债券进行融资的情况出发,讨论了融资成本与企业规模及其风险特征之间的关系。实证研究的结果表明,民营公司规模与债券融资利率水平之间存在显著负相关关系,企业的资产规模越大,或其发展能力和成长性越强,有助于其在债券市场上获得较低的融资利率,从而论证了通过兼并促进民营企业成长的必要性。企业自身风险特征和债券融资利率水平之间则存在显著的正相关关系,并主要体现在财务层面的企业风险和企业信息不对称程度上,而非二级市场股价波动与盈利能力。

This paper has studied the cost of corporate bonds over private enterprises in China. By using the data of listed private companies of China, we explore the relationship among company size, risk characteristics and bond financing cost. After analyzing the empirical data, conclusions can be draw that there is significant negative correlation between com- pany size and its bond financing cost. The empirical result also shows that companies with higher financial risk and infor- mation asymmetric will be more likely to bear higher bond financing cost.