非公开定向发行债券还是公开发行债券?——上市公司债券融资工具选择研究

Private or public bond?——The choice between different bond financing tools of listed companies

本文利用2012-2015年非金融上市公司发行债券的数据,研究了公司财务指标、公司治理特征以及信用评级对公开发行债券和非公开定向发行债券选择的影响。研究发现,公司财务风险越小、内部资金越充足,越倾向于选择公开发行债券。但是作为公司质量衡量的标准——信用评级,对融资工具选择没有显著影响。为了进一步了解信用评级在债券市场的作用,本文研究了信用评级对债券投资者成本定价决策的影响。研究发现,信用评级对融资成本有显著影响,但定向发行债券的投资者在对债券定价时更依赖于自身对发行人信息的判断,较少受到市场公开信息,如信用评级的影响。

Based on bond issues of non-financial listed companies during 2012-2015,this paper researches the effect of firm＇s financial indicator,corporate governance characteristics and credit rating on the choice between public bond and private bond.We find that financial risk is negatively and internal funding needs is positively related to public bond. But credit rating,as the measure of firm＇s quality,is not significantly related to the choice between different bonds. For learning more about the role of credit rating on bond market,we studies the credit rating influence on bond investors＇ decisions on cost pricing. The results show that credit rating significantly influence financing cost,but investors of private bond more rely on their own information about issuers when they set price for bond,the price is less related to public information,such as credit rating.