摘要
中国的资本市场经过20多年的发展在股权融资方面积累了丰富的经验,取得了长足的发展,然而在债券市场上,特别是公司债券市场上发展进度却比较缓慢。大量研究表明,上市公司应该尽可能避免采用股权再融资的方式筹集资金,以减少对公司价值产生的负面影响,而是积极采用内部或债权再融资方式进行融资,以增加企业价值。成熟市场中的上市公司已经较少采用股权再融资方式进行融资。如美国自1984年开始,上市公司普遍大量回购公司发行在外的股票。但我国大部分上市公司却对股权再融资方式偏爱有加。然而席卷全球的金融风暴,给中国资本市场带来了巨大的冲击,同时也催生了中国证券市场的深刻变革。在上市公司再融资领域,由于投资者信心不足,股权融资日渐低迷；而随着银行间市场向企业开放以及公司债券市场的开闸,上市公司选择以发行债券方式进行再融资正成为市场新的亮点。
本文通过对股权再融资市场和债券再融资市场的发展现状的分析,得出了发行公司债券将是未来再融资主要方式的结论,旨在推动资本市场良性发展,为上市公司管理层融资策略的选择提供依据。
After 20 years of development China's capital market has accumulated rich experience and achieved great development on raising capital from the stock market. Yet in the bond market, especially corporate bond market, progress has been slow. Numerous studies show that stock listed companies should not raising funds through equity financing in order to reduce the negative impact on company value but actively use internal or re-financing debt financing so to increase corporate value. Listed companies in developed markets have rarely done refinancing using equity financing. For example in the United States a large number of listed companies had continuously repurchasing their outstanding common stock since 1984. Meanwhile majority of listed companies in China more frequently used Equity Finance. The financial crisis has swept global as well as Chinese capital market which has brought a profound change in China's stock market. Refinancing of listed companies through equity financing has gone into mud as the investors are lack of confidence for the market; but when the inter-bank market opens for companies and opening of the corporate bond market, listed companies choose to issue bonds to refinance is becoming more and more popular.
Based on the analysis for current equity refinancing market and bond refinancing market the thesis deduce that corporate bonds will be the main gateway for future refinancing of listed companies. The thesis helps the better development of the capital markets and provides theoretic basis for listed companies' refinancing strategy.
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