企业短期融资券发行的关键问题研究
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摘要
随着我国经济增长方式的转变以及市场化程度的提高,我国债券市场总体规模迅速扩大。2005年银行间债券市场开始推出短期融资券,以其成本低、程序快、有利于提升企业形象和管理水平等优势受到广泛关注和支持,发展迅猛。
企业短期融资券发行有相应的要求和规程。如何处理好发行过程中的关键问题,有利于发行的成功是本文写作的基本目的。具体来说,本文通过对短期融资券发行全过程梳理和总结,结合案例分析,归纳整理出在发行中的关键问题所在,并提出具体的操作建议,希望对企业发行短期融资券实践操作具有参考意义。本文研究中采用了比较分析、定性和定量分析、案例分析等方法,力求总结归纳出发行的关键问题,并对解决问题提出切实可行的建议和意见。
本文分为六个部分,第一部分介绍了研究的背景和意义,提出本文研究的问题,并对研究内容和技术路线及创新之处进行了说明;第二部分主要对比了国内外对短期融资券的相关研究;第三部分介绍了短期融资券概况,包括基本知识、历史背景及当前我国短期融资券现状的分析、总结短期融资券的优点和局限性;第四部分,提出短期融资券发行过程的关键问题所在,即如何满足短期融资券发行条件要求、如何选择中介机构情况、怎样降低发行成本和如何做好信息披露等四个关键问题;第五部分,以H集团发行短期融资券的全过程为例,对四个关键问题进行说明;第六部分对企业短期融资券发行的关键问题进行了总结归纳,并提出了一些建议和策略:首先,要做好自身的准备,包括发行前可行性分析、内部决策准备、完善内部管理、密切配合等;其次,选择中介机构,包括对主承销商、评级机构和会计师和律师事务所的选择;再者,合理确定发行规模额度,选择合适的发行时机,以降低发行成本;最后,要做好规范的信息披露和后续管理工作。
As China's economic growth pattern and degree of market improvement, the overall size of China's bond market expanded rapidly. 2005 launch of the inter-bank bond market began to short-term financing bills, with its low cost, fast program, will help to enhance the corporate image and management advantages of widespread concern and support for rapid development.
Short-term financing bills issuance requirements and procedures are appropriate. How to deal with key issues in the release process is conducive to a successful issue is the basic purpose of this writing. Specifically, this paper, the short-term financing bills issued to collate and summarize the whole process, combined with case studies, collate and analyze the key issue lies in the problem and propose concrete action proposals in the hope of short-term bonds issued by enterprises operating in practice with reference significance. This study used a comparative analysis of qualitative , case studies and other methods, and strive to release summarized the key issues and practical recommendations to solve problems and ideas.
This paper is divided into six parts, the first describes the background and significance of research, this study raised the issue, and research and innovation of content and technology routes are described; second part of the main comparison of domestic and foreign short-term financing bills related studies; third part describes the overview of short-term financing bills, including basic knowledge, historical background and current status of our analysis of short-term financing bills, short-term financing bills summarize the advantages and limitations; fourth part, made the process of short-term financing bills issued The key problem, namely how to meet the requirements of short-term financing bond issuance conditions, how to choose the intermediary situation, how to reduce distribution costs, and how to do four key issues such as disclosure of information; the fifth part, to short-term financing bonds issued by the Group H all process, for example, describes the four key issues; the sixth part of the corporate short-term financing bills issued summarized the key issues and put forward some suggestions and strategies: First, to do their own preparation, including possible pre-release analysis, internal decision-making to prepare, improve internal management and close co-ordination; Second, selection intermediaries, including underwriters, rating agencies and the choice of accountants and law firms; Furthermore, the issue size to determine the reasonable amount, select the appropriate release time, in order to reduce distribution costs; Finally, the disclosure of information to do specification and follow-up management.
企业短期融资券发行有相应的要求和规程。如何处理好发行过程中的关键问题,有利于发行的成功是本文写作的基本目的。具体来说,本文通过对短期融资券发行全过程梳理和总结,结合案例分析,归纳整理出在发行中的关键问题所在,并提出具体的操作建议,希望对企业发行短期融资券实践操作具有参考意义。本文研究中采用了比较分析、定性和定量分析、案例分析等方法,力求总结归纳出发行的关键问题,并对解决问题提出切实可行的建议和意见。
本文分为六个部分,第一部分介绍了研究的背景和意义,提出本文研究的问题,并对研究内容和技术路线及创新之处进行了说明;第二部分主要对比了国内外对短期融资券的相关研究;第三部分介绍了短期融资券概况,包括基本知识、历史背景及当前我国短期融资券现状的分析、总结短期融资券的优点和局限性;第四部分,提出短期融资券发行过程的关键问题所在,即如何满足短期融资券发行条件要求、如何选择中介机构情况、怎样降低发行成本和如何做好信息披露等四个关键问题;第五部分,以H集团发行短期融资券的全过程为例,对四个关键问题进行说明;第六部分对企业短期融资券发行的关键问题进行了总结归纳,并提出了一些建议和策略:首先,要做好自身的准备,包括发行前可行性分析、内部决策准备、完善内部管理、密切配合等;其次,选择中介机构,包括对主承销商、评级机构和会计师和律师事务所的选择;再者,合理确定发行规模额度,选择合适的发行时机,以降低发行成本;最后,要做好规范的信息披露和后续管理工作。
As China's economic growth pattern and degree of market improvement, the overall size of China's bond market expanded rapidly. 2005 launch of the inter-bank bond market began to short-term financing bills, with its low cost, fast program, will help to enhance the corporate image and management advantages of widespread concern and support for rapid development.
Short-term financing bills issuance requirements and procedures are appropriate. How to deal with key issues in the release process is conducive to a successful issue is the basic purpose of this writing. Specifically, this paper, the short-term financing bills issued to collate and summarize the whole process, combined with case studies, collate and analyze the key issue lies in the problem and propose concrete action proposals in the hope of short-term bonds issued by enterprises operating in practice with reference significance. This study used a comparative analysis of qualitative , case studies and other methods, and strive to release summarized the key issues and practical recommendations to solve problems and ideas.
This paper is divided into six parts, the first describes the background and significance of research, this study raised the issue, and research and innovation of content and technology routes are described; second part of the main comparison of domestic and foreign short-term financing bills related studies; third part describes the overview of short-term financing bills, including basic knowledge, historical background and current status of our analysis of short-term financing bills, short-term financing bills summarize the advantages and limitations; fourth part, made the process of short-term financing bills issued The key problem, namely how to meet the requirements of short-term financing bond issuance conditions, how to choose the intermediary situation, how to reduce distribution costs, and how to do four key issues such as disclosure of information; the fifth part, to short-term financing bonds issued by the Group H all process, for example, describes the four key issues; the sixth part of the corporate short-term financing bills issued summarized the key issues and put forward some suggestions and strategies: First, to do their own preparation, including possible pre-release analysis, internal decision-making to prepare, improve internal management and close co-ordination; Second, selection intermediaries, including underwriters, rating agencies and the choice of accountants and law firms; Furthermore, the issue size to determine the reasonable amount, select the appropriate release time, in order to reduce distribution costs; Finally, the disclosure of information to do specification and follow-up management.
引文
[1]时文朝,杨农.中国债券市场发展与创新[M].北京:中国金融出版社,2011.3 ,1-80
[2]李云丽.中国债券发行理论与操作实务[M].北京:法律出版社,2009.3,104-109:170-200
[3]高坚.中国债券资本市场[M].北京:经济科学出版社2009.7,436-470
[4]向良.商业银行开展企业短期融资券业务分析[D]:[硕士学位论文].成都:西南财经大学,2009,15-33
[5]段鸿.企业短期融资券发行成本与策略初探[J].南方金融,2007.7,48-58
[6]孙欧.企业短期融资券融资的优势、局限性及应注意的问题[J].交通财会,2007.3,47-49
[7]余敏.企业短期融资券融资偏好探析[J].中国商界,2010.5, 63-64
[8]王学飞.我国商业银行企业短期融资券业务探讨[D]: [硕士学位论文].上海:上海交通大学,2007,12-40
[9]郜中华.关于企业发行短期融资券的思考[J].企业研究,2006.10, 76-77
[11]邹斌.我国企业短期融资券与美国商业票据的比较研究[D]: [硕士学位论文].长春:吉林大学,2007,8-38
[12]王大为.短期融资券对我国银行业的影响及对策研究[D]: [硕士学位论文].哈尔滨:哈尔滨工程大学,2007,25-45
[13]汪金凤.我国企业短期融资券风险分析与实证研究[D]:[硕士学位论文].武汉:中南大学,2007,25-56
[14]胡红波.研究短期融资券定价与利差分析[D]: [硕士学位论文].上海:上海交通大学,2007,11-25
[15]周荣芳.商业票据市场的比较研究[J].银行家, 2005.07,57-59
[16]张敏敏.我国企业短期融资券现状及发展前景分析[D]: [硕士学位论文].北京:首都经济贸易大学, 2006,16-24,27-34
[17]杨静涛.短期融资券发行利差实证研究[D]: [硕士学位论文].北京:北京大学,2007,9-14
[18]刘春明.企业短期融资债券分析及对我国资本市场的影响[D]: [硕士学位论文].北京:对外经济贸易大学,2006,8-15
[19]中国银行间债券市场交易商协会.H集团发行2011年第一期短期融资券募集说明书.2010.6,10-100
[20]李东卫.关于企业短期融资券融资的几点思考[J].现代乡镇, 2009.10,13-16
[21]胡小芳.企业短融融资券的政策效应分析及建议发展[J].财会研究, 2007.1,45-55
[22]段鸿.企业短期融资券发行成本与策略初探[J].南方金融, 2007.7,35-38
[23]符华玉.BOC银行云南分行债券承销业务发展对策[D]: [硕士学位论文].昆明:云南大学,2010,10-54
[24]李威.我国短期融资券市场问题研究[D]:[硕士学位论文].广州:暨南大学,2009,15-49
[25]郝薇薇.我国企业债券市场的发展与金融效率的提高[D]: [硕士学位论文].成都:西南财经大学,2006,20-37
[26]王贞姬,国内企业短期融资券研究[J].鹏元资信研究报告,2011.1,11-15
[27]蒋立峰,浅析短期融资券现状及对企业债发展的启示[J].世界经济情况,2007.8,58-61
[28]陆剑峰,李蓓,短期融资券在电力企业筹资中的应用[J].中国电力教育,2009.6,238-240
[29]詹彩云,浅析企业债券融资优势[J].中国商界,2010.1,10-12
[30]金陶岚,对我国短期融资券市场发展的研究[J].会计之友,2010.2,32-33
[31]高绍福,陈旻,我国短期融资券的历史、现状及发展建议[J],会计之友,2010.10,115-118
[32]乔治考夫曼,现代金融体系-货币、市场与金融机构[M].北京:经济科学出版社,2009,129-211
[33]中国证监会监管委员会出版的《中国证券期货统计年鉴2000》[M],北京:中国财政经济出版社,2000,68-70
[2]李云丽.中国债券发行理论与操作实务[M].北京:法律出版社,2009.3,104-109:170-200
[3]高坚.中国债券资本市场[M].北京:经济科学出版社2009.7,436-470
[4]向良.商业银行开展企业短期融资券业务分析[D]:[硕士学位论文].成都:西南财经大学,2009,15-33
[5]段鸿.企业短期融资券发行成本与策略初探[J].南方金融,2007.7,48-58
[6]孙欧.企业短期融资券融资的优势、局限性及应注意的问题[J].交通财会,2007.3,47-49
[7]余敏.企业短期融资券融资偏好探析[J].中国商界,2010.5, 63-64
[8]王学飞.我国商业银行企业短期融资券业务探讨[D]: [硕士学位论文].上海:上海交通大学,2007,12-40
[9]郜中华.关于企业发行短期融资券的思考[J].企业研究,2006.10, 76-77
[11]邹斌.我国企业短期融资券与美国商业票据的比较研究[D]: [硕士学位论文].长春:吉林大学,2007,8-38
[12]王大为.短期融资券对我国银行业的影响及对策研究[D]: [硕士学位论文].哈尔滨:哈尔滨工程大学,2007,25-45
[13]汪金凤.我国企业短期融资券风险分析与实证研究[D]:[硕士学位论文].武汉:中南大学,2007,25-56
[14]胡红波.研究短期融资券定价与利差分析[D]: [硕士学位论文].上海:上海交通大学,2007,11-25
[15]周荣芳.商业票据市场的比较研究[J].银行家, 2005.07,57-59
[16]张敏敏.我国企业短期融资券现状及发展前景分析[D]: [硕士学位论文].北京:首都经济贸易大学, 2006,16-24,27-34
[17]杨静涛.短期融资券发行利差实证研究[D]: [硕士学位论文].北京:北京大学,2007,9-14
[18]刘春明.企业短期融资债券分析及对我国资本市场的影响[D]: [硕士学位论文].北京:对外经济贸易大学,2006,8-15
[19]中国银行间债券市场交易商协会.H集团发行2011年第一期短期融资券募集说明书.2010.6,10-100
[20]李东卫.关于企业短期融资券融资的几点思考[J].现代乡镇, 2009.10,13-16
[21]胡小芳.企业短融融资券的政策效应分析及建议发展[J].财会研究, 2007.1,45-55
[22]段鸿.企业短期融资券发行成本与策略初探[J].南方金融, 2007.7,35-38
[23]符华玉.BOC银行云南分行债券承销业务发展对策[D]: [硕士学位论文].昆明:云南大学,2010,10-54
[24]李威.我国短期融资券市场问题研究[D]:[硕士学位论文].广州:暨南大学,2009,15-49
[25]郝薇薇.我国企业债券市场的发展与金融效率的提高[D]: [硕士学位论文].成都:西南财经大学,2006,20-37
[26]王贞姬,国内企业短期融资券研究[J].鹏元资信研究报告,2011.1,11-15
[27]蒋立峰,浅析短期融资券现状及对企业债发展的启示[J].世界经济情况,2007.8,58-61
[28]陆剑峰,李蓓,短期融资券在电力企业筹资中的应用[J].中国电力教育,2009.6,238-240
[29]詹彩云,浅析企业债券融资优势[J].中国商界,2010.1,10-12
[30]金陶岚,对我国短期融资券市场发展的研究[J].会计之友,2010.2,32-33
[31]高绍福,陈旻,我国短期融资券的历史、现状及发展建议[J],会计之友,2010.10,115-118
[32]乔治考夫曼,现代金融体系-货币、市场与金融机构[M].北京:经济科学出版社,2009,129-211
[33]中国证监会监管委员会出版的《中国证券期货统计年鉴2000》[M],北京:中国财政经济出版社,2000,68-70