本文選題：公司內(nèi)部治理 + 公司債券��； 參考：《南京大學》2017年碩士論文

【摘要】：在債券市場連年持續(xù)快速成長的背景下,本文探討了公司內(nèi)部治理因素對公司債券發(fā)行主體的主體評級以及債券評級的影響。本文基于2007-2015年萬德數(shù)據(jù)庫中統(tǒng)計的上市公司債券數(shù)據(jù)為樣本,從股權(quán)結(jié)構(gòu)與集中度、董事會結(jié)構(gòu)、高級管理層持股以及財務透明和信息披露等方面選取多個變量來衡量發(fā)行主體的內(nèi)部治理水平,并選取Ordered Logit多元線性回歸模型實證分析了其分別對主體評級和債券評級的影響。研究主要發(fā)現(xiàn):公司內(nèi)部治理因素對主體評級和債券評級都產(chǎn)生了一定影響,并且影響主要體現(xiàn)在公司內(nèi)部治理因素的股權(quán)結(jié)構(gòu)與控股股東方面,然而其他治理因素的作用效果不明顯。具體來說,在加入財務特征控制變量后,主體評級明顯正相關(guān)于國有控股、第一大股東持股比例、第二到第十大股東持股比例以及高管中持股人數(shù)的比例,明顯負相關(guān)于董事中持股人數(shù)的比例;在加入財務特征以及債券特征控制變量后,債券評級明顯正相關(guān)于國有控股和高管中持股人數(shù)的比例,明顯負相關(guān)于董事中持股人數(shù)的比例。除此之外,本文的結(jié)果顯示債券特征因素,尤其是擔保提高債券評級的作用非常明顯�？偠�言之,本文認為公司內(nèi)部治理因素是影響公司債券信用評級的重要因素。在債券市場上,評級機構(gòu)比較關(guān)注公司內(nèi)部治理的股權(quán)結(jié)構(gòu)和控股股東方面,包括股權(quán)性質(zhì)和股權(quán)集中度等。同時,本文發(fā)現(xiàn)改變相應治理指標可以改善債券的信用評級,比如提高第一大股東持股比例、高管中持股人數(shù)比例或者減少董事中持股人數(shù)比例等。這有利于促使公司債券的發(fā)行人更加重視公司內(nèi)部治理水平,通過改善相關(guān)指標提高主體評級以及債券評級;同時也有助于投資者通過考察債券發(fā)行主體的公司內(nèi)部治理水平來判斷其信用水平,做出理性的投資決策。
[Abstract]:In the context of the continuous and rapid growth of the bond market, this paper discusses the influence of corporate internal governance factors on the main ratings and bond ratings of corporate bond issuers. Based on the data of listed company bonds from 2007 to 2015 in Wande database, this paper is based on the ownership structure and concentration, board of directors structure, The senior management stock holding, financial transparency and information disclosure are selected to measure the internal governance level of the issuer, and the Ordered Logit multiple linear regression model is selected to empirically analyze its impact on the principal rating and bond rating. The main findings are as follows: the internal corporate governance factors have a certain impact on the main ratings and bond ratings, and the impact is mainly reflected in the equity structure and controlling shareholders of corporate governance factors. However, the effect of other governance factors is not obvious. Specifically, after adding the control variable of financial characteristics, the subject rating is positively related to the proportion of state-owned holding, the proportion of the first largest shareholder, the second to the tenth shareholder, and the proportion of the number of senior executives holding shares. After adding the financial characteristics and the controlling variables of bond characteristics, the bond rating is positively related to the proportion of the number of state-owned holding shares and the number of senior executives holding shares. There is a negative correlation between the number of shareholders and the proportion of directors. In addition, the results of this paper show that bond characteristics, especially the role of guarantee to improve the bond rating is very obvious. In a word, this paper thinks that the internal governance is an important factor affecting the credit rating of corporate bonds. In the bond market, rating agencies pay more attention to the ownership structure and controlling shareholders of the internal governance of the company, including the nature of equity and concentration of equity. At the same time, it is found that changing the corresponding governance indicators can improve the credit rating of bonds, such as increasing the proportion of the largest shareholders, the proportion of senior managers holding shares or reducing the proportion of directors holding shares, and so on. This will promote the issuer of corporate bonds to pay more attention to the level of corporate governance, through the improvement of related indicators to improve the main rating and bond rating; At the same time, it is helpful for investors to judge their credit level and make rational investment decisions by investigating the internal governance level of bond issuers.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F832.51
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本文編號：1986175