科技型企业债券发行期限选择研究—基于市场差异的资金供求决策行为

Research on the choice of maturity for sci-tech enterprises bonds in China:A theory of supply and demand based on market differences

摘要:

以我国科技型企业为研究对象,用增量法对企业债券期限进行定义,利用企业债券发行期限与杠杆率的非独立性构建系统模型,考察了银行间市场与交易所场内市场参与者资金供求决策行为及新发科技企业债券存续期限选择的影响因素。模型估计结果显示：选择在交易所发行的科技型企业债券契约双方将更多的注意力集中于具有未来期权性质的成长机会对发行期限选择的影响上,而银行间市场资金供求双方却注重严谨的考察企业历史或即期微观财务特征对负债能力及发行期限的决定。

Abstract:

We chose Chinese science and technology enterprises as the research object. After defined corporate debt maturity under the increment approach, we built a system model using the non-independence of corporate debt maturity and the leverage ratio, so that we can investigate the capital supply and demand decision-making behavior of the participants in inter-bank market and exchange-traded market and the influence factors of choosing new issuance debts’ maturity in science and technology enterprises. The estimation results show that the debt’s contract parties of tech corporate which selected to issue in exchange will pay more attention to the impact of growth opportunities with the nature of future option on the maturity choosing, while the funds supply and demand sides in inter-bank market focus more on the determination of the debt capacity and the maturity by rigorous investigation of historical or current micro- financial characteristics.