发行定价视角下发展直接债务融资工具对策研究——以安徽省为例  

Study on the Countermeasure of Developing the Direct Debt Financing Instruments on the Perspective of Issue price:By Taking Anhui Province as an Example

作　　者：瞿凌云[1] 刘晓瑞[2] 

机构地区：[1]中国人民银行合肥中心支行,安徽合肥230091 [2]中国人民银行滁州市中心支行,安徽滁州239000

出　　处：《金融理论与实践》2015年第10期7-12,共6页Financial Theory and Practice

摘　　要：近年来,直接债务融资工具对解决企业融资难、融资贵问题有很大帮助,但直接债务融资工具在定价机制、信用评级等方面仍存不足之处。以安徽省发展直接债务融资工具为例,在总结其发行现状的基础上,利用面板数据模型对不同类型的直接债务融资工具发行定价因素进行实证分析,并利用面板门槛模型分析了SHIBOR对发行定价的非线性影响。研究结果表明:不同类型的债务融资工具发行定价具有显著的异质性,货币政策宽松时SHIBOR对发行利率的影响比在货币政策紧缩时更大。In recent years, direct debt financing tools have greatly helped to solve the problems of difficulties and high cost in financing that enterprises encountered. However these tools still have some deficiencies in terms of pricing mechanism and credit rating. Take Anhui province for an example, where direct debt financing tools have been promoted and applied, on the basis of present issuing situation, this text will use panel data model to empirically analyze the factors of issuance pricing in different types of direct debt financing tools. Moreover, a panel threshold model will be used to analyze the nonlinear effects of SHIBOR on issuance pricing. Studies have shown that significant heterogeneities exist in the issuance pricing of different types of debt financing tools and SHIBOR has greater influence on issuing rate in period of easy monetary policy than in period of tight monetary policy.

关 键 词：发行定价 债务融资工具 面板门槛 非金融企业 

分 类 号：F832.5[经济管理—金融学]