我国企业境外发行美元债券的定价问题研究  

Research on the Pricing Issues of Chinese Enterprises'Issue of US Dollar Bonds

作　　者：滕涛[1] 

机构地区：[1]大连海事大学

出　　处：《价格理论与实践》2020年第6期101-104,共4页Price:Theory & Practice

摘　　要：随着我国企业国际化进程的加快,在境外发行美元债券也成为企业新的融资渠道之一。本文在简述中资美元债券市场发展情况的基础上,通过碧桂园和中国恒大美元债发行情况对比深入分析境外发债以及境外美元债券定价的影响因素,发现债券发行时机的恰当性、市场环境的把握及环境动荡状况、权威机构的信用评级结果、债券设计科学合理性和与投资者关系均对美元债发行的顺利与否及定价高低起到重要作用。因而,我国企业应在积极了解和分析美元债券市场发展状况及投资环境的基础上,兼顾投资者角度衡量债券的偿付性与收益率,合理设计发行结构,设置恰当的定价,以提高债券发行成功率。With the acceleration of the internationalization of Chinese enterprises,issuing US dollar bonds abroad has also become one of the new financing channels for enterprises.Based on a brief description of the development of the Chinese-funded US dollar bond market,this article analyzes the influencing factors of overseas bond issuance and the pricing of overseas US dollar bonds through the comparison of the issuance of US dollar bonds between Country Garden and China Evergrande,and finds the appropriateness of the bond issuance timing and the grasp of the market environment and environmental turbulence,the credit rating results of authoritative institutions,the scientific rationality of bond design and the relationship with investors all play an important role in the smooth issuance of US dollar bonds and the level of pricing.Therefore,Chinese enterprises should actively understand and analyze the development of the US dollar bond market and the investment environment,take into account the investor’s perspective to measure bond solvency and yield,rationally design the issuance structure,set appropriate pricing,and improve the success of bond issuance rate.

关 键 词：美元债券 美元债券定价 中资企业 

分 类 号：F831.51[经济管理—金融学]