企业短期融资券发行的关键问题研究

【作者】 卓越；

【导师】 周宗放；

【作者基本信息】 电子科技大学 ， 工商管理， 2011， 硕士

【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。更多还原

【Abstract】 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.更多还原