| A company’s financing and the financing structure will directly affect the level of performance of the company. In foreign countries, The company has extensive mode of financing, the obvious advantages of bond financing can be seen.But in China, the company’s financing is more limited to bank loans and equity financing.There is a very low percentage of the issue of corporate bonds. Since2007, the CSRC promulgated the "corporate bond issuance pilot approach", China’s corporate bond market has a lot of change, bond financing is becoming an important means of financing.With this background, this paper is about listed company for bond financing on corporate performance.The first part introduces the current development of the corporate bond market. Corporate bond market in the United States, the size of its corporate bond market has long exceeded the size of the stock market, bond financing is the first choice of corporate financing. In2007the Commission issued a corporate bond issuance as a turning point, the analysis included the promulgation of the "pilot approach" before, during and after the changes in China’s corporate bond market development. In the bond market of Shanghai and Shenzhen in2007, only a few corporate bonds issued, issue accounts for the proportion of the entire bond market is negligible. These enterprises mainly in the state-owned or state-controlled large enterprises, issuance of bonds and bond funds use must go through strict examination and approval of the national development and reform commission, the issuance of corporate bonds with a certain amount of administrative guidance color. This will undoubtedly raise the threshold for the issuance of bonds, so many private enterprises, equity does not focus on the enterprises can not. The promulgation of the "pilot approach", which means that corporate bond issuance was officially launched in China, China’s corporate bond market has a large-scale development opportunities, balanced development of the capital markets, stable The domestic financial market system has an important role.2007-2011rapid momentum of the development of corporate bond, corporate bond issuance has doubled several times, the proportion of climbing in the bond market. The bond financing is being developed as an important way for China’s corporate finance.In the second part, the literature review. Elaborate on the definition of corporate bonds on the domestic. Today, the concept of "Enterprise Debt" and "corporate bonds" coexist, part of the bonds issued by enterprise debt, part of corporate bonds. Both the definition of the dispute has not been conclusive, some people believe that the essence of enterprise debt and corporate bonds is the same, and some people think the two are different. I combine the theoretical definition and market environment, and that the current market environment, should not strictly distinguish between the definition of enterprise debtand""corporate bonds", enterprise debt with Chinese characteristic economic environment, the development of corporate bonds must pass through a transition. This article is to study the impact of the issuance of bonds of listed companies on corporate performance, the object of study is listed limited, so long as it is listed limited company issued bonds to finance, are defined as corporate bonds, can be used as this study object.The third part, the theoretical analysis and assumptions. The capital structure theory of west is the theoretical basis of the bond financing."MM" theory as a demarcation point on the early capital structure theory and modern capital structure theory. According to the theory of capital structure as a basis, the bond financing on corporate performance, including bond interest tax shield and binding incentive effects on managers to reduce financing costs, outside investors to release the company’s financial position is sound signal effects; but when the debt ratio reaches a certain level, the company’s financial risk will increase. Based on the theoretical analysis of bond financing on corporate performance of listed companies, respectively, from the point of view of dynamic and static three assumptions, assuming the perspective of a dynamic flow analysis of company performance trends before and after the corporate bonds; assume two and assumptions of three from the perspective of the analysis of bond financing rate and the relationship of the corporate performance of the static stock.The fourth part,the sample selection and variable model. selected the66listed companies which2007-2009issuance of bonds financing for the study, collected the issuance of bonds of each company the previous year, current year and after two years of financial data. Selected on behalf of the company’s profitability, and shareholder profitability, solvency, operational capabilities, and development capacity of eight financial indicators as indicators to reflect the performance of the company. This paper will use the factor analysis of company performance P value as the explanatory variable rate bond financing as an explanatory variable, company size, growth, and the proportion of tradable shares, the year dummy variables and industry dummy variables as control variables.The fifth part, the empirical analysis. From the point of view of the dynamic flow level of performance the year before the issuance of bonds, the trend in the current year and the year after, concluded that the company performance in China’s listed companies to issue bonds is not higher than the overall performance of the company prior to the issuance of bonds the dynamic flow of the listed companies to issue bonds for the company’s performance was not significant.From the perspective of static stock analysis, company performance values as explanatory variables, respectively to the rate of bond financing, bond financing rate of the secondary side as explanatory variables, the establishment of a linear regression model, concluded that the issuance of corporate bonds, when the bond financing rate for listed companies is concentrated in the interval [0,0.15], and the company’s comprehensive performance was a reverse correlation; when the bond financing of listed companies>0.15, the rate of bond financing and company performance showing a weak positive The correlation between time and data limitations due to the development of corporate bond market, bond financing rate on the interval [0.15,1] and company performance is yet to be further studied.The sixth part, conclusions, prospects and limitations. According to the conclusions from macroeconomic institutional level, the company’s capital structure and management level analysis of the causes. That the scale of China’s corporate bond market is still relatively small, the rate is less than the company’s bond financing, equity financing and bank loans still account for a large proportion, which weakens the bond financing is a positive effect on corporate performance. The combination of conclusions and the status quo of China’s corporate bond market development prospects, the development of the corporate bond market is still much room for corporate bond financing methods will gradually become the main means of financing.Because of the limitations of my knowledge structure and ability during the listing of corporate bond financing on corporate performance, there are still many defects in the future learning needs further, mainly in the time and sample data restrictions, bond financing and Corporate Performance model is too simple. I hope in the future study and research, more in-depth. |
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