Study On Financing Choice Of Listed Companies Between Corporate Bonds And Medium-term Notes

In the new normal situation of China's economic transformation,the economic downward pressure continued to increase,the situation is complex.With the increase of bond market reform and innovation in 2015,the issuance and approval process of bonds has been simplified and the efficiency of financing has been improved effectively.The scale of the bond market continues to expand,bringing a rich and highly applicable financing channels at the same time,the level of service to the real economy is also rising rapidly.Corporate bonds and medium-term notes(MTN)as two typical medium and long-term debt financing tools,Its market size has been expanding since its birth,sought after by many listed companies,On the one hand,the issuance of corporate bonds and medium-term notes by leaps and bounds,in some of the release year alternately,lead to the formation of a competitive situation.On the other hand,almost every time the revision and change of the relevant system of corporate bonds,the corresponding changes in the relevant provisions of the medium-term notes are followed.However,in the face of the issuance conditions,management methods and pricing mechanisms and other aspects of the differences are different from the corporate bonds and medium-term notes,listed companies in the actual financing should be based on what kind of principles,select the characteristics of their own financing tools,and then improve The correctness of the financing decision of the manager and the foundation for the development of the listed company.Based on this,this paper studies the financing choice of corporate bonds and medium-term notes of listed companies.First of all,this paper combs the competitive situation of corporate bonds and medium-term notes in terms of scale and institutional changes.By summarizing the research results of domestic and foreign experts on the choice of debt financing,we understand the current situation of research in this field.Then,find relevant information and data,analyzed the similarities and differences between corporate bonds and medium-term notes,and compared the characteristics of corporate bonds and medium-term notes in terms of the nature of ownership,the scale of issuance and the term structure,and summarized the basic situation of corporate bonds and medium-term notes financing of listed companies.Then,based on the theory of information asymmetry and Bounded Rationality,this paper puts forward nine factors which may affect the selection of corporate bonds and medium-term notes from the perspective of corporate characteristics and bond financing tools And the establishment of the corresponding research hypothesis,in which the operational capacity and debt rating is the creative of the proposed two factors;Finally,with a total of 802 research samples from 2011 to 2015,through the logistic model Empirical study The conclusion of this paper is that the listed companies are owned by the state,the bigger the assets are,the higher the subject's rating,the more free cash flow,the poorer the operating capacity,the more likely to be financed through the medium-term notes,and the listed companies Medium-term notes are issued with a larger issuance period,longer issuance time,lower financing costs and higher debt ratings.This paper puts forward some suggestions from the perspective of the further development of bond financing and bond market of listed companies.