摘要
金融认证机制有助于缓解债券融资的信息不对称问题,降低债券的融资成本,是债券市场发展的重要基础设施。本文首先从理论上分析了金融认证缓解债券融资信息不对称的机制,并以2002～2014年发行的城投债数据为样本,采用真实利息成本模型,探讨了包含信用评级、承销商认证以及担保机制在内的第三方金融认证对缓解城投债发行市场的信息不对称的效果。研究结果表明,信用评级越高、承销商声誉越好、簿记建档和公开招标的发行方式、由银行进行债券承销以及担保机制均能显著降低发行人的融资成本;且所发行债券的期限越长,金融认证机制的效果越显著。即我国债券发行的金融认证有助于缓解债券市场的信息不对称,降低发行人的融资成本。
Financial certification is an important infrastructure for bond market development which can help to alleviate the information asymmetry and reduce the cost of debt financing. In this paper we analyze the financial certification mechanism theoretically, use real interest cost model to build a multivariate regression model based on 2002-2014 date sample of urban construction investment bond in China, and examine the effect of the third-party financial certification mechanisms of the primary market to the bond. We find that these mechanisms, including credit rating, underwriter certification, and guarantee for the urban construction investment bond, help resolve information asymmetry problems and thus reduce borrowing cost for the issuers. The longer the maturity, the more significant the role of financial certification is to have.
出处
《证券市场导报》
CSSCI
北大核心
2016年第2期63-71,共9页
Securities Market Herald
基金
浙江省社科联研究课题"企业债金融认证的定价效应研究"(2013N138)
浙江省高校人文社科重点研究基地(金融学)项目
关键词
金融认证
信息不对称
融资成本
债券融资
城投债
ffinancial certification, information asymmetry, bond financing, borrowing cost, urban construction investment bond
