摘要

对所有的企业而言，资本都是非常重要的资源。融资问题是企业必须面对的问题，融资方式的不同会导致企业资本结构的差异，从而影响企业的公司治理、经营业绩和发展战略等诸多方面。我国证券市场成立后较长一段时间，国内上市公司再融资手段较为单一，且长期存在“重股轻债”的现象。2007年8月14日，《公司债券发行试点办法》的正式颁布，标志着我国公司债券的真正起步，加之2005年5月《短期融资券管理办法》的实施以及2008年4月中期票据业务的正式启动，极大地拓宽了我国上市公司的融资渠道，企业发债融资的积极性显著提升。十八届三中全会明确提出要“发展并规范债券市场，提高直接融资比重”，国内债券市场迎来良好发展机遇，国内上市公司的债券融资规模也得到了快速增长。数据显示，2005年我国上市公司的债券融资规模仅有1424亿元，此后数年均保持一定比例的增速，2012年突破2.5万亿元，不足十年的时间增长了约17倍。近两年继续维持在较高水平，2014年上半年我国上市公司发债规模已超过2万亿元。此外，从债券融资规模与股权融资规模的比例系数来看，2005年以来该系数的平均值为2.94，表明国内债券市场规模迅速增长，创新品种日益丰富，尤其是随着短期融资券和中期票据的大规模发行，我国上市公司发行债券的规模已显著超越股权融资额。

关键词：债权；融资；研究；

Abstract

Capital is a very important resource for all enterprises. The financing problem is the problem that the enterprise must face, the difference of the financing mode will lead to the difference of the capital structure of the enterprise, thus affecting the company’s corporate governance, management performance and development strategy and so on. After the establishment of China’s securities market for a long period of time, the domestic listed companies refinancing means is relatively simple, and the long-term existence of “heavy stocks and bonds” phenomenon. In August 14, 2007, formally promulgated the “corporate bond issuance pilot approach”, marking the start of China’s corporate bonds in May 2005, the implementation of the “short-term financing bill management” and officially launched in mid April 2008 of bill business, greatly broaden China’s listed companies financing channels, the enthusiasm of enterprises to issue bonds to finance increased significantly. In the third Plenary Session of the 18th CPC Central Committee, explicitly proposed to develop and standardize the bond market, improve the proportion of direct financing, the domestic bond market ushered in a good development opportunities, domestic corporate bond financing scale has been rapid growth. Data show that in 2005 the scale of China’s listed companies only 142 billion 400 million yuan bond financing, after a few years to maintain a certain percentage of the growth rate, in 2012 exceeded $2 trillion and 500 billion, less than ten years of growth of about 17 times. The past two years continue to maintain at a high level, the first half of 2014, China’s listed companies have more than 2 trillion yuan bond scale. In addition, the proportion coefficient of the scale of bond financing and equity financing scale, since 2005 the average value of the coefficient is 2.94, showed rapid growth in the size of the domestic bond market innovation, increasingly rich variety, especially with the large-scale issuance of short-term financing bonds and medium-term notes, China’s listed companies to issue bonds have been significantly higher than equity financing the amount of.

Keywords: Creditor’s rights; financing; research;

摘要……………………………………………………………………………………………………………………………. I

Abstract…………………………………………………………………………………………………………………………. II

一、绪论……………………………………………………………………………………………………………………. 1

（一）研究的背景………………………………………………………………………………………………….. 1

（二）研究的目的和意义……………………………………………………………………………………….. 2

（三）国内外研究现状…………………………………………………………………………………………… 4

（一）债权融资的含义…………………………………………………………………………………………… 6

（二）债权融资的方式…………………………………………………………………………………………… 8

三、我国上市公司债权再融资存在的问题………………………………………………………………….. ..10

（一）企业债劵上市的规模小………………………………………………………………………………. 10

（二）特殊的股权结构…………………………………………………………………………………………. 10