The Analysis of Short-term Financing Bills Issued by the Listed Firms in China
研究了2005年央行颁布短期融资券管理办法后，157家发行短期融资券的上市公司与配对样本的财务和治理差异，发现发行公司规模更大、信用评级更高、杠杆和经营风险更低。
The introduction of short-term financing bills is an important resource for short-term fund-raising for public firms in China since the People's Bank of China promulgated the Administrative Rules for Short-term Financing Bills in 2005.Selecting a sample of 157 firms issuing short-term financing bills and 157 paired firms from May,2005 to February,2008,this paper empirically examines the primary determinants of the short -term financing bills issues from both angles of financial status and corporate governance.The results suggest that the financial status of firms issuing short-term financing bills is significantly different from the paired sampled firms,but not in the situation of corporate governance.In detail,firms with bigger size,higher credit ratings, lower leverage,and lower operational risk have more probabilities to choose short-term financial bills.