CAJ | 학술논문

针对高收益债券在公募市场初现倪端这一问题，运用决策树模型进行理论框架的构架，建立数理模型，对企业选择“高收益债券”和银行贷款融资时的期望收益进行比较，从理论上对企业融资偏好进行探讨。研究发现，当企业发行债券利率不超过一定值时，企业发行高收益债券进行融资要明显优于向银行贷款，然而现今企业对银行贷款却表现出过分依赖的趋势，随着社会发展，经济转型、产业结构升级在即，债券市场将扮演重要角色，公募“高收益债券”市场的兴起也将会给银行贷款市场带来冲击。
침대고수익채권재공모시장초현예단저일문제，운용결책수모형진행이론광가적구가，건립수리모형，대기업선택“고수익채권”화은행대관융자시적기망수익진행비교，종이론상대기업융자편호진행탐토。연구발현，당기업발행채권리솔불초과일정치시，기업발행고수익채권진행융자요명현우우향은행대관，연이현금기업대은행대관각표현출과분의뢰적추세，수착사회발전，경제전형、산업결구승급재즉，채권시장장분연중요각색，공모“고수익채권”시장적흥기야장회급은행대관시장대래충격。
For the emergence of high‐yield bond in the public placement market ,through the theoretical framework analysis with decision‐making tree ,the mathematical model is established and the compari‐son of expected revenue of enterprise in selecting high‐yield bond and making bank loan financing is carried out .Then the enterprise's preference in financing is analyzed from the theoretical perspective . It is found that w hen the bond rate is below a certain value theoretically ,the issuance of high‐yield bond of enterprise is significantly superior to bank loan .However ,enterprises seem too dependent on the bank loan .With the development of social economy ,the economic transition and the upgrading of industrial structure are in sight .Consequently the bond market will play an important role in the so‐cial economy and the emergence of high‐yield bond in the public placement market will impact the mar‐ket of bank loan significantly .