双良节能发行可转换债券融资风险研究

发布时间：2018-02-24 00:18

本文关键词： 企业融资可转换债券融资风险　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：2017年年初,随着上市公司再融资新规出台,定向增发等再融资工具受到一定限制,可转换债券再一次受到大众的热议。可转换债券作为一种新型的融资方式,兼具债权、股权和期权性质,在我国上市公司的多元化融资结构中扮演着独特的角色。但由于其市场尚处在发展阶段,发行可转换债券的上市公司大多对可转换债券融资风险的防范和预警管理缺乏足够的认识,且风险化解能力不足。上市公司发行可转换债券更多的是希望可以变相地、间接地进行权益性融资,以实现转股为最终目的。因此在可转债的发行条款设计上存在区别度不高,条款雷同的问题,上市公司在融资过程并没有重视可转债的具体设计与运用,导致融资活动存在风险。在我国可转债市场发展的初级阶段,我们进行对上市公司发行可转债风险与影响的探索,是非常有现实意义的。目前国内学者对于可转换债券的研究主要集中于定价模型、公告效应、股价影响等方面的理论性研究,案例性研究相对较少。从风险角度分析上市公司发行可转换债券融资的案例更是不多见。因此,本文选取了2010年发行可转换债券并不那么“成功”的上市公司双良节能作为案例研究对象。笔者从公司发行双良转债融资及大面积回售事件入手,从可转债融资失败——可转债融资失败产生的影响——可转债融资风险识别与评价——风险的防范与控制的思路对全文进行布局分析。首先,笔者对其发行可转债的动机进行探讨,得出了双良转债发行动机与其结果相背离的结论。然后,基于双良转债融资失败的事实,笔者从短期市场反应及长期财务状况分析其对于公司造成的影响。再次,笔者对于双良节能发行可转债所存在的风险点进行了识别,探讨双良节能是如何未能应对所存在的风险。最后,笔者对于双良节能发行可转债融资风险的从不同的角度提出了防范及控制的可能性,尝试探讨其融资风险是否可得到合理的规避。本文旨在为其他有意利用可转换债券融资的上市公司提供建议及案例素材。
[Abstract]:At the beginning of 2017, with the new regulation of refinancing of listed companies coming out, refinancing instruments such as directional additional issuance were restricted, and convertible bonds were again discussed by the public. As a new type of financing method, convertible bonds also have creditor's rights. The nature of equity and option plays a unique role in the diversified financing structure of listed companies in China, but its market is still in the stage of development. Most of the listed companies issuing convertible bonds lack sufficient understanding of the prevention and early warning management of the financing risks of convertible bonds, and the ability of risk resolution is insufficient. Indirect equity financing in order to achieve the ultimate goal of equity conversion. Therefore, there is not a high degree of difference in the design of the terms of issuance of convertible bonds, the issue of similar terms, The listed companies do not pay attention to the specific design and application of convertible bonds in the financing process, which leads to the existence of risks in financing activities. In the primary stage of the development of the convertible bond market in China, we explore the risks and effects of the issuance of convertible bonds by listed companies. It is of great practical significance. At present, domestic scholars' research on convertible bonds is mainly focused on the theoretical research on pricing model, announcement effect, stock price effect, etc. Case studies are relatively few. There are few cases where listed companies issue convertible bonds from a risk point of view. This paper selects Shuangliang Energy Saving Company, which issued convertible bonds in 2010, as the case study object. From the perspective of the failure of convertible bond financing, the influence of the failure of convertible bond financing on the risk identification and evaluation of convertible bond financing, this paper analyzes the layout of the whole paper. Firstly, the author discusses the motivation of issuing convertible bonds. Then, based on the fact that the financing failure of Shuangliang convertible bond, the author analyzes its impact on the company from the short-term market reaction and the long-term financial situation. The author identifies the risk points of Shuangliang energy saving issue convertible bonds, and discusses how Shuangliang energy saving fails to cope with the existing risks. The author puts forward the possibility of preventing and controlling the financing risk of Shuangliang energy saving issue convertible bond from different angles. The purpose of this paper is to provide advice and case material for other listed companies interested in financing convertible bonds.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.6

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