中国建筑优先股融资的效果研究

发布时间：2018-03-29 17:05

本文选题：优先股融资　切入点：融资成本　出处：《湘潭大学》2017年硕士论文

【摘要】：由于经济的快速发展和金融工具的不断创新,优先股融资在西方发达的资本市场得到了广泛的运用和认可。优先股在西方市场已经是一种像普通股那样普遍的融资方式,是企业融资的重要方式之一。近年来,我国的资本市场也得到了很好地发展,优先股融资是顺应时代发展的要求,中国资本市场的融资途径能够得到进一步的拓展。中国证监会在2014年3月审议并通过了《优先股试点管理办法》,这标志着我国优先股制度正式形成并实施,我国优先股的发展上升到了一个崭新的台阶。案例选择了首批实施优先股融资的上市公司之一中国建筑作为研究对象,收集和分析了相关的数据及公告。首先从资金需求、融资困境、融资渠道等方面分析了中国建筑本次发行优先股的动因,接着介绍了中国建筑此次优先股融资的方案和过程,然后是优先股融资的效果分析。效果分析主要采用对比分析法和事件分析法,分析融资后成本、财务状况、股权结构和市场反应,分析得出优先股融资能够增加营运资金,促进资本结构优化和股权结构优化,中国建筑此次发行优先股在一定时间内对股市产生了正向的有益影响。最后得出结论,在当前经济形势下,优先股融资是可为中国建筑接受的融资方式,选择优先股融资后的效果是正面的。延伸至类似的企业,建议这些企业可以使用与之相似的融资策略,确保企业资金安全,从而增强企业发展能力,优化资本结构,维护原股东的权益。文章虽然对中国建筑的相关财务指标、财务数据和财务状况进行了分析,但每个公司的情况不尽相同,而且中国建筑又是典型的大型国有企业,中国建筑从正式发行优先股到现在只有两年的时间,因此,选择该案例进行研究后所总结出的结论具有一定的主观性和局限性。此外,文章仅从成本及融资结构等方面进行初步分析和探讨,未来有了充分的数据后,应该展开更多的实证研究,以便更好的研究优先股在我国资本市场的发展。
[Abstract]:Due to the rapid development of economy and the continuous innovation of financial instruments, preferred stock financing has been widely used and recognized in the developed capital markets in the West. In recent years, China's capital market has also been well developed, and preferred stock financing is in line with the requirements of the development of the times. The China Securities Regulatory Commission (CSRC) considered and adopted the "preferred Stock pilot Management measures" in March 2014, which marks the formal formation and implementation of the preferred stock system in China. The development of preferred stock in China has risen to a new level. The case selected China Architecture, one of the first listed companies to implement preferred stock financing, as the research object, and collected and analyzed the relevant data and announcements. In the aspects of financing dilemma, financing channel and so on, this paper analyzes the motivation of China Architectural preferred stock issue, and then introduces the plan and process of China Construction preferred stock financing. Then there is the effect analysis of preferred stock financing. The effect analysis mainly uses comparative analysis and event analysis to analyze the post-financing cost, financial situation, equity structure and market reaction. The analysis shows that preferred stock financing can increase working capital. To promote the optimization of capital structure and equity structure, China Construction's issue of preferred shares has had a positive and beneficial impact on the stock market in a certain period of time. Finally, it is concluded that under the current economic situation, Preferred stock financing is an acceptable form of financing for China Construction, and the effect of choosing preferred stock financing is positive. Extending to similar companies, it is suggested that these companies can use similar financing strategies to ensure the safety of their funds. In order to enhance the ability of enterprise development, optimize the capital structure, protect the rights and interests of the original shareholders. Although the article analyzes the related financial indicators, financial data and financial situation of China Construction, the situation of each company is different. Moreover, China Architecture is a typical large state-owned enterprise. It is only two years since China Architectural Corporation officially issued preferred stock. Therefore, the conclusions drawn from the case study are subjective and limited. This paper makes a preliminary analysis and discussion only from the aspects of cost and financing structure. With sufficient data in the future, more empirical studies should be carried out in order to better study the development of preferred stock in China's capital market.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.92

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