四川长虹分离交易可转债融资策略探讨

发布时间：2018-05-23 18:21

本文选题：公司融资 + 分离交易可转债　；参考：《江西财经大学》2017年硕士论文

【摘要】：四川长虹电器股份有限公司在2005年至2008年间,因没有达到公开权益融资的基本业绩要求,无法通过增发股票获得大规模权益融资,迫使支持公司经营业务的资金主要来自于商业信用融资与短期借款,无法对增长战略提供长期融资支持。面对国内家电企业日渐激烈的行业竞争及日韩家电品牌的市场冲击双面夹击,能否把握进一步增长的机会,是公司管理层面临的挑战。然而,欲实现增长战略并取得竞争优势,公司迫切需要在设备投资、研发投入、产业并购、渠道建设、补充营运资金以及偿还贷款等方面进行持续性的大量资金投入。四川长虹若要完成发展战略目标,首先需要解决融资约束问题,并进行新一轮的大规模融资。但继续走大规模普通债务筹资之路,将给公司带来双重压力,一是四川长虹近年来利润率较低,大额债务融资需要支付的利息费用将显著降低企业利润率,二是到期债务本金及利息偿还将形成大额现金支付义务,对公司的整体财务流动性产生压力。在上述双重压力之下,公司管理层在进行融资决策时需要面对的核心问题是,如何权衡以及选择最优的融资方式,该融资方式不仅能满足公司未来增长的资金所需,并且能够缓解公司所面临的融资成本与财务流动性压力。基于以上因素,本文理论结合实际案例,研究分析了发行分离交易可转债对企业的协同效应。理论分析部分,本文回顾了国内外研究文献,并介绍了融资方式及分离交易可转债的相关概念。案例分析部分,选取四川长虹分离交易可转债案例进行研究分析,在介绍案例公司财务状况及融资需求的基础之上,归纳出案例公司进行分离交易可转债融资的原因,进而深入分析发行分离交易可转债融资的经济后果。通过该案例进行分析,本文得出以下结论:(1)融资方式受到规模、成本和财务流动性的多重约束;(2)分离交易可转债平衡了财务流动性与融资成本;(3)发行分离交易可转债减轻了财务风险并降低了资本成本;(4)分离交易可转债适用于薄利企业筹集大规模资金。在此基础上,论文提出了完善我国分离交易可转债市场的针对性政策建议:(1)进一步完善分离交易可转债的相关政策法规;(2)增加对成长型企业发行可转债融资的政策支持;(3)推进建设股票市场与权证市场并积极创新金融品种。本篇论文包含以下五部分内容:第一部分为文章的引言,介绍了研究背景和意义、国内外相关研究文献、研究思路、研究方法以及论文的基本框架;第二部分为分离交易可转债的理论概述,主要介绍了融资理论与分离交易可转债相关理论;第三部分是本文的案例介绍部分,主要介绍了案例公司的基本情况、融资需求情况和发行分离交易可转债的背景三个方面的内容;第四部分是本文的案例分析部分,对四川长虹发行分离交易可转债进行案例分析,主要包括案例公司选择分离交易可转债的融资约束背景、战略动因及发行后的效果评价;第五部分总结了前述章节的研究结论,得出一些政策建议。
[Abstract]:Sichuan Changhong electric Limited by Share Ltd, from 2005 to 2008, has not reached the basic performance requirements of public equity financing, unable to obtain large scale equity financing through additional stock, forcing the fund to support the business of the company mainly from commercial credit financing and short-term borrowing, which can not provide long-term financing for the growth strategy. Facing the increasingly fierce competition in domestic household appliances enterprises and the impact of double-sided attack on the market of Japan and South Korea household appliances brand, it is the challenge for the company management to grasp the opportunity for further growth. However, in order to achieve the growth strategy and achieve competitive advantages, the company is urgently required to invest in equipment, research and development investment, industry merger and channel construction, In order to complete the development strategy, Sichuan Changhong needs to solve the financing constraints first and carry out a new round of large-scale financing. However, continuing to take a large scale of common debt financing will bring double pressure to the company, one is the close of Sichuan Changhong. In the year, the profit rate is low. The interest rate that the large amount of debt financing needs to be paid will significantly reduce the profit margin of the enterprise. Two is the debt principal and interest repayment will form a large amount of cash payment obligation to the company's overall financial liquidity pressure. Under the above double pressure, the company management needs to face the financing decision. The core issue is how to balance and select the best way of financing, which can not only meet the needs of the future growth of the company, but also alleviate the financing cost and financial liquidity pressure that the company faces. Based on the above factors, this paper combines the actual cases and analyzes the issue of the transfer of convertible bonds to enterprises. In the theoretical analysis part, this paper reviews the research literature at home and abroad, and introduces the related concepts of financing mode and the convertible bond. Case analysis part, select the case of Sichuan Changhong separation and transaction convertible bond, and summarize the case on the basis of the case of the case and the financing needs of the case company. In this case, the following conclusions are drawn: (1) the financing way is subject to the multiple constraints of scale, cost and financial liquidity; (2) the transfer of convertible bonds balances financial liquidity and financing. Cost; (3) the issuance of separate transaction can reduce the financial risk and reduce the cost of capital; (4) the convertible bond is applicable to the small profit enterprises to raise large-scale funds. On this basis, the paper puts forward a policy proposal to improve the separation and transaction of the convertible bond market in China: (1) further improve the related policies for the separation of convertible bonds. Regulations; (2) increase the policy support for the issuing of convertible bond financing for the growth enterprises; (3) promote the construction of the stock market and the warrant market and actively innovate the financial varieties. This paper contains the following five parts: the first part is the introduction of the article, introducing the research background and meaning, the relevant research literature at home and abroad, research ideas and research methods And the basic framework of the paper; the second part is the theoretical overview of the transfer of convertible bonds, mainly introducing the theory of financing and the related theory of convertible bonds; the third part is the case introduction of this article, which mainly introduces the basic situation of the case company, the financing demand and the background of the issuance of the convertible bond in three aspects. The fourth part is the case analysis part of this article, the case analysis of the convertible bond issued by Changhong in Sichuan, mainly including the financing constraint background of the case company choosing the convertible bond, the strategic motivation and the effect evaluation after the issue; the fifth part summarizes the conclusions of the previous chapter, and draws some policy suggestions.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.6

【参考文献】