宝钢集团发行可交换债券案例分析

发布时间：2018-06-13 04:12

本文选题：可交换债 + 券　；参考：《辽宁大学》2017年硕士论文

【摘要】：我国债券市场相对于发达国家起步较晚,并且目前面临着许多问题。例如我国的债券市场呈现出发展不连续、发展规模较小、债券品种结构有限以及企业使用股票融资与使用债券融资的比例失调现象等问题。除此之外,随着股改的完成,原来的股东所持有的非流通股,将大量的涌入市场,进入可流通的状态,这部分股票如果直接在市场上释放,可能严重的影响我国证券市场的平稳的、健康的发展,并且大批的股东,直接抛售股票,也可能影响投资者信心。目前,我国股市债市发展失衡,资本市场暂不完善,逐步完善资本市场,是发展的必经之路。而对于目前我国的资本市场而言,发展壮大债券市场是关键,逐步完善债券品种的结构、加快发展创新债券衍生品、增加发行的规模都是债券市场发展的必要做法。而可交换债券作为一种混合创新性金融产品出现的正合适宜,它作为一种债性和股性相结合的债券衍生品,在缓解非流通股解禁冲击、扩大债券市场的发行规模、增加市场的投资品种以及加快我国资本市场健康有序发展起着重要作用。国外,可交换债发展十分快,且关于可交换债的研究较成熟。而截止2013年以前,我国市场上都没有可交换债券。2013年10月,“13福星债”成功发行,我国才有了第一只私募债。所以目前我国有关于可交换债券研究较少,并且大部分集中在对于可交换债的法律问题的研究。2014年12月10日,宝钢集团成功发行了 “14宝钢EB”,以新华保险为标的股票公司,历时近六年,第一只公募可交换债问世。在借鉴外国经验的同时,与我国实际情况相结合,本文选取了宝钢集团发行以新华保险股票为标的“14宝钢EB”可交换债券案例进行分析,在分析过程中运用到了案例分析法以及历史文献法等多种研究方法,并且通过对案例的分析,给出了发展完善我国可交换债券市场的一些建议。
[Abstract]:Compared with the developed countries, the bond market of our country starts relatively late, and faces many problems at present. For example, the bond market of our country presents some problems, such as discontinuous development, small scale of development, limited structure of bond varieties and imbalance between stock financing and bond financing. In addition, with the completion of the stock reform, the non-tradable shares held by the original shareholders will flood into the market and enter a tradable state. If this part of the stock is released directly in the market, It may seriously affect the steady and healthy development of China's securities market, and a large number of shareholders, directly selling stocks, may also affect investor confidence. At present, the development of stock market and bond market in our country is out of balance, and the capital market is not perfect for the time being. It is the only way to perfect the capital market step by step. For the present capital market of our country, it is the key to develop and strengthen the bond market. It is necessary to improve the structure of bond variety, speed up the development of innovative bond derivatives and increase the issuing scale. As a mixture of innovative financial products, exchangeable bonds, as a bond derivative that combines debt and equity, can ease the impact of non-tradable shares and expand the size of the bond market. Increasing the investment variety of the market and speeding up the healthy and orderly development of China's capital market play an important role. Abroad, exchangeable debt develops very quickly, and the research on exchangeable debt is mature. Until 2013, there were no exchangeable bonds in China's market. In October 2013, the "13 Blessings" were successfully issued, and China had its first private equity bond. Therefore, there are few researches on exchangeable bonds in China, and most of them focus on the legal issues of exchangeable bonds. On December 10, 2014, Baosteel Group successfully issued "14 EB" in Baosteel. Xinhua Insurance as the underlying stock company, lasted nearly six years, the first public offering convertible debt came out. While drawing lessons from foreign experience and combining with the actual situation in China, this paper selects Baosteel Group to issue "14 EB" exchangeable bonds with Xinhua Insurance Stock as its target for analysis. In the process of analysis, some research methods, such as case analysis method and historical literature method, are applied, and some suggestions on how to develop and perfect China's exchangeable bond market are given through the analysis of cases.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.31;F406.7

【参考文献】