J集团永续债融资的动因和财务绩效分析

发布时间：2018-06-09 06:18

本文选题：永续债 + 融资动因　；参考：《江西财经大学》2017年硕士论文

【摘要】：永续债是指债券到期日不确定,债权人不能确定获得本金的时间,但是可以定期取得利息的一种有价证券。永续债作为一种兼具“股”和“债”双重属性的金融工具,可能被确认为权益资本也可能被确认为债务资本,主要取决于发行条款中是否设置了“延期付息”和“到期赎回”等条款。永续债对于大部分国内发行人来说可能相对陌生,但在国际上运用的已经发展的比较成熟,并且被广泛运用。我国永续债的发展起步较晚,首批永续债的发行时始于2013年,武汉地铁集团有限公司和国电电力发展股份有限公司分别发行了由发改委负责审批的首单可续期债和经过中国银行间市场交易商协会注册的首单长期限含权中票。在随后的2014到2016年期间,我国境内还陆续出现了永续定向工具、可续期公司债等“永续类”债券产品,这些“永续类”金融工具的出现,极大的丰富了我国债券市场的金融工具品种。截止2016年底,永续债一共发行了464支,合计7676亿元。J集团作为长期参与国内债券市场创新的地方企业,曾参与永续债试点并向财政部提交关于永续债会计处理的相关建议,但由于种种原因未能成功发行首单。2016年1月,J集团成功利用永续债融资进行资本运作,成为了获得良好财务效应的成功范例之一。基于这个背景,本文选择J集团作为永续债融资动因和财务绩效研究的案例。本文首先阐述了文章的研究背景和研究意义,并对关于债务融资、永续债、融资财务绩效等方面的研究文献进行回顾和总结,认为目前国内对永续债的研究大多是简单的理论描述,鲜有关于永续债融资实际操作方面的案例分析;而且在债务融资绩效研究方面,对于创新融资品种,特别是对于单个创新金融产品的运用产生的财务绩效,几乎没有这方面的研究。接着又简要介绍了论文的研究思路、研究方法、内容与框架。其次,在对永续债的基本概念、发展情况、主要特征以及我国会计准则的相关规定等各方面进行简单介绍的基础上,对永续债融资的理论基础,包括权衡理论、优序融资理论以及不对称信息理论等进行梳理和总结。再次,介绍了J集团永续债融资的案例背景,并对该企业选择永续债进行融资的动因进行分析,包括补充资本金、增厚权益资本、提升发债空间、优化资本结构、锁定长期资金、降低错配风险、引入央企资本、深化产融结合等等;接着对J集团融资实施的过程、过程中的风险分析、发行条款设计以及风险防范措施等方面进行介绍。然后,对J集团永续债融资产生的财务绩效进一步详细分析,通过案例分析,本文认为从资本结构、资本成本、财务风险以及综合财务效应等角度综合分析来看,企业通过永续债融资要优于普通股权融资和普通债券融资产生的财务绩效,即同等情况下选择永续债融资更有优势。本文最后总结了J集团永续债融资过程中的经验并形成启示。本文认为J集团之所以能够成功运用永续债这一创新金融产品实现其财务绩效,成功经验主要包括:夯实人才团队基础,培养各类金融人才;积极参与政策制定,加强与监管层沟通;盯住资本市场动态,优化发行时间窗口;增强风险控制意识,健全风险控制体系。同时希望本文能对未来准备发行永续债的企业带来一点借鉴与思考,包括结合企业融资战略,合理配置债券品种;加强融资过程管理,降低发行失败风险;加强产融资本结合,降低债务融资成本等。本文在规范性研究的基础上,采用了文献研究、案例分析、比较分析以及定性分析与定量分析相结合的方法对J集团永续债融资的动因和产生的财务绩效方面进行研究,同时将永续债融资与债券融资、股权融资对企业的财务绩效的影响进行量化对比分析,总结其融资过程中的成功经验与启示,为完善和改进企业运用创新融资品种,提高企业财务绩效水平进行了有益的探索,具有较为重要的现实意义。
[Abstract]:Perpetual debt refers to the uncertainty of the maturity date of a bond, the time for which the creditor is not determined to obtain the principal, but a kind of securities which can obtain the interest regularly. As a financial instrument with the dual attributes of both "stock" and "debt", sustainable debt may be recognized as equity capital and can be recognized as debt capital, mainly depending on the issuing bar. The development of sustainable debt is relatively mature and widely used in the world. The development of sustainable debt in China started late and the first batch of perpetual debt began in 2013, Wuhan Metro. The Group Co., Ltd. and the national electricity and electricity development (Limited by Share Ltd) development Limited by Share Ltd issued the first single renewable debt with the responsibility of the NDRC and the first long term limited power ticket registered by the interbank market trader Association of China. In the next 2014 to 2016, a sustainable orientation tool has been developed in China, which can renew the company's debt. As for "perpetual" bond products, the emergence of these "perpetual" financial instruments greatly enriched the financial instruments of our bond market. By the end of 2016, a total of 464 perpetual bonds were issued, with a total of 767 billion 600 million yuan.J group as a local enterprise for long-term participation in domestic bond market innovation. The Department submitted relevant proposals for the accounting treatment of perpetual debt, but because of a variety of reasons for failure to successfully launch the first single.2016 January, J group successfully utilized perpetual debt financing to carry out capital operation, which became one of the successful examples of good financial effects. Based on this background, this article selected J group as a sustainable debt financing driver and financial performance. This paper first expounds the research background and significance of the article, and reviews and summarizes the research literature on debt financing, perpetual debt, financial performance and so on. It is believed that the current domestic research on perpetual debt is mostly a simple theoretical description, and there are few cases on the practical operation of sustainable debt financing. And in the study of debt financing performance, there is almost no research on the financial performance of innovative financing varieties, especially for the use of individual innovative financial products. Then, the research ideas, methods, contents and frameworks of the paper are briefly introduced. Secondly, the basic concept and development of perpetual debt are developed. On the basis of the brief introduction of the main features and the relevant provisions of China's accounting standards, the theoretical basis of the sustainable debt financing, including the trade-off theory, the optimal order financing theory and the asymmetric information theory, is combed and summarized. The case background of the J group's sustainable debt financing is introduced. The motivation of debt financing is analyzed, including replenish capital gold, increase equity capital, enhance debt space, optimize capital structure, lock long-term capital, reduce mismatch risk, introduce central enterprise capital, deepen integration of production and finance, and so on. Then, the process of implementation of J group financing, risk analysis in the process, design of issue terms and risk prevention In this paper, the financial performance of J group's sustainable debt financing is further analyzed. Through the case analysis, this paper thinks that the enterprise is better than ordinary equity financing and common bond financing from the perspective of capital structure, capital cost, financial risk and comprehensive financial effect. The financial performance of the asset student, that is, to choose the sustainable debt financing under the same situation is more advantageous. Finally, this paper summarizes the experience of the J group's sustainable debt financing process and forms the inspiration. This paper thinks that the J group can successfully use the sustainable debt as the innovative financial product to achieve its financial performance, and the successful experience mainly includes ramming the talent team On the basis of training all kinds of financial personnel, actively participating in policy making, strengthening communication with the regulatory layer, keeping the capital market dynamic, optimizing the distribution time window, strengthening the awareness of risk control, and improving the risk control system. At the same time, this article hopes to bring a little reference and consideration to the enterprises which are preparing to issue sustainable debt in the future, including the combination of enterprise financing war. On the basis of the normative research, this paper adopts the methods of literature study, case analysis, comparative analysis, qualitative analysis and quantitative analysis on J group's sustainable debt financing. At the same time, this paper makes a study of the financial performance and makes a quantitative comparison and analysis of the impact of sustainable debt financing and bond financing, equity financing on the financial performance of the enterprise, and summarizes the successful experience and Enlightenment in the financing process, which is beneficial to improve and improve the enterprise's use of innovative financing varieties and improve the financial performance level of the enterprise. The exploration is of more important practical significance.
【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】：F542.6;F540.58

【参考文献】