唐山钢铁股份有限公司可转换公司债券案例分析

发布时间：2018-04-24 19:14

本文选题：可转债 + 时机选择　；参考：《西南财经大学》2013年硕士论文

【摘要】：可转换公司债券是指在一段时间内,持有人可按约定的价格或比例将持有的债券转换为发行人或第三方股票的一种债券。它是一种兼具债性和股性的融资工具,其偏债性还是偏股性取决于标的股票价格与当期转股价格的差别,若标的股票价格远低于同期转股价,则可转债可以被认为是一种债务融资工具；若标的股票价格远高于同期转股价,则可转债实质是一种权益融资工具。从1992年第一只可转债发行,可转债在我国的实践已有20年,学术界对可转债也进行了理论研究,主要包括可转债发行动机研究、可转债定价、可转债条款研究及可转债宣告效应研究等。但总的来说,可转债在我国还不是一种成熟的融资工具,对可转债的理论研究也具有继续深入的空间。本文对可转债的研究采用案例分析法,选取的案例为唐钢转债。本文对唐钢转债的分析及结论如下： 1、发行人河北钢铁选择可转债的主要动机：可转债融资成本高于债券低于权益,而且为每股净利润带来了缓冲时间；较低的票面利率可以缓解发行人短期现金流压力：调整发行人长短期负债结构。 2、发行人河北钢铁存在募集说明书公告日的时机选择行为,其动机包括：向市场传递公司股票价值被市场低估的积极消息和降低发行风险。 3、唐钢转债存在抑价现象,其发行价格低于其理论价值,而在上市交易首日转债价格有大幅上涨。唐钢转债抑价发行的原因在于：可转债的条款设计倾向于保护发行人权益,因此向投资者作出让步；降低发行风险。 4、唐钢转债初始转股价的确定以历史数据为基础,在发行人存在募集说明书公告日时机选择行为的情况下,初始转股价低于理论转股价。 5、发行人河北钢铁放弃向下修正转股权的原因在于：持有人虽拥有回售转债的权利,但在可转债市场价格高于回售价格时,回售可能性微乎其微；向下修正转股价可能向市场传递管理层认为股价下跌并非暂时现象的消极信息。本文在对唐钢转债的案例分析的基础上,对我国可转债市场的整体情况进行了一些探索：在可转债市场上募集说明书公告日时机选择行为是否普遍存在；可转债市场上的抑价现象是否普遍存在。本文选取了不同的样本对以上两个问题进行了分析,分析结果表明,在初始转股价以历史价格为基础确定的条件下,可转债市场上发行人的募集说明书公告日时机选择行为是普遍存在的,但没有足够证据表明可转债的抑价现象是普遍存在的。
[Abstract]:Convertible corporate bonds refer to a bond that can be converted to an issuer or a third party stock at an agreed price or ratio over a period of time . It is a debt - and - equity financing tool , which is contingent on the difference between the underlying stock price and the current share price , and the convertible bond may be considered a debt financing tool if the underlying stock price is far below the same period .
If the target stock price is much higher than the same period of share price , then the convertible debt is essentially an equity financing tool .

Since 1992 , the first convertible bond issue and the convertible debt have been in our country ' s practice for 20 years , the academic circle has carried on the theoretical research on the convertible debt , mainly including the convertible bond issue motive research , the convertible debt pricing , the convertible debt clause research and the convertible bond announcement effect research , etc . But in general , the convertible debt is not a mature financing tool in our country , and the theoretical research on the convertible bond has also continued into the deep space .

In this paper , a case analysis method is applied to the study of convertible bonds , and the case is the revolving debt of Tangshan steel . The analysis and conclusion of the paper on the revolving debt of Tangshan Iron and Steel Co . , Ltd . are as follows :

1 . The main motive for the choice of convertible bonds in Hebei steel in the Issuer is that the financing cost of convertible bonds is higher than that of the bonds , and the buffer time is brought to the net profit per share ;
A lower coupon rate can ease the issuer ' s short - term cash flow pressure : adjust the issuer ' s long - term debt structure .

2 . The Issuer Hebei Iron and Steel Co . , Ltd . has the opportunity to choose the behavior of the announcement date of the prospectus , and its motivation includes the positive news that the company ' s stock value is undervalued by the market and the reduction of the issuance risk to the market .

3 . There is a pricing phenomenon in the revolving debt of Tangshan Iron and Steel Co . , Ltd . , and its issuing price is lower than its theoretical value , but there is a sharp increase in the price of the first day of the listing transaction . The reason for the issuance of the anti - bond issuance is that the provisions of the convertible debt tend to protect the issuer ' s rights and interests , thus making concessions to investors ;
Reduce the risk of issuance .

4 . The determination of the initial transfer price of the revolving debt of the Tang Steel is based on the historical data , and the initial transfer price is lower than the theoretical transfer price in the case where the issuer selects the behavior at the time of the announcement day of the prospectus .

5 . The reason that the issuer Hebei Iron and Steel abandoned the right to change the equity downward is that , although the holder has the right to sell the revolving debt , the possibility of the resale is negligible when the price of the convertible bond market is higher than the resale price ;
The downward revision of the share price may send management to the market that the decline in share prices is not a negative message for the temporary phenomenon .

On the basis of the case study on the revolving debt of Tangshan Iron & Steel Co . , this paper probes into the overall situation of China ' s convertible bond market .
The paper selects different samples to analyze the above two problems . The analysis results show that , under the condition that the initial price is determined on the basis of historical price , the choice of the timing of the issuance of the issuer ' s prospectus in the convertible bond market is ubiquitous , but there is not enough evidence to suggest that the phenomenon of debt suppression is ubiquitous .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F426.31

【参考文献】