我国上市公司可转债融资方式的研究

发布时间：2018-01-06 10:25

本文关键词：我国上市公司可转债融资方式的研究　出处：《财政部财政科学研究所》2012年硕士论文　论文类型：学位论文

【摘要】：融资问题是公司财务管理的重要内容之一,公司能否获得稳定的资金来源、能否获得足够的资金支持,对公司的经营和发展都至关重要。尤其是在中国经济迅速发展的今天,大多数企业都需要融入大量资金,以扩大企业自身的生产规模或者加强行业整合,否则,企业将会面临资金链断裂或资金短缺等危险而导致公司财务危机。因此,资本市场上出现多种融资工具,以满足不同公司对融资的需求。传统的融资工具可分为股权融资和债权融资,但随着经济的不断发展,单纯依靠股票融资或普通债券融资已经不能适应经济多样性和复杂性的要求,因此,金融衍生工具应运而生,可转换债券就是其中之一。可转换债券是同时具有债券性质和股票性质的证券,公司使用可转换债券进行融资时具有独特的融资优势,概括而言,利用可转换债券融资可以降低融资成本、扩大融资规模、延迟股东权益被摊薄等,因此,可转换债券融资受到很多公司的青睐。自从1998年我国第一支可转换债券出现以来,短短的十几年时间里,其发展速度不断加快,发展空间不断扩大,尤其是最近几年,我国监管部门不断推进债券市场发展,上市公司也越来越多地选择可转换债券融资。所以,进一步深入研究可转换债券融资对我国可转换债券的理论界和实务界发展都有着重要意义。因此,本文着力研究我国上市公司可转换债券融资问题。其写作宗旨和目的是明确以下几个方面：第一,相比股票融资和普通债券融资来说,可转换债券融资的优势是什么?第二,我国上市公司要利用可转换债券融资,发行可转换债券之前公司应具备怎样的财务状况?第三,上市公司发行可转换债券后,公司业绩如何变化?基于上述三点写作目的,本文先介绍了国内外可转换债券的大概发展情况和可转换债券的基本知识；然后对可转换债券的基本理论进行分析,包括可转换债券与公司治理结构的关系、可转换债券与公司资本结构之间的内在联系、可转换债券融资的优缺点等；再次,简要介绍了我国可转换债券市场发展所面临的问题及解决对策；最后,以青岛啤酒股份有限公司为案例进行具体分析,希望其分析结果能为后来可转换债券的发行公司提供操作依据和理论指导。
[Abstract]:The financing problem is one of the important contents of the company's financial management, whether the company can obtain the stable capital source, can obtain the sufficient fund support. Especially in the rapid development of China's economy today, most enterprises need to incorporate a lot of funds to expand their own production scale or strengthen industry integration, otherwise. Enterprises will be faced with the risk of capital chain break or capital shortage, which will lead to financial crisis. Therefore, a variety of financing instruments appear in the capital market. Traditional financing tools can be divided into equity financing and debt financing, but with the development of economy. Simply relying on stock financing or ordinary bond financing can no longer meet the requirements of economic diversity and complexity. Therefore, financial derivatives emerge as the times require, and convertible bonds are one of them. Convertible bonds are securities with both bond nature and stock nature. Companies have unique financing advantages when they use convertible bonds to finance, generally speaking. The use of convertible bond financing can reduce financing costs, expand the scale of financing, delay the dilution of shareholders' rights and interests, and so on. Convertible bond financing has been favored by many companies. Since 1998, the first convertible bond appeared in China, in a short period of more than ten years, its development speed has been accelerating, the development space has been expanding. Especially in recent years, China's regulatory authorities continue to promote the development of the bond market, listed companies are also increasingly choosing convertible bond financing. Further research on convertible bond financing is of great significance to the theoretical and practical development of convertible bonds in China. Therefore, this paper focuses on the issue of convertible bond financing of listed companies in China. Its purpose and purpose is to clarify the following aspects: first, compared with stock financing and ordinary bond financing. What are the advantages of convertible bond financing? Second, what kind of financial situation should the listed companies have before issuing convertible bonds if they want to make use of convertible bonds? Third, how does the performance of listed companies change after issuing convertible bonds? Based on the above three writing purposes, this paper first introduces the general development of convertible bonds at home and abroad and the basic knowledge of convertible bonds; Then the basic theory of convertible bonds is analyzed, including the relationship between convertible bonds and corporate governance structure, the internal relationship between convertible bonds and corporate capital structure, the advantages and disadvantages of convertible bonds financing. Thirdly, the paper briefly introduces the problems faced by the development of convertible bond market in China and the countermeasures to solve them. Finally, taking Tsing Tao Beer Co., Ltd. As a case study, it is hoped that the analysis results can provide operational basis and theoretical guidance for the later convertible bond issuing companies.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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