上市公司不良债权估值和交易策略
发布时间：2019-01-17 18:27
【摘要】：本文首先在公司金融的框架下描述了财务困境公司股东与债权人分享公司价值的基本情况。包括公司价值的几个构成部分，，一般不良债权估值的方法，中国上市公司特有的壳价值以及壳价值的理论和实务估算方法。接下来利用鲁宾斯泰英的轮流出价模型对债权清偿中债务人和股东的博弈进行分析，指出了影响均衡的主要因素及其现实对应意义。在实际案例部分，本文描述了五个具有代表性的上市公司债务重组（借壳上市）的案例，分别代表了净壳/保壳上市、直接清偿/债务承继，分别代表了不同的重组（借壳）模式。在文章的最后，通过模型和实例的分析，总结了影响上市公司不良债权交易和估值的主要因素，以及本分析可以在其他有壳价值主体的违约债务/债券的清偿上的应用。
[Abstract]:This paper first describes the basic situation in which shareholders and creditors share the value of a company in financial distress under the framework of corporate finance. It includes several components of company value, the valuation method of general non-performing debt, the unique shell value of listed companies in China, and the theoretical and practical estimation methods of shell value. Then the paper analyzes the game between debtor and shareholder in debt settlement by using Rubenstein's alternating bid model and points out the main factors that affect the equilibrium and its realistic significance. In the actual case section, this paper describes five typical cases of debt restructuring (backdoor listing) of listed companies, representing the shell / shell listing, direct liquidation / debt succession, They represent different recombination (shell lending) models. At the end of the paper, through the analysis of models and examples, this paper summarizes the main factors that affect the trading and valuation of non-performing debts of listed companies, and the application of this analysis to the repayment of defaulting debts / bonds of other shell value subjects.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51
本文编号：2410251
[Abstract]:This paper first describes the basic situation in which shareholders and creditors share the value of a company in financial distress under the framework of corporate finance. It includes several components of company value, the valuation method of general non-performing debt, the unique shell value of listed companies in China, and the theoretical and practical estimation methods of shell value. Then the paper analyzes the game between debtor and shareholder in debt settlement by using Rubenstein's alternating bid model and points out the main factors that affect the equilibrium and its realistic significance. In the actual case section, this paper describes five typical cases of debt restructuring (backdoor listing) of listed companies, representing the shell / shell listing, direct liquidation / debt succession, They represent different recombination (shell lending) models. At the end of the paper, through the analysis of models and examples, this paper summarizes the main factors that affect the trading and valuation of non-performing debts of listed companies, and the application of this analysis to the repayment of defaulting debts / bonds of other shell value subjects.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51
【参考文献】
相关期刊论文 前1条
1 冼国明,刘晓鹏;财务困境企业债务重组的博弈分析[J];中国工业经济;2003年10期
本文编号：2410251
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2410251.html
最近更新
教材专著
