优先股引入中国的作用和政策建议

发布时间：2018-03-05 22:36

本文选题：优先股　切入点：风险　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：优先股制度的引入是2013年中国证券市场重要课题之一。优先股制度在西方国家经过长时间的发展现已很成熟,但在中国,该领域几乎仍然是一片空白。优先股制度的建立将为证券市场改革带来巨大的创新空间,也带了相应的风险。本文计划分五部分来具体讨优先股引入中国后能够起到的具体作用,通过对其特性进行风险分析并提出政策建议。引言部分首先介绍文章的选题背景和意义,撰写文献综述、研究目标、方法和思路,以及文章的研究方法和创新之处。第一章主要是对优先股概述,通过介绍优先股的定义、股权和债券双重属性、与其他融资方式的区别以及对现有优先股的分类使读者完整的了解优先股的发展现状,为后文展开做铺垫。第二章回顾历史,先介绍优先股在美国和其他西方地区的发展,再介绍中国的优先股制度沉浮的历史。第三章从金融产品多层次性的角度,从优先股的供给端和需求端探讨我们为什么需要优先股,引出下一章。第四章讨论优先股制度引入中国证券市场后将起到的作用,从融资者、投资者和证券市场三个角度来叙述。第五章分为三个部分：首先谈风险,分别从法律风险、信用风险、流动性风险和市场风险四个方面叙述；再通过实证分析证券市场上优先股价格、普通股价格和利率水平的变动关系；最后给出政策建议：政策制定者应该从法律法规的制定、加强信息披露和完善资本市场建设三个角度来为优先股制度的引入保驾护航。
[Abstract]:The introduction of the preferred stock system is one of the most important issues in China's securities market in 2013. After a long period of development in western countries, the preferred stock system is now very mature, but in China, The establishment of the preferred stock system will bring huge innovation space to the reform of the securities market. This paper plans to divide five parts to discuss the specific role that the preferred stock can play when it is introduced into China. The introduction first introduces the background and significance of the selected topic, writing literature review, research objectives, methods and ideas. The first chapter is an overview of preferred stock, through the introduction of the definition of preferred stock, equity and bond dual attributes, The differences from other financing methods and the classification of the existing preferred stock enable readers to fully understand the current situation of preferred stock and pave the way for further development. Chapter two reviews history and introduces the development of preferred stock in the United States and other western regions. Chapter three discusses why we need preferred stock from the point of view of the multi-level of financial products and from the supply and demand side of preferred stock. Chapter 4th discusses the role that the preferred stock system will play when it is introduced into China's securities market. Chapter 5th is divided into three parts from the perspectives of financiers, investors and the securities market. Chapter 5th is divided into three parts: first, the risk, respectively, from the legal risk. Credit risk, liquidity risk and market risk are described, and the relationship between preferred stock price, common stock price and interest rate level is analyzed through empirical analysis. Finally, policy suggestions are given: policy makers should protect the introduction of preferred stock system from the three angles of making laws and regulations, strengthening information disclosure and perfecting capital market construction.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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