美丰转债发行的财务效应分析

发布时间：2018-01-14 07:43

本文关键词：美丰转债发行的财务效应分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：可转换债券又称可转债是目前资本市场上比较受欢迎的融资工具,其出现时间比配股、增发、普通债券晚,虽然出现较晚但出现到兴起的时间很短并且颇受企业和投资者青睐。可转债是一种混合金融工具,它不仅具有普通债券的一般特点,而且赋予投资者转换期权让投资者自愿选择转股由债权人变成公司股东。站在投资者的角度可转债是一种风险有限收益无限投资工具。而对于发行公司而言可转债不仅筹资规模大、发行限制少,相对于普通债券可转债利率低,成功转股情况下没有还本压力,财务负担较低;相对于股权融资而言可转债对原股东股权稀释缓慢,比较容易被原股东接受。随着可转债的兴起值得探讨的问题也越来越多,本文就公司发行可转债融资带来的一系列财务效应选择美丰转债案例进行具体分析。主要内容如下:第一章,介绍了可转债的研究背景、研究目的和意义,构建文章的整个写作框架并梳理行文思路,选择合适的研究方法同时指出了本文的创新之处。第二章,主要通过整理大量国内外文献了解可转债相关的基本概念,总结可转债发行动因理论、公告效应以及可转债融资对公司绩效的影响理论。第三章,结合美丰转债案例具体情况深入分析公司存在的各种风险以及融资背景,然后挖掘公司发行可转债的动因,再结合不同情况测算可转债的融资成本。第四章,主要从财务状况、股权结构、稀释效应以及股东利益四个角度分析可转债的发行对公司的直接影响。在研究稀释效应和股东利益影响时采用对比分析法,将可转债和其他融资方式对比,总结发行可转债的优势以及需要注意和改进的地方。第五章,主要从发行可转债的一般财务效应、长期综合绩效以及市场反应三个角度分析发行可转债的综合财务效应。运用财务指标和EVA分析法分析可转债发行前两年、存续期以及赎回后两年的相关财务数据变化趋势及原因,然后结合事件分析法分析可转债发行事件的短期市场反映以及对股东财富的影响。第六章,对本文的主要研究内容进行总结,并提出相应的建议。
[Abstract]:Convertible bonds, also known as convertible bonds, are popular financing tools in the capital market at present, which appear later than rights issue, issuance and ordinary bonds. Convertible bonds are a mixed financial instrument, which not only has the general characteristics of ordinary bonds, but also has a short time to rise. Moreover, investors are given options to convert shares from creditors to shareholders. Convertible bonds are an unlimited investment tool with limited return on risk and can be transferred to the issuing company from an investor's point of view. Debt is not only large in size. The issuing limit is less, compared with the ordinary bond convertible bond interest rate is low, there is no pressure to repay the capital and the financial burden is lower; Compared with equity financing convertible bonds are slow to dilute the original shareholders and easily accepted by the original shareholders. With the rise of convertible bonds there are more and more problems worth discussing. This paper makes a specific analysis of a series of financial effects caused by the financing of convertible bonds. The main contents are as follows: chapter one introduces the research background, purpose and significance of convertible bonds. Construct the whole writing framework of the article and comb the thinking of the text, select the appropriate research methods and point out the innovation of this article. Chapter two. Mainly through sorting out a large number of domestic and foreign literature to understand the basic concepts related to convertible bonds, summarizes the theory of convertible bond issuance motivation, announcement effect and the impact of convertible bond financing on corporate performance theory. Chapter three. Combined with the specific case of Meifeng convertible debt in-depth analysis of the company's various risks and financing background, and then excavated the reasons for the company to issue convertible bonds, and then combined with different circumstances to calculate the financing costs of convertible bonds. 4th chapter. Mainly from the financial situation, equity structure, dilution effect and shareholders' interests of four angles to analyze the direct impact of convertible bond issuance on the company. In the study of dilution effect and shareholder interest impact using comparative analysis. Compare convertible bonds with other financing methods, summarize the advantages of issuing convertible bonds and the need for attention and improvement. 5th chapter, mainly from the general financial effects of issuing convertible bonds. This paper analyzes the comprehensive financial effect of issuing convertible bonds from three angles of long-term comprehensive performance and market reaction, and uses financial indicators and EVA analysis to analyze the two years before issuance of convertible bonds. The change trend and reason of the financial data related to the maturity and the two years after redemption, and then combined with the event analysis to analyze the short-term market reaction of convertible bond issuance and the impact on shareholders' wealth. 6th chapter. The main research contents of this paper are summarized, and the corresponding suggestions are put forward.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.7;F406.7

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