浦发银行发行优先股融资案例分析

发布时间：2018-04-04 12:27

本文选题：优先股　切入点：融资　出处：《江西财经大学》2017年硕士论文

【摘要】：优先股作为银行的其他一级资本补充工具,是一种混合型证券,同时具有债权性和股权性的某些特征,具备良好的融资弹性,受到了银行业的青睐。优先股及其配套措施登陆中国市场之后,探讨优先股的作用和效果是很有必要的。本文试图以股份制商业银行浦发银行发行优先股融资作为典型案例,分析其发行优先股的动机,并讨论优先股的发行对其是否能够产生预期的效果,以期对优先股作出客观评价,并以此案例为我国商业银行银行或者上市公司发行优先股筹资提供经验借鉴。本文首先阐述了优先股融资的相关概念,总结了其特征和分类,并且对商业银行发行优先股原因进行了说明,运用代理理论、优序融资理论和控制权理论分析了优先股融资的理论基础。接着,对浦发银行发行优先股的案例进行了介绍,包括浦发银行的发展背景、发行优先股的过程、优先股方案的核心条款,探讨了浦发银行优先股融资的特点。然后,本文重点分析了浦发银行优先股的动因和相应的效果,浦发银行为了补充核心资本、满足监管要求,同时扩大自有资本从而改善银行资产质量、提升盈利能力,并带动二级市场股价的拉升,积极出台并发行了优先股。本文通过杜邦分析法和财务指标法发现优先股对浦发银行资本充足率产生了显著的影响,并在盈利性和安全性两方面对银行的财务绩效起到了正面效应。但是浦发银行的优先股预案条款对投资者来说风险较大,并未对二级市场绩效的产生显著的正面影响。最后在案例分析的基础上,得出优先股能够有效补充资本,相对更适合银行发行,有改善财务绩效、提高盈利能力的作用,但是优先股预案公告并不能对市场表现产生明显的超额收益,然后在此结论的基础上进一步提出我国资本市场大力发展优先股的具体措施和建议。本文主要以规范性分析为主,将理论研究和案例分析结合起来,运用财务指标法、杜邦分析法、事件分析法对优先股融资前后的资本结构、财务绩效、市场表现进行深入分析。本论题的现实指导意义在于提供完整的优先股融资的案例研究,也为我国发展优先股提供政策建议,以期进一步推进优先股工具的妥善运用和优先股制度的稳健发展。
[Abstract]:As other first-grade capital supplement tools of banks, preferred stock is a kind of mixed securities, which has some characteristics of creditor's rights and equity, and has good financing flexibility, so it is favored by the banking industry.It is necessary to probe into the function and effect of preferred stock after it has entered the Chinese market.This paper attempts to analyze the motivation of issuing preferred stock by Pudong Development Bank, a joint-stock commercial bank, as a typical case, and to discuss whether the issuance of preferred stock will have the expected effect on it.The purpose of this paper is to make an objective evaluation of preferred stock, and to provide experience for Chinese commercial banks or listed companies to issue preferred stock financing.This paper first expounds the related concepts of preferred stock financing, summarizes its characteristics and classification, and explains the reasons for issuing preferred stock by commercial banks.The preferred stock financing theory and the control right theory analyze the theoretical basis of preferred stock financing.Then, the paper introduces the case of preferred stock issued by Pudong Development Bank, including the development background, the process of issuing preferred stock, the core clauses of preferred stock scheme, and discusses the characteristics of preferred stock financing in Pudong Development Bank.Then, this paper analyzes the motivation and effect of preferred stock in Pudong Development Bank. In order to supplement the core capital and meet the regulatory requirements, the bank expands its own capital to improve the quality of bank assets and enhance profitability.And drive the secondary market share prices, actively issued and issued preferred stock.Through DuPont analysis and financial index method, this paper finds that preferred stock has a significant impact on the capital adequacy ratio of Pudong Development Bank, and has a positive effect on the bank's financial performance in terms of profitability and security.But the preferred stock provision of Pudong Development Bank is risky for investors and does not have a significant positive impact on secondary market performance.Finally, on the basis of case study, it is concluded that preferred stock can effectively replenish capital, which is more suitable for bank issuance, and has the function of improving financial performance and increasing profitability.However, the announcement of preferred stock plan can not produce obvious excess returns on market performance, and then, on the basis of this conclusion, the concrete measures and suggestions for developing preferred stock in China's capital market are put forward.This paper mainly focuses on normative analysis, combining theoretical research with case analysis, using financial index method, DuPont analysis method and event analysis method to deeply analyze the capital structure, financial performance and market performance before and after preferred stock financing.The practical significance of this thesis is to provide a case study of preferred stock financing, and to provide policy advice for the development of preferred stock in China, in order to further promote the proper use of preferred stock tools and the sound development of preferred stock system.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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