本文關(guān)鍵詞： 企業(yè)融資 可轉(zhuǎn)換債券 融資風(fēng)險(xiǎn)　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2017年年初,隨著上市公司再融資新規(guī)出臺(tái),定向增發(fā)等再融資工具受到一定限制,可轉(zhuǎn)換債券再一次受到大眾的熱議�？赊D(zhuǎn)換債券作為一種新型的融資方式,兼具債權(quán)、股權(quán)和期權(quán)性質(zhì),在我國(guó)上市公司的多元化融資結(jié)構(gòu)中扮演著獨(dú)特的角色。但由于其市場(chǎng)尚處在發(fā)展階段,發(fā)行可轉(zhuǎn)換債券的上市公司大多對(duì)可轉(zhuǎn)換債券融資風(fēng)險(xiǎn)的防范和預(yù)警管理缺乏足夠的認(rèn)識(shí),且風(fēng)險(xiǎn)化解能力不足。上市公司發(fā)行可轉(zhuǎn)換債券更多的是希望可以變相地、間接地進(jìn)行權(quán)益性融資,以實(shí)現(xiàn)轉(zhuǎn)股為最終目的。因此在可轉(zhuǎn)債的發(fā)行條款設(shè)計(jì)上存在區(qū)別度不高,條款雷同的問(wèn)題,上市公司在融資過(guò)程并沒(méi)有重視可轉(zhuǎn)債的具體設(shè)計(jì)與運(yùn)用,導(dǎo)致融資活動(dòng)存在風(fēng)險(xiǎn)。在我國(guó)可轉(zhuǎn)債市場(chǎng)發(fā)展的初級(jí)階段,我們進(jìn)行對(duì)上市公司發(fā)行可轉(zhuǎn)債風(fēng)險(xiǎn)與影響的探索,是非常有現(xiàn)實(shí)意義的。目前國(guó)內(nèi)學(xué)者對(duì)于可轉(zhuǎn)換債券的研究主要集中于定價(jià)模型、公告效應(yīng)、股價(jià)影響等方面的理論性研究,案例性研究相對(duì)較少。從風(fēng)險(xiǎn)角度分析上市公司發(fā)行可轉(zhuǎn)換債券融資的案例更是不多見(jiàn)。因此,本文選取了2010年發(fā)行可轉(zhuǎn)換債券并不那么“成功”的上市公司雙良節(jié)能作為案例研究對(duì)象。筆者從公司發(fā)行雙良轉(zhuǎn)債融資及大面積回售事件入手,從可轉(zhuǎn)債融資失敗——可轉(zhuǎn)債融資失敗產(chǎn)生的影響——可轉(zhuǎn)債融資風(fēng)險(xiǎn)識(shí)別與評(píng)價(jià)——風(fēng)險(xiǎn)的防范與控制的思路對(duì)全文進(jìn)行布局分析。首先,筆者對(duì)其發(fā)行可轉(zhuǎn)債的動(dòng)機(jī)進(jìn)行探討,得出了雙良轉(zhuǎn)債發(fā)行動(dòng)機(jī)與其結(jié)果相背離的結(jié)論。然后,基于雙良轉(zhuǎn)債融資失敗的事實(shí),筆者從短期市場(chǎng)反應(yīng)及長(zhǎng)期財(cái)務(wù)狀況分析其對(duì)于公司造成的影響。再次,筆者對(duì)于雙良節(jié)能發(fā)行可轉(zhuǎn)債所存在的風(fēng)險(xiǎn)點(diǎn)進(jìn)行了識(shí)別,探討雙良節(jié)能是如何未能應(yīng)對(duì)所存在的風(fēng)險(xiǎn)。最后,筆者對(duì)于雙良節(jié)能發(fā)行可轉(zhuǎn)債融資風(fēng)險(xiǎn)的從不同的角度提出了防范及控制的可能性,嘗試探討其融資風(fēng)險(xiǎn)是否可得到合理的規(guī)避。本文旨在為其他有意利用可轉(zhuǎn)換債券融資的上市公司提供建議及案例素材。
[Abstract]:At the beginning of 2017, with the new regulation of refinancing of listed companies coming out, refinancing instruments such as directional additional issuance were restricted, and convertible bonds were again discussed by the public. As a new type of financing method, convertible bonds also have creditor's rights. The nature of equity and option plays a unique role in the diversified financing structure of listed companies in China, but its market is still in the stage of development. Most of the listed companies issuing convertible bonds lack sufficient understanding of the prevention and early warning management of the financing risks of convertible bonds, and the ability of risk resolution is insufficient. Indirect equity financing in order to achieve the ultimate goal of equity conversion. Therefore, there is not a high degree of difference in the design of the terms of issuance of convertible bonds, the issue of similar terms, The listed companies do not pay attention to the specific design and application of convertible bonds in the financing process, which leads to the existence of risks in financing activities. In the primary stage of the development of the convertible bond market in China, we explore the risks and effects of the issuance of convertible bonds by listed companies. It is of great practical significance. At present, domestic scholars' research on convertible bonds is mainly focused on the theoretical research on pricing model, announcement effect, stock price effect, etc. Case studies are relatively few. There are few cases where listed companies issue convertible bonds from a risk point of view. This paper selects Shuangliang Energy Saving Company, which issued convertible bonds in 2010, as the case study object. From the perspective of the failure of convertible bond financing, the influence of the failure of convertible bond financing on the risk identification and evaluation of convertible bond financing, this paper analyzes the layout of the whole paper. Firstly, the author discusses the motivation of issuing convertible bonds. Then, based on the fact that the financing failure of Shuangliang convertible bond, the author analyzes its impact on the company from the short-term market reaction and the long-term financial situation. The author identifies the risk points of Shuangliang energy saving issue convertible bonds, and discusses how Shuangliang energy saving fails to cope with the existing risks. The author puts forward the possibility of preventing and controlling the financing risk of Shuangliang energy saving issue convertible bond from different angles. The purpose of this paper is to provide advice and case material for other listed companies interested in financing convertible bonds.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.6

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