本文選題：優(yōu)先股融資　切入點(diǎn)：融資成本　出處：《湘潭大學(xué)》2017年碩士論文

【摘要】：由于經(jīng)濟(jì)的快速發(fā)展和金融工具的不斷創(chuàng)新,優(yōu)先股融資在西方發(fā)達(dá)的資本市場得到了廣泛的運(yùn)用和認(rèn)可。優(yōu)先股在西方市場已經(jīng)是一種像普通股那樣普遍的融資方式,是企業(yè)融資的重要方式之一。近年來,我國的資本市場也得到了很好地發(fā)展,優(yōu)先股融資是順應(yīng)時代發(fā)展的要求,中國資本市場的融資途徑能夠得到進(jìn)一步的拓展。中國證監(jiān)會在2014年3月審議并通過了《優(yōu)先股試點(diǎn)管理辦法》,這標(biāo)志著我國優(yōu)先股制度正式形成并實施,我國優(yōu)先股的發(fā)展上升到了一個嶄新的臺階。案例選擇了首批實施優(yōu)先股融資的上市公司之一中國建筑作為研究對象,收集和分析了相關(guān)的數(shù)據(jù)及公告。首先從資金需求、融資困境、融資渠道等方面分析了中國建筑本次發(fā)行優(yōu)先股的動因,接著介紹了中國建筑此次優(yōu)先股融資的方案和過程,然后是優(yōu)先股融資的效果分析。效果分析主要采用對比分析法和事件分析法,分析融資后成本、財務(wù)狀況、股權(quán)結(jié)構(gòu)和市場反應(yīng),分析得出優(yōu)先股融資能夠增加營運(yùn)資金,促進(jìn)資本結(jié)構(gòu)優(yōu)化和股權(quán)結(jié)構(gòu)優(yōu)化,中國建筑此次發(fā)行優(yōu)先股在一定時間內(nèi)對股市產(chǎn)生了正向的有益影響。最后得出結(jié)論,在當(dāng)前經(jīng)濟(jì)形勢下,優(yōu)先股融資是可為中國建筑接受的融資方式,選擇優(yōu)先股融資后的效果是正面的。延伸至類似的企業(yè),建議這些企業(yè)可以使用與之相似的融資策略,確保企業(yè)資金安全,從而增強(qiáng)企業(yè)發(fā)展能力,優(yōu)化資本結(jié)構(gòu),維護(hù)原股東的權(quán)益。文章雖然對中國建筑的相關(guān)財務(wù)指標(biāo)、財務(wù)數(shù)據(jù)和財務(wù)狀況進(jìn)行了分析,但每個公司的情況不盡相同,而且中國建筑又是典型的大型國有企業(yè),中國建筑從正式發(fā)行優(yōu)先股到現(xiàn)在只有兩年的時間,因此,選擇該案例進(jìn)行研究后所總結(jié)出的結(jié)論具有一定的主觀性和局限性。此外,文章僅從成本及融資結(jié)構(gòu)等方面進(jìn)行初步分析和探討,未來有了充分的數(shù)據(jù)后,應(yīng)該展開更多的實證研究,以便更好的研究優(yōu)先股在我國資本市場的發(fā)展。
[Abstract]:Due to the rapid development of economy and the continuous innovation of financial instruments, preferred stock financing has been widely used and recognized in the developed capital markets in the West. In recent years, China's capital market has also been well developed, and preferred stock financing is in line with the requirements of the development of the times. The China Securities Regulatory Commission (CSRC) considered and adopted the "preferred Stock pilot Management measures" in March 2014, which marks the formal formation and implementation of the preferred stock system in China. The development of preferred stock in China has risen to a new level. The case selected China Architecture, one of the first listed companies to implement preferred stock financing, as the research object, and collected and analyzed the relevant data and announcements. In the aspects of financing dilemma, financing channel and so on, this paper analyzes the motivation of China Architectural preferred stock issue, and then introduces the plan and process of China Construction preferred stock financing. Then there is the effect analysis of preferred stock financing. The effect analysis mainly uses comparative analysis and event analysis to analyze the post-financing cost, financial situation, equity structure and market reaction. The analysis shows that preferred stock financing can increase working capital. To promote the optimization of capital structure and equity structure, China Construction's issue of preferred shares has had a positive and beneficial impact on the stock market in a certain period of time. Finally, it is concluded that under the current economic situation, Preferred stock financing is an acceptable form of financing for China Construction, and the effect of choosing preferred stock financing is positive. Extending to similar companies, it is suggested that these companies can use similar financing strategies to ensure the safety of their funds. In order to enhance the ability of enterprise development, optimize the capital structure, protect the rights and interests of the original shareholders. Although the article analyzes the related financial indicators, financial data and financial situation of China Construction, the situation of each company is different. Moreover, China Architecture is a typical large state-owned enterprise. It is only two years since China Architectural Corporation officially issued preferred stock. Therefore, the conclusions drawn from the case study are subjective and limited. This paper makes a preliminary analysis and discussion only from the aspects of cost and financing structure. With sufficient data in the future, more empirical studies should be carried out in order to better study the development of preferred stock in China's capital market.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F426.92

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