本文選題：公司融資 + 分離交易可轉(zhuǎn)債��； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：四川長虹電器股份有限公司在2005年至2008年間,因沒有達到公開權(quán)益融資的基本業(yè)績要求,無法通過增發(fā)股票獲得大規(guī)模權(quán)益融資,迫使支持公司經(jīng)營業(yè)務(wù)的資金主要來自于商業(yè)信用融資與短期借款,無法對增長戰(zhàn)略提供長期融資支持。面對國內(nèi)家電企業(yè)日漸激烈的行業(yè)競爭及日韓家電品牌的市場沖擊雙面夾擊,能否把握進一步增長的機會,是公司管理層面臨的挑戰(zhàn)。然而,欲實現(xiàn)增長戰(zhàn)略并取得競爭優(yōu)勢,公司迫切需要在設(shè)備投資、研發(fā)投入、產(chǎn)業(yè)并購、渠道建設(shè)、補充營運資金以及償還貸款等方面進行持續(xù)性的大量資金投入。四川長虹若要完成發(fā)展戰(zhàn)略目標(biāo),首先需要解決融資約束問題,并進行新一輪的大規(guī)模融資。但繼續(xù)走大規(guī)模普通債務(wù)籌資之路,將給公司帶來雙重壓力,一是四川長虹近年來利潤率較低,大額債務(wù)融資需要支付的利息費用將顯著降低企業(yè)利潤率,二是到期債務(wù)本金及利息償還將形成大額現(xiàn)金支付義務(wù),對公司的整體財務(wù)流動性產(chǎn)生壓力。在上述雙重壓力之下,公司管理層在進行融資決策時需要面對的核心問題是,如何權(quán)衡以及選擇最優(yōu)的融資方式,該融資方式不僅能滿足公司未來增長的資金所需,并且能夠緩解公司所面臨的融資成本與財務(wù)流動性壓力�；谝陨弦蛩�,本文理論結(jié)合實際案例,研究分析了發(fā)行分離交易可轉(zhuǎn)債對企業(yè)的協(xié)同效應(yīng)。理論分析部分,本文回顧了國內(nèi)外研究文獻,并介紹了融資方式及分離交易可轉(zhuǎn)債的相關(guān)概念。案例分析部分,選取四川長虹分離交易可轉(zhuǎn)債案例進行研究分析,在介紹案例公司財務(wù)狀況及融資需求的基礎(chǔ)之上,歸納出案例公司進行分離交易可轉(zhuǎn)債融資的原因,進而深入分析發(fā)行分離交易可轉(zhuǎn)債融資的經(jīng)濟后果。通過該案例進行分析,本文得出以下結(jié)論:(1)融資方式受到規(guī)模、成本和財務(wù)流動性的多重約束;(2)分離交易可轉(zhuǎn)債平衡了財務(wù)流動性與融資成本;(3)發(fā)行分離交易可轉(zhuǎn)債減輕了財務(wù)風(fēng)險并降低了資本成本;(4)分離交易可轉(zhuǎn)債適用于薄利企業(yè)籌集大規(guī)模資金。在此基礎(chǔ)上,論文提出了完善我國分離交易可轉(zhuǎn)債市場的針對性政策建議:(1)進一步完善分離交易可轉(zhuǎn)債的相關(guān)政策法規(guī);(2)增加對成長型企業(yè)發(fā)行可轉(zhuǎn)債融資的政策支持;(3)推進建設(shè)股票市場與權(quán)證市場并積極創(chuàng)新金融品種。本篇論文包含以下五部分內(nèi)容:第一部分為文章的引言,介紹了研究背景和意義、國內(nèi)外相關(guān)研究文獻、研究思路、研究方法以及論文的基本框架;第二部分為分離交易可轉(zhuǎn)債的理論概述,主要介紹了融資理論與分離交易可轉(zhuǎn)債相關(guān)理論;第三部分是本文的案例介紹部分,主要介紹了案例公司的基本情況、融資需求情況和發(fā)行分離交易可轉(zhuǎn)債的背景三個方面的內(nèi)容;第四部分是本文的案例分析部分,對四川長虹發(fā)行分離交易可轉(zhuǎn)債進行案例分析,主要包括案例公司選擇分離交易可轉(zhuǎn)債的融資約束背景、戰(zhàn)略動因及發(fā)行后的效果評價;第五部分總結(jié)了前述章節(jié)的研究結(jié)論,得出一些政策建議。
[Abstract]:Sichuan Changhong electric Limited by Share Ltd, from 2005 to 2008, has not reached the basic performance requirements of public equity financing, unable to obtain large scale equity financing through additional stock, forcing the fund to support the business of the company mainly from commercial credit financing and short-term borrowing, which can not provide long-term financing for the growth strategy. Facing the increasingly fierce competition in domestic household appliances enterprises and the impact of double-sided attack on the market of Japan and South Korea household appliances brand, it is the challenge for the company management to grasp the opportunity for further growth. However, in order to achieve the growth strategy and achieve competitive advantages, the company is urgently required to invest in equipment, research and development investment, industry merger and channel construction, In order to complete the development strategy, Sichuan Changhong needs to solve the financing constraints first and carry out a new round of large-scale financing. However, continuing to take a large scale of common debt financing will bring double pressure to the company, one is the close of Sichuan Changhong. In the year, the profit rate is low. The interest rate that the large amount of debt financing needs to be paid will significantly reduce the profit margin of the enterprise. Two is the debt principal and interest repayment will form a large amount of cash payment obligation to the company's overall financial liquidity pressure. Under the above double pressure, the company management needs to face the financing decision. The core issue is how to balance and select the best way of financing, which can not only meet the needs of the future growth of the company, but also alleviate the financing cost and financial liquidity pressure that the company faces. Based on the above factors, this paper combines the actual cases and analyzes the issue of the transfer of convertible bonds to enterprises. In the theoretical analysis part, this paper reviews the research literature at home and abroad, and introduces the related concepts of financing mode and the convertible bond. Case analysis part, select the case of Sichuan Changhong separation and transaction convertible bond, and summarize the case on the basis of the case of the case and the financing needs of the case company. In this case, the following conclusions are drawn: (1) the financing way is subject to the multiple constraints of scale, cost and financial liquidity; (2) the transfer of convertible bonds balances financial liquidity and financing. Cost; (3) the issuance of separate transaction can reduce the financial risk and reduce the cost of capital; (4) the convertible bond is applicable to the small profit enterprises to raise large-scale funds. On this basis, the paper puts forward a policy proposal to improve the separation and transaction of the convertible bond market in China: (1) further improve the related policies for the separation of convertible bonds. Regulations; (2) increase the policy support for the issuing of convertible bond financing for the growth enterprises; (3) promote the construction of the stock market and the warrant market and actively innovate the financial varieties. This paper contains the following five parts: the first part is the introduction of the article, introducing the research background and meaning, the relevant research literature at home and abroad, research ideas and research methods And the basic framework of the paper; the second part is the theoretical overview of the transfer of convertible bonds, mainly introducing the theory of financing and the related theory of convertible bonds; the third part is the case introduction of this article, which mainly introduces the basic situation of the case company, the financing demand and the background of the issuance of the convertible bond in three aspects. The fourth part is the case analysis part of this article, the case analysis of the convertible bond issued by Changhong in Sichuan, mainly including the financing constraint background of the case company choosing the convertible bond, the strategic motivation and the effect evaluation after the issue; the fifth part summarizes the conclusions of the previous chapter, and draws some policy suggestions.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.6

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