本文選題：可交換債 + 券　； 參考：《遼寧大學(xué)》2017年碩士論文

【摘要】：我國(guó)債券市場(chǎng)相對(duì)于發(fā)達(dá)國(guó)家起步較晚,并且目前面臨著許多問題。例如我國(guó)的債券市場(chǎng)呈現(xiàn)出發(fā)展不連續(xù)、發(fā)展規(guī)模較小、債券品種結(jié)構(gòu)有限以及企業(yè)使用股票融資與使用債券融資的比例失調(diào)現(xiàn)象等問題。除此之外,隨著股改的完成,原來的股東所持有的非流通股,將大量的涌入市場(chǎng),進(jìn)入可流通的狀態(tài),這部分股票如果直接在市場(chǎng)上釋放,可能嚴(yán)重的影響我國(guó)證券市場(chǎng)的平穩(wěn)的、健康的發(fā)展,并且大批的股東,直接拋售股票,也可能影響投資者信心。目前,我國(guó)股市債市發(fā)展失衡,資本市場(chǎng)暫不完善,逐步完善資本市場(chǎng),是發(fā)展的必經(jīng)之路。而對(duì)于目前我國(guó)的資本市場(chǎng)而言,發(fā)展壯大債券市場(chǎng)是關(guān)鍵,逐步完善債券品種的結(jié)構(gòu)、加快發(fā)展創(chuàng)新債券衍生品、增加發(fā)行的規(guī)模都是債券市場(chǎng)發(fā)展的必要做法。而可交換債券作為一種混合創(chuàng)新性金融產(chǎn)品出現(xiàn)的正合適宜,它作為一種債性和股性相結(jié)合的債券衍生品,在緩解非流通股解禁沖擊、擴(kuò)大債券市場(chǎng)的發(fā)行規(guī)模、增加市場(chǎng)的投資品種以及加快我國(guó)資本市場(chǎng)健康有序發(fā)展起著重要作用。國(guó)外,可交換債發(fā)展十分快,且關(guān)于可交換債的研究較成熟。而截止2013年以前,我國(guó)市場(chǎng)上都沒有可交換債券。2013年10月,“13福星債”成功發(fā)行,我國(guó)才有了第一只私募債。所以目前我國(guó)有關(guān)于可交換債券研究較少,并且大部分集中在對(duì)于可交換債的法律問題的研究。2014年12月10日,寶鋼集團(tuán)成功發(fā)行了 “14寶鋼EB”,以新華保險(xiǎn)為標(biāo)的股票公司,歷時(shí)近六年,第一只公募可交換債問世。在借鑒外國(guó)經(jīng)驗(yàn)的同時(shí),與我國(guó)實(shí)際情況相結(jié)合,本文選取了寶鋼集團(tuán)發(fā)行以新華保險(xiǎn)股票為標(biāo)的“14寶鋼EB”可交換債券案例進(jìn)行分析,在分析過程中運(yùn)用到了案例分析法以及歷史文獻(xiàn)法等多種研究方法,并且通過對(duì)案例的分析,給出了發(fā)展完善我國(guó)可交換債券市場(chǎng)的一些建議。
[Abstract]:Compared with the developed countries, the bond market of our country starts relatively late, and faces many problems at present. For example, the bond market of our country presents some problems, such as discontinuous development, small scale of development, limited structure of bond varieties and imbalance between stock financing and bond financing. In addition, with the completion of the stock reform, the non-tradable shares held by the original shareholders will flood into the market and enter a tradable state. If this part of the stock is released directly in the market, It may seriously affect the steady and healthy development of China's securities market, and a large number of shareholders, directly selling stocks, may also affect investor confidence. At present, the development of stock market and bond market in our country is out of balance, and the capital market is not perfect for the time being. It is the only way to perfect the capital market step by step. For the present capital market of our country, it is the key to develop and strengthen the bond market. It is necessary to improve the structure of bond variety, speed up the development of innovative bond derivatives and increase the issuing scale. As a mixture of innovative financial products, exchangeable bonds, as a bond derivative that combines debt and equity, can ease the impact of non-tradable shares and expand the size of the bond market. Increasing the investment variety of the market and speeding up the healthy and orderly development of China's capital market play an important role. Abroad, exchangeable debt develops very quickly, and the research on exchangeable debt is mature. Until 2013, there were no exchangeable bonds in China's market. In October 2013, the "13 Blessings" were successfully issued, and China had its first private equity bond. Therefore, there are few researches on exchangeable bonds in China, and most of them focus on the legal issues of exchangeable bonds. On December 10, 2014, Baosteel Group successfully issued "14 EB" in Baosteel. Xinhua Insurance as the underlying stock company, lasted nearly six years, the first public offering convertible debt came out. While drawing lessons from foreign experience and combining with the actual situation in China, this paper selects Baosteel Group to issue "14 EB" exchangeable bonds with Xinhua Insurance Stock as its target for analysis. In the process of analysis, some research methods, such as case analysis method and historical literature method, are applied, and some suggestions on how to develop and perfect China's exchangeable bond market are given through the analysis of cases.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.31;F406.7

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