本文選題：永續(xù)債 + 融資動(dòng)因��； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：永續(xù)債是指?jìng)狡谌詹淮_定,債權(quán)人不能確定獲得本金的時(shí)間,但是可以定期取得利息的一種有價(jià)證券。永續(xù)債作為一種兼具“股”和“債”雙重屬性的金融工具,可能被確認(rèn)為權(quán)益資本也可能被確認(rèn)為債務(wù)資本,主要取決于發(fā)行條款中是否設(shè)置了“延期付息”和“到期贖回”等條款。永續(xù)債對(duì)于大部分國(guó)內(nèi)發(fā)行人來說可能相對(duì)陌生,但在國(guó)際上運(yùn)用的已經(jīng)發(fā)展的比較成熟,并且被廣泛運(yùn)用。我國(guó)永續(xù)債的發(fā)展起步較晚,首批永續(xù)債的發(fā)行時(shí)始于2013年,武漢地鐵集團(tuán)有限公司和國(guó)電電力發(fā)展股份有限公司分別發(fā)行了由發(fā)改委負(fù)責(zé)審批的首單可續(xù)期債和經(jīng)過中國(guó)銀行間市場(chǎng)交易商協(xié)會(huì)注冊(cè)的首單長(zhǎng)期限含權(quán)中票。在隨后的2014到2016年期間,我國(guó)境內(nèi)還陸續(xù)出現(xiàn)了永續(xù)定向工具、可續(xù)期公司債等“永續(xù)類”債券產(chǎn)品,這些“永續(xù)類”金融工具的出現(xiàn),極大的豐富了我國(guó)債券市場(chǎng)的金融工具品種。截止2016年底,永續(xù)債一共發(fā)行了464支,合計(jì)7676億元。J集團(tuán)作為長(zhǎng)期參與國(guó)內(nèi)債券市場(chǎng)創(chuàng)新的地方企業(yè),曾參與永續(xù)債試點(diǎn)并向財(cái)政部提交關(guān)于永續(xù)債會(huì)計(jì)處理的相關(guān)建議,但由于種種原因未能成功發(fā)行首單。2016年1月,J集團(tuán)成功利用永續(xù)債融資進(jìn)行資本運(yùn)作,成為了獲得良好財(cái)務(wù)效應(yīng)的成功范例之一�；谶@個(gè)背景,本文選擇J集團(tuán)作為永續(xù)債融資動(dòng)因和財(cái)務(wù)績(jī)效研究的案例。本文首先闡述了文章的研究背景和研究意義,并對(duì)關(guān)于債務(wù)融資、永續(xù)債、融資財(cái)務(wù)績(jī)效等方面的研究文獻(xiàn)進(jìn)行回顧和總結(jié),認(rèn)為目前國(guó)內(nèi)對(duì)永續(xù)債的研究大多是簡(jiǎn)單的理論描述,鮮有關(guān)于永續(xù)債融資實(shí)際操作方面的案例分析;而且在債務(wù)融資績(jī)效研究方面,對(duì)于創(chuàng)新融資品種,特別是對(duì)于單個(gè)創(chuàng)新金融產(chǎn)品的運(yùn)用產(chǎn)生的財(cái)務(wù)績(jī)效,幾乎沒有這方面的研究。接著又簡(jiǎn)要介紹了論文的研究思路、研究方法、內(nèi)容與框架。其次,在對(duì)永續(xù)債的基本概念、發(fā)展情況、主要特征以及我國(guó)會(huì)計(jì)準(zhǔn)則的相關(guān)規(guī)定等各方面進(jìn)行簡(jiǎn)單介紹的基礎(chǔ)上,對(duì)永續(xù)債融資的理論基礎(chǔ),包括權(quán)衡理論、優(yōu)序融資理論以及不對(duì)稱信息理論等進(jìn)行梳理和總結(jié)。再次,介紹了J集團(tuán)永續(xù)債融資的案例背景,并對(duì)該企業(yè)選擇永續(xù)債進(jìn)行融資的動(dòng)因進(jìn)行分析,包括補(bǔ)充資本金、增厚權(quán)益資本、提升發(fā)債空間、優(yōu)化資本結(jié)構(gòu)、鎖定長(zhǎng)期資金、降低錯(cuò)配風(fēng)險(xiǎn)、引入央企資本、深化產(chǎn)融結(jié)合等等;接著對(duì)J集團(tuán)融資實(shí)施的過程、過程中的風(fēng)險(xiǎn)分析、發(fā)行條款設(shè)計(jì)以及風(fēng)險(xiǎn)防范措施等方面進(jìn)行介紹。然后,對(duì)J集團(tuán)永續(xù)債融資產(chǎn)生的財(cái)務(wù)績(jī)效進(jìn)一步詳細(xì)分析,通過案例分析,本文認(rèn)為從資本結(jié)構(gòu)、資本成本、財(cái)務(wù)風(fēng)險(xiǎn)以及綜合財(cái)務(wù)效應(yīng)等角度綜合分析來看,企業(yè)通過永續(xù)債融資要優(yōu)于普通股權(quán)融資和普通債券融資產(chǎn)生的財(cái)務(wù)績(jī)效,即同等情況下選擇永續(xù)債融資更有優(yōu)勢(shì)。本文最后總結(jié)了J集團(tuán)永續(xù)債融資過程中的經(jīng)驗(yàn)并形成啟示。本文認(rèn)為J集團(tuán)之所以能夠成功運(yùn)用永續(xù)債這一創(chuàng)新金融產(chǎn)品實(shí)現(xiàn)其財(cái)務(wù)績(jī)效,成功經(jīng)驗(yàn)主要包括:夯實(shí)人才團(tuán)隊(duì)基礎(chǔ),培養(yǎng)各類金融人才;積極參與政策制定,加強(qiáng)與監(jiān)管層溝通;盯住資本市場(chǎng)動(dòng)態(tài),優(yōu)化發(fā)行時(shí)間窗口;增強(qiáng)風(fēng)險(xiǎn)控制意識(shí),健全風(fēng)險(xiǎn)控制體系。同時(shí)希望本文能對(duì)未來準(zhǔn)備發(fā)行永續(xù)債的企業(yè)帶來一點(diǎn)借鑒與思考,包括結(jié)合企業(yè)融資戰(zhàn)略,合理配置債券品種;加強(qiáng)融資過程管理,降低發(fā)行失敗風(fēng)險(xiǎn);加強(qiáng)產(chǎn)融資本結(jié)合,降低債務(wù)融資成本等。本文在規(guī)范性研究的基礎(chǔ)上,采用了文獻(xiàn)研究、案例分析、比較分析以及定性分析與定量分析相結(jié)合的方法對(duì)J集團(tuán)永續(xù)債融資的動(dòng)因和產(chǎn)生的財(cái)務(wù)績(jī)效方面進(jìn)行研究,同時(shí)將永續(xù)債融資與債券融資、股權(quán)融資對(duì)企業(yè)的財(cái)務(wù)績(jī)效的影響進(jìn)行量化對(duì)比分析,總結(jié)其融資過程中的成功經(jīng)驗(yàn)與啟示,為完善和改進(jìn)企業(yè)運(yùn)用創(chuàng)新融資品種,提高企業(yè)財(cái)務(wù)績(jī)效水平進(jìn)行了有益的探索,具有較為重要的現(xiàn)實(shí)意義。
[Abstract]:Perpetual debt refers to the uncertainty of the maturity date of a bond, the time for which the creditor is not determined to obtain the principal, but a kind of securities which can obtain the interest regularly. As a financial instrument with the dual attributes of both "stock" and "debt", sustainable debt may be recognized as equity capital and can be recognized as debt capital, mainly depending on the issuing bar. The development of sustainable debt is relatively mature and widely used in the world. The development of sustainable debt in China started late and the first batch of perpetual debt began in 2013, Wuhan Metro. The Group Co., Ltd. and the national electricity and electricity development (Limited by Share Ltd) development Limited by Share Ltd issued the first single renewable debt with the responsibility of the NDRC and the first long term limited power ticket registered by the interbank market trader Association of China. In the next 2014 to 2016, a sustainable orientation tool has been developed in China, which can renew the company's debt. As for "perpetual" bond products, the emergence of these "perpetual" financial instruments greatly enriched the financial instruments of our bond market. By the end of 2016, a total of 464 perpetual bonds were issued, with a total of 767 billion 600 million yuan.J group as a local enterprise for long-term participation in domestic bond market innovation. The Department submitted relevant proposals for the accounting treatment of perpetual debt, but because of a variety of reasons for failure to successfully launch the first single.2016 January, J group successfully utilized perpetual debt financing to carry out capital operation, which became one of the successful examples of good financial effects. Based on this background, this article selected J group as a sustainable debt financing driver and financial performance. This paper first expounds the research background and significance of the article, and reviews and summarizes the research literature on debt financing, perpetual debt, financial performance and so on. It is believed that the current domestic research on perpetual debt is mostly a simple theoretical description, and there are few cases on the practical operation of sustainable debt financing. And in the study of debt financing performance, there is almost no research on the financial performance of innovative financing varieties, especially for the use of individual innovative financial products. Then, the research ideas, methods, contents and frameworks of the paper are briefly introduced. Secondly, the basic concept and development of perpetual debt are developed. On the basis of the brief introduction of the main features and the relevant provisions of China's accounting standards, the theoretical basis of the sustainable debt financing, including the trade-off theory, the optimal order financing theory and the asymmetric information theory, is combed and summarized. The case background of the J group's sustainable debt financing is introduced. The motivation of debt financing is analyzed, including replenish capital gold, increase equity capital, enhance debt space, optimize capital structure, lock long-term capital, reduce mismatch risk, introduce central enterprise capital, deepen integration of production and finance, and so on. Then, the process of implementation of J group financing, risk analysis in the process, design of issue terms and risk prevention In this paper, the financial performance of J group's sustainable debt financing is further analyzed. Through the case analysis, this paper thinks that the enterprise is better than ordinary equity financing and common bond financing from the perspective of capital structure, capital cost, financial risk and comprehensive financial effect. The financial performance of the asset student, that is, to choose the sustainable debt financing under the same situation is more advantageous. Finally, this paper summarizes the experience of the J group's sustainable debt financing process and forms the inspiration. This paper thinks that the J group can successfully use the sustainable debt as the innovative financial product to achieve its financial performance, and the successful experience mainly includes ramming the talent team On the basis of training all kinds of financial personnel, actively participating in policy making, strengthening communication with the regulatory layer, keeping the capital market dynamic, optimizing the distribution time window, strengthening the awareness of risk control, and improving the risk control system. At the same time, this article hopes to bring a little reference and consideration to the enterprises which are preparing to issue sustainable debt in the future, including the combination of enterprise financing war. On the basis of the normative research, this paper adopts the methods of literature study, case analysis, comparative analysis, qualitative analysis and quantitative analysis on J group's sustainable debt financing. At the same time, this paper makes a study of the financial performance and makes a quantitative comparison and analysis of the impact of sustainable debt financing and bond financing, equity financing on the financial performance of the enterprise, and summarizes the successful experience and Enlightenment in the financing process, which is beneficial to improve and improve the enterprise's use of innovative financing varieties and improve the financial performance level of the enterprise. The exploration is of more important practical significance.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F542.6;F540.58

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