本文關(guān)鍵詞：我國上市公司可轉(zhuǎn)債融資方式的研究　出處：《財(cái)政部財(cái)政科學(xué)研究所》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 融資 可轉(zhuǎn)換債券 可行性分析

【摘要】：融資問題是公司財(cái)務(wù)管理的重要內(nèi)容之一,公司能否獲得穩(wěn)定的資金來源、能否獲得足夠的資金支持,對公司的經(jīng)營和發(fā)展都至關(guān)重要。尤其是在中國經(jīng)濟(jì)迅速發(fā)展的今天,大多數(shù)企業(yè)都需要融入大量資金,以擴(kuò)大企業(yè)自身的生產(chǎn)規(guī)模或者加強(qiáng)行業(yè)整合,否則,企業(yè)將會面臨資金鏈斷裂或資金短缺等危險而導(dǎo)致公司財(cái)務(wù)危機(jī)。因此,資本市場上出現(xiàn)多種融資工具,以滿足不同公司對融資的需求。傳統(tǒng)的融資工具可分為股權(quán)融資和債權(quán)融資,但隨著經(jīng)濟(jì)的不斷發(fā)展,單純依靠股票融資或普通債券融資已經(jīng)不能適應(yīng)經(jīng)濟(jì)多樣性和復(fù)雜性的要求,因此,金融衍生工具應(yīng)運(yùn)而生,可轉(zhuǎn)換債券就是其中之一。 可轉(zhuǎn)換債券是同時具有債券性質(zhì)和股票性質(zhì)的證券,公司使用可轉(zhuǎn)換債券進(jìn)行融資時具有獨(dú)特的融資優(yōu)勢,概括而言,利用可轉(zhuǎn)換債券融資可以降低融資成本、擴(kuò)大融資規(guī)模、延遲股東權(quán)益被攤薄等,因此,可轉(zhuǎn)換債券融資受到很多公司的青睞。自從1998年我國第一支可轉(zhuǎn)換債券出現(xiàn)以來,短短的十幾年時間里,其發(fā)展速度不斷加快,發(fā)展空間不斷擴(kuò)大,尤其是最近幾年,我國監(jiān)管部門不斷推進(jìn)債券市場發(fā)展,上市公司也越來越多地選擇可轉(zhuǎn)換債券融資。所以,進(jìn)一步深入研究可轉(zhuǎn)換債券融資對我國可轉(zhuǎn)換債券的理論界和實(shí)務(wù)界發(fā)展都有著重要意義。 因此,本文著力研究我國上市公司可轉(zhuǎn)換債券融資問題。其寫作宗旨和目的是明確以下幾個方面：第一,相比股票融資和普通債券融資來說,可轉(zhuǎn)換債券融資的優(yōu)勢是什么?第二,我國上市公司要利用可轉(zhuǎn)換債券融資,發(fā)行可轉(zhuǎn)換債券之前公司應(yīng)具備怎樣的財(cái)務(wù)狀況?第三,上市公司發(fā)行可轉(zhuǎn)換債券后,公司業(yè)績?nèi)绾巫兓?基于上述三點(diǎn)寫作目的,本文先介紹了國內(nèi)外可轉(zhuǎn)換債券的大概發(fā)展情況和可轉(zhuǎn)換債券的基本知識；然后對可轉(zhuǎn)換債券的基本理論進(jìn)行分析,包括可轉(zhuǎn)換債券與公司治理結(jié)構(gòu)的關(guān)系、可轉(zhuǎn)換債券與公司資本結(jié)構(gòu)之間的內(nèi)在聯(lián)系、可轉(zhuǎn)換債券融資的優(yōu)缺點(diǎn)等；再次,簡要介紹了我國可轉(zhuǎn)換債券市場發(fā)展所面臨的問題及解決對策；最后,以青島啤酒股份有限公司為案例進(jìn)行具體分析,希望其分析結(jié)果能為后來可轉(zhuǎn)換債券的發(fā)行公司提供操作依據(jù)和理論指導(dǎo)。
[Abstract]:The financing problem is one of the important contents of the company's financial management, whether the company can obtain the stable capital source, can obtain the sufficient fund support. Especially in the rapid development of China's economy today, most enterprises need to incorporate a lot of funds to expand their own production scale or strengthen industry integration, otherwise. Enterprises will be faced with the risk of capital chain break or capital shortage, which will lead to financial crisis. Therefore, a variety of financing instruments appear in the capital market. Traditional financing tools can be divided into equity financing and debt financing, but with the development of economy. Simply relying on stock financing or ordinary bond financing can no longer meet the requirements of economic diversity and complexity. Therefore, financial derivatives emerge as the times require, and convertible bonds are one of them. Convertible bonds are securities with both bond nature and stock nature. Companies have unique financing advantages when they use convertible bonds to finance, generally speaking. The use of convertible bond financing can reduce financing costs, expand the scale of financing, delay the dilution of shareholders' rights and interests, and so on. Convertible bond financing has been favored by many companies. Since 1998, the first convertible bond appeared in China, in a short period of more than ten years, its development speed has been accelerating, the development space has been expanding. Especially in recent years, China's regulatory authorities continue to promote the development of the bond market, listed companies are also increasingly choosing convertible bond financing. Further research on convertible bond financing is of great significance to the theoretical and practical development of convertible bonds in China. Therefore, this paper focuses on the issue of convertible bond financing of listed companies in China. Its purpose and purpose is to clarify the following aspects: first, compared with stock financing and ordinary bond financing. What are the advantages of convertible bond financing? Second, what kind of financial situation should the listed companies have before issuing convertible bonds if they want to make use of convertible bonds? Third, how does the performance of listed companies change after issuing convertible bonds? Based on the above three writing purposes, this paper first introduces the general development of convertible bonds at home and abroad and the basic knowledge of convertible bonds; Then the basic theory of convertible bonds is analyzed, including the relationship between convertible bonds and corporate governance structure, the internal relationship between convertible bonds and corporate capital structure, the advantages and disadvantages of convertible bonds financing. Thirdly, the paper briefly introduces the problems faced by the development of convertible bond market in China and the countermeasures to solve them. Finally, taking Tsing Tao Beer Co., Ltd. As a case study, it is hoped that the analysis results can provide operational basis and theoretical guidance for the later convertible bond issuing companies.
【學(xué)位授予單位】：財(cái)政部財(cái)政科學(xué)研究所
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51

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本文編號：1387467