本文選題：優(yōu)先股　切入點(diǎn)：風(fēng)險(xiǎn)　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：優(yōu)先股制度的引入是2013年中國(guó)證券市場(chǎng)重要課題之一。優(yōu)先股制度在西方國(guó)家經(jīng)過(guò)長(zhǎng)時(shí)間的發(fā)展現(xiàn)已很成熟,但在中國(guó),該領(lǐng)域幾乎仍然是一片空白。優(yōu)先股制度的建立將為證券市場(chǎng)改革帶來(lái)巨大的創(chuàng)新空間,也帶了相應(yīng)的風(fēng)險(xiǎn)。本文計(jì)劃分五部分來(lái)具體討優(yōu)先股引入中國(guó)后能夠起到的具體作用,通過(guò)對(duì)其特性進(jìn)行風(fēng)險(xiǎn)分析并提出政策建議。引言部分首先介紹文章的選題背景和意義,撰寫文獻(xiàn)綜述、研究目標(biāo)、方法和思路,以及文章的研究方法和創(chuàng)新之處。第一章主要是對(duì)優(yōu)先股概述,通過(guò)介紹優(yōu)先股的定義、股權(quán)和債券雙重屬性、與其他融資方式的區(qū)別以及對(duì)現(xiàn)有優(yōu)先股的分類使讀者完整的了解優(yōu)先股的發(fā)展現(xiàn)狀,為后文展開做鋪墊。第二章回顧歷史,先介紹優(yōu)先股在美國(guó)和其他西方地區(qū)的發(fā)展,再介紹中國(guó)的優(yōu)先股制度沉浮的歷史。第三章從金融產(chǎn)品多層次性的角度,從優(yōu)先股的供給端和需求端探討我們?yōu)槭裁葱枰獌?yōu)先股,引出下一章。第四章討論優(yōu)先股制度引入中國(guó)證券市場(chǎng)后將起到的作用,從融資者、投資者和證券市場(chǎng)三個(gè)角度來(lái)敘述。第五章分為三個(gè)部分：首先談風(fēng)險(xiǎn),分別從法律風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)和市場(chǎng)風(fēng)險(xiǎn)四個(gè)方面敘述；再通過(guò)實(shí)證分析證券市場(chǎng)上優(yōu)先股價(jià)格、普通股價(jià)格和利率水平的變動(dòng)關(guān)系；最后給出政策建議：政策制定者應(yīng)該從法律法規(guī)的制定、加強(qiáng)信息披露和完善資本市場(chǎng)建設(shè)三個(gè)角度來(lái)為優(yōu)先股制度的引入保駕護(hù)航。
[Abstract]:The introduction of the preferred stock system is one of the most important issues in China's securities market in 2013. After a long period of development in western countries, the preferred stock system is now very mature, but in China, The establishment of the preferred stock system will bring huge innovation space to the reform of the securities market. This paper plans to divide five parts to discuss the specific role that the preferred stock can play when it is introduced into China. The introduction first introduces the background and significance of the selected topic, writing literature review, research objectives, methods and ideas. The first chapter is an overview of preferred stock, through the introduction of the definition of preferred stock, equity and bond dual attributes, The differences from other financing methods and the classification of the existing preferred stock enable readers to fully understand the current situation of preferred stock and pave the way for further development. Chapter two reviews history and introduces the development of preferred stock in the United States and other western regions. Chapter three discusses why we need preferred stock from the point of view of the multi-level of financial products and from the supply and demand side of preferred stock. Chapter 4th discusses the role that the preferred stock system will play when it is introduced into China's securities market. Chapter 5th is divided into three parts from the perspectives of financiers, investors and the securities market. Chapter 5th is divided into three parts: first, the risk, respectively, from the legal risk. Credit risk, liquidity risk and market risk are described, and the relationship between preferred stock price, common stock price and interest rate level is analyzed through empirical analysis. Finally, policy suggestions are given: policy makers should protect the introduction of preferred stock system from the three angles of making laws and regulations, strengthening information disclosure and perfecting capital market construction.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：1572232