本文選題：優(yōu)先股　切入點：融資　出處：《江西財經(jīng)大學》2017年碩士論文

【摘要】：優(yōu)先股作為銀行的其他一級資本補充工具,是一種混合型證券,同時具有債權性和股權性的某些特征,具備良好的融資彈性,受到了銀行業(yè)的青睞。優(yōu)先股及其配套措施登陸中國市場之后,探討優(yōu)先股的作用和效果是很有必要的。本文試圖以股份制商業(yè)銀行浦發(fā)銀行發(fā)行優(yōu)先股融資作為典型案例,分析其發(fā)行優(yōu)先股的動機,并討論優(yōu)先股的發(fā)行對其是否能夠產(chǎn)生預期的效果,以期對優(yōu)先股作出客觀評價,并以此案例為我國商業(yè)銀行銀行或者上市公司發(fā)行優(yōu)先股籌資提供經(jīng)驗借鑒。本文首先闡述了優(yōu)先股融資的相關概念,總結了其特征和分類,并且對商業(yè)銀行發(fā)行優(yōu)先股原因進行了說明,運用代理理論、優(yōu)序融資理論和控制權理論分析了優(yōu)先股融資的理論基礎。接著,對浦發(fā)銀行發(fā)行優(yōu)先股的案例進行了介紹,包括浦發(fā)銀行的發(fā)展背景、發(fā)行優(yōu)先股的過程、優(yōu)先股方案的核心條款,探討了浦發(fā)銀行優(yōu)先股融資的特點。然后,本文重點分析了浦發(fā)銀行優(yōu)先股的動因和相應的效果,浦發(fā)銀行為了補充核心資本、滿足監(jiān)管要求,同時擴大自有資本從而改善銀行資產(chǎn)質量、提升盈利能力,并帶動二級市場股價的拉升,積極出臺并發(fā)行了優(yōu)先股。本文通過杜邦分析法和財務指標法發(fā)現(xiàn)優(yōu)先股對浦發(fā)銀行資本充足率產(chǎn)生了顯著的影響,并在盈利性和安全性兩方面對銀行的財務績效起到了正面效應。但是浦發(fā)銀行的優(yōu)先股預案條款對投資者來說風險較大,并未對二級市場績效的產(chǎn)生顯著的正面影響。最后在案例分析的基礎上,得出優(yōu)先股能夠有效補充資本,相對更適合銀行發(fā)行,有改善財務績效、提高盈利能力的作用,但是優(yōu)先股預案公告并不能對市場表現(xiàn)產(chǎn)生明顯的超額收益,然后在此結論的基礎上進一步提出我國資本市場大力發(fā)展優(yōu)先股的具體措施和建議。本文主要以規(guī)范性分析為主,將理論研究和案例分析結合起來,運用財務指標法、杜邦分析法、事件分析法對優(yōu)先股融資前后的資本結構、財務績效、市場表現(xiàn)進行深入分析。本論題的現(xiàn)實指導意義在于提供完整的優(yōu)先股融資的案例研究,也為我國發(fā)展優(yōu)先股提供政策建議,以期進一步推進優(yōu)先股工具的妥善運用和優(yōu)先股制度的穩(wěn)健發(fā)展。
[Abstract]:As other first-grade capital supplement tools of banks, preferred stock is a kind of mixed securities, which has some characteristics of creditor's rights and equity, and has good financing flexibility, so it is favored by the banking industry.It is necessary to probe into the function and effect of preferred stock after it has entered the Chinese market.This paper attempts to analyze the motivation of issuing preferred stock by Pudong Development Bank, a joint-stock commercial bank, as a typical case, and to discuss whether the issuance of preferred stock will have the expected effect on it.The purpose of this paper is to make an objective evaluation of preferred stock, and to provide experience for Chinese commercial banks or listed companies to issue preferred stock financing.This paper first expounds the related concepts of preferred stock financing, summarizes its characteristics and classification, and explains the reasons for issuing preferred stock by commercial banks.The preferred stock financing theory and the control right theory analyze the theoretical basis of preferred stock financing.Then, the paper introduces the case of preferred stock issued by Pudong Development Bank, including the development background, the process of issuing preferred stock, the core clauses of preferred stock scheme, and discusses the characteristics of preferred stock financing in Pudong Development Bank.Then, this paper analyzes the motivation and effect of preferred stock in Pudong Development Bank. In order to supplement the core capital and meet the regulatory requirements, the bank expands its own capital to improve the quality of bank assets and enhance profitability.And drive the secondary market share prices, actively issued and issued preferred stock.Through DuPont analysis and financial index method, this paper finds that preferred stock has a significant impact on the capital adequacy ratio of Pudong Development Bank, and has a positive effect on the bank's financial performance in terms of profitability and security.But the preferred stock provision of Pudong Development Bank is risky for investors and does not have a significant positive impact on secondary market performance.Finally, on the basis of case study, it is concluded that preferred stock can effectively replenish capital, which is more suitable for bank issuance, and has the function of improving financial performance and increasing profitability.However, the announcement of preferred stock plan can not produce obvious excess returns on market performance, and then, on the basis of this conclusion, the concrete measures and suggestions for developing preferred stock in China's capital market are put forward.This paper mainly focuses on normative analysis, combining theoretical research with case analysis, using financial index method, DuPont analysis method and event analysis method to deeply analyze the capital structure, financial performance and market performance before and after preferred stock financing.The practical significance of this thesis is to provide a case study of preferred stock financing, and to provide policy advice for the development of preferred stock in China, in order to further promote the proper use of preferred stock tools and the sound development of preferred stock system.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

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