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论文编号：	10580
作者编号：	2120163091
上传时间：	2018/12/7 9:05:05
中文题目：	我国上市公司可转债融资问题研究——以2017年发行市场为例
英文题目：	A Study on Convertible Bonds of Chinese Listed Companies: micro perspective on the 2017 market
指导老师：	程新生
中文关键字：	可转债；转股价值；发行条款
英文关键字：	Convertible bond；Conversion price；Material term
中文摘要：	2017年以来，受市场环境与金融监管政策变化的影响，我国上市公司可转换债券发行数量与规模大幅攀升，其投资价值的市场关注度也越来越高。作为一种有复合性质的金融工具，可转债有债权和股权两种属性。在可转债的发行中，发行公司、市场中介机构和投资者往往因其双重属性难以确定其实际价值，因此我国证券市场的可转债发行中也暴露了一些问题。 为解决可转债发行条款存在的相关问题，本文以2017年我国沪深两市发行的全部40支可转债为研究对象，通过研究国内外相关理论文献，确定了适用于我国可转债发行条款评估的相关理论基础和模型工具，并利用可转债转股股价模型、Black-Scholes模型和利益相关者理论等工具为参照，评估了我国上市公司可转债债券部分与期权部分各项发行条款的市场价值，验证使用模型得出的理论价值和实际市场价格的差异。根据使用相关理论的评估结果，本文确定我国证券市场中可转债被视为一种权益性金融工具，其发行条款应予改进的重点为期权部分的附加条款。 本文主要创新之处在于：将市场定位、模型估值和利益相关者理论的方法综合运用，形成了从市场定位到条款价值分析，再到改进空间分析的完整的研究方法，并验证了证监会新规发布后，已有理论对可转债发行市场的适用性与可转债的市场属性。以定量方法分别对可转债的债权部分、期权部分、附加条款部分用较为充足的样本验证了理论价值与市场价值的关系并根据可转债理论价值和实际市场价值产生差异的原因对发行条款提出改进建议，为发行和投资可转债的公司财务管理提供参考。改进可转债的发行条款一方面有助于发行方更好地实现融资目的，另一方面也有利于投资者在配置资产时对可转债价值客观评估，根据证券价值开展投资。
英文摘要：	Since the year of 2017, Chinese listed companies have experienced an exceptional increase on the scale and amount of issuing convertible bond. Market also anticipated higher value of investment of this investment product. Being a complicated fundraising instrument, convertible bonds mix both shareholder’s rights and creditor’s obligations. There are also difficulties for public companies, investors and intermediaries to confirm the value of convertible bonds. In order to relieve the problems existed in convertible bond issuing terms, this paper chose all of the 40 convertible bonds issued on Shanghai and Shenzhen stock market in the year of 2017. By reviewing relative literatures, this paper chose proper theories and models that are suitable for estimating the issuing terms of convertible bonds. Models used in this paper include conversion price, Black-Scholes model, and Stakeholder theory. This paper made assessment on the market value of issuing terms of both part of shareholder’s rights and creditor’s obligations of the convertible bonds issued by Chinese listed companies, and tested the difference between theoretical value and real market price. Based on the assessments, this paper confirms the conclusions as follows: being an equity investment instrument, it is essential for listed companies to improve the terms and conditions of additional provisions in futures’ parts. One of the main independent research in this thesis is a compound research method combining marketing positioning, valuation modeling, and stakeholder theory which is then employed to thoroughly undertake marketing position analysis, conversion value analysis and potential improvement study. This thesis has also discussed the relationship between the market value and the book value of the convertible bond by applying a quantitative method on numbers of samples of the debt element, option element, and the contractual element of the convertible bond. Based on the reasons of why there exist a difference between theoretical value and real market price, this paper made financial suggestions for companies that intend to issue and invest in convertible bonds. By improving the issuing terms, the promoter could achieve the goal of fundraising more efficiently; it is also beneficial for investors to cautiously assess the value of convertible bonds and make informed investment choices.
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