联系我们

论文查询结果	返回搜索

论文编号：	5372
作者编号：	2120102772
上传时间：	2013/6/6 22:55:50
中文题目：	可转换债券对公司绩效的影响——基于大荒转债的案例研究
英文题目：	The Research on the relation of convertible bonds and corporate performance： based on the case study of Dahuang Convertible Bond
指导老师：	刘建
中文关键字：	可转换债券，融资，公司绩效
英文关键字：	Convertible bonds，Financing，Corporate performance
中文摘要：	第一支可转换债券发行距今已有近一百七十年的发展，可转换债券比较突出的特点是在普通债券的基础之上内嵌了一份看涨期权，增加了融资的灵活性，降低了融资成本和直接进行股权融资对于原有股东的稀释效应，更有利于实现资本结构的最优化。我国可转债市场发展时间相对较短，配套设施还不太完善，发行规模相对较小。2010年以来，我国可转债市场迎来了新一轮的发展高潮，可转债发行量达到755.8亿元。由此可以看出近年来，可转换公司债券已成为我国资本市场上十分重要的再融资工具。在这一背景之下，怎样制定发行方案，怎样改善发行效果，成为可转换债券融资中的关键问题。清楚认识可转换债券的发行对公司绩效的影响，具有十分重要的理论和现实意义。 本文以规范研究形式入手，对可转换债券的相关理论和可转换债券的发行现状进行分析，总结得出可转换债券对于公司绩效的影响情况；之后针对可转换债券发行中存在的问题，提出了对其发行方案的改进设计；然后以案例分析的形式，对“大荒转债”的发行绩效进行案例分析，得出该转债的成功经验和不足之处，然后运用改进设计中提出的建议对案例公司的发行方案进行完善；最后综合理论分析和案例分析的结果，对我国可转债市场的政策法规给出一定的建议，并且总结了本文研究的不足和对未来研究的展望。 通过对现状的分析，可以看出发行可转换债券后公司绩效普遍出现下滑现象，总结得出公司在发行可转换债券中存在着条款设计不尽合理、缺乏理性发行动机、发行时机选择不当等问题。针对这些问题，本文对可转换债券的发行方案进行了改进设计。条款设计应遵循简单明了、均衡考虑发行方和投资方利益、紧密结合公司自身情况以及紧密结合市场环境因素四项原则；发行动机方面应该理性认识融资风险和合理评估公司融资需求；选择发行时机时应注意合理分析公司财务结构及未来发展前景以及准确认识公司所处的发展阶段。结合以上改进设计本文提出了对大荒转债的完善措施，以期能对改善可转换债券的发行绩效。
英文摘要：	The first convertible bond was issued by New York Erie in 1843. The outstanding feature of convertible bond is a call option embedded in ordinary bonds, which increases the flexibility of the financing and decreases the cost of financing and dilution effect for existing shareholders. The history of convertible bonds in China is relatively short and the size of issuance is small. Since 2010, the size of issuance increases extremely. It can be seen that convertible bonds has become a very important tool for refinancing on the capital market. In this context, it is important to know how to make issuance plans and how to improve issuance effect. A clear understanding of the issue of convertible bonds the impact on corporate performance has a very important theoretical and practical significance. This paper firstly discusses the definition and the features of convertible bond by comparing it with the bond and the stock. Secondly it analyzes the subjects and the policy of China's convertible bonds market. Then it makes conclusions about the impact of convertible bonds for corporate performance. In the next part it improves the issuance plan for convertible bonds according to the problems of issuance. It analyzes deeply on the five years' financial indicators of the "Beidahuang" and the provisions, and then it uses the recommendations made above to improve the issuance program of "Beidahuang". At last, it summarizes the above analyses and gives some suggestion on the policy to be improved in the market, and sums up the lack of research in this article and the outlook for future research. By making analysis about the subjects of convertible bonds issuance, it can be seen that after the issuance of convertible bonds, corporate performance generally declines. Then it concludes that the provisions of convertible bonds are not quite reasonable, issuers are lack of rational issued motivation, and the time of issuance is improper. To solve these problems, I make some suggestion about the issuance plan of convertible bonds. For example, the provision should be brief and clear, should balance the interest of issuer and investor, and it should be suitable with the company’s situation and the market situation. In terms of issuance motivation, the company should have rational understanding of financial risk and a reasonable assessment of its financing needs. In choosing the time of issuance, the company should make reasonable analysis of its financial structure and rational future prospects, and it should get an accurate understanding of the development stages of the company. In order to improve the performance of convertible bonds issued bonds, I advise some improvements for the issuance plan of "Beidahuang" according to the above suggestions.
查看全文：	预览  下载(下载需要进行登录)