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论文编号：	7651
作者编号：	2220130994
上传时间：	2015/11/20 17:17:51
中文题目：	碧桂园公司可转换债券融资方式研究
英文题目：	Research on Financing by Convertible Bond in BGY
指导老师：	黄福广
中文关键字：	股权融资；可转换债券融资；估值；转股及其他条款
英文关键字：	Offerings Financing；Convertible Bond Financing；Valuation；Conversion Terms and Additional Terms
中文摘要：	我国可转换债券于1990s初露头角，由于投资主体不了解和发行制度不完善等情况，直到《上市公司发行可转换公司债券实施办法》（2001年）和《关于做好上市公司可转换债券发行工作的通知》（2002年）颁布，我国可转换债券才逐渐步入发展期，目前可转换债券与债券、股票等一起已经成为我国资本市场的重要金融产品和投资工具。可转换债券兼具债权性、股权性和期权性，是较好的投融资品种，已经成为继股票市场、债券市场以外的兼具两者特性的新融资渠道。本文旨在研究以发行新股为依托，以促房地产行业调控背景下开发企业转型发展为目的的可转换债券融资方式及机制设计，在改善上市公司融资结构的同时，促进上市公司的健康发展。本文在研究了相关文献和经典可比案例的基础上，利用文献分析法和可比案例法，根据碧桂园公司实际融资需求，确定了碧桂园公司实现融资需求的具体路径：即在目前A股高估值和新股迅速扩张的背景下，碧桂园公司回归A股上市是符合政策背景以及时代潮流的明智之举，并且以回归A股上市为依托、以企业战略转型为目标发行可转换债券在提高融资效率的同时，有利于公司治理的改善。最后，本研究针对碧桂园公司以上市预期为基础发行可转换债券提出了五方面多点注意事项，包括：引入国内金融行业领军企业作为战略投资者，树立可转换债券长期发展思路，联合与战略投资者不构成利益关系专业第三方（设计、定价、发行、代销）机构提高可转换债券融资效率，设计符合风险收益原则和激励约束原则的立足于企业长远发展的可转换债券赎回条款，以及符合战略投资者和专业第三方机构等多方投资人利益诉求的回购机制，据此完善了碧桂园公司可转换债券的设计。在本文的研究基础上，碧桂园公司可转换债券必将获得符合预期甚至超越预期的融资效果。笔者坚信在中央“稳增长、促改革”的时代背景下，随着中国行政改革和金融事业改革的不断深入，中国必将产生更多具有借鉴意义的可转换债券成功案例，创建更多世界瞩目且具有高水平治理能力和高度社会责任感的优质上市公司。
英文摘要：	In China, debut of convertible debt took place in 1990s. Due to the lack of understanding on investment subjects, as well as the incomplete development of issue system, the development of convertible debt happened in 2000s after the announce of Execution Method for Convertible Debt of Listed Companies (2001) and Announcement on the Works of Convertible Debt for Listed Companies(2002). Currently, convertible debt, accompanying with debt and stock, becomes an important tool of investment in China. With the benefits of debt, equity and options, convertible debt provides a new channel of finance and investment to the market. This paper studies the financing channel and mechanism of convertible debt with the background of IPO. By developing the financial structure of the companies, we hope to encourage the healthy development of listed companies and promote the industrial changes of real estate developers. With the relative literature and comparable cases and based on financing demand of BGY, we realize the detail financing channel of BGY. We suggest that BGY should return to the Chinese Stock market under the background of high P/E and encouraging of IPO. Additionally, we also suggest that BGY should issue convertible debt with the aim of strategy reformation to increase the efficiency of financial structure. Finally, we propose five advices to the issue of convertible debt of BGY in order to design the convertible debt: 1) Inducing the leader of financial market as strategic investors; 2) Establishing the convertible debt as long-run strategy; 3) Unifying the third-party to increase the efficiency of issuing convertible debt; 4) Designing the risk-return principles and inspirit-regulation principles for the long-run development of enterprise; 5) Proposing the buy-back mechanism to satisfy the need of strategic investors and the third-party. With our study, we believe that the issue of convertible debt of BGY can achieve an over-expected goal in financial market. We also believe that with the development of Chinese administration and financial market reformation, China will provide further successful cases in the issue of convertible debt and produce more international companies with high-level management and social responsibility.
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