發(fā)布時間：2018-01-14 07:43

  本文關(guān)鍵詞：美豐轉(zhuǎn)債發(fā)行的財(cái)務(wù)效應(yīng)分析　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 可轉(zhuǎn)債 績效 融資 財(cái)務(wù)效應(yīng)

【摘要】：可轉(zhuǎn)換債券又稱可轉(zhuǎn)債是目前資本市場上比較受歡迎的融資工具,其出現(xiàn)時間比配股、增發(fā)、普通債券晚,雖然出現(xiàn)較晚但出現(xiàn)到興起的時間很短并且頗受企業(yè)和投資者青睞。可轉(zhuǎn)債是一種混合金融工具,它不僅具有普通債券的一般特點(diǎn),而且賦予投資者轉(zhuǎn)換期權(quán)讓投資者自愿選擇轉(zhuǎn)股由債權(quán)人變成公司股東。站在投資者的角度可轉(zhuǎn)債是一種風(fēng)險(xiǎn)有限收益無限投資工具。而對于發(fā)行公司而言可轉(zhuǎn)債不僅籌資規(guī)模大、發(fā)行限制少,相對于普通債券可轉(zhuǎn)債利率低,成功轉(zhuǎn)股情況下沒有還本壓力,財(cái)務(wù)負(fù)擔(dān)較低;相對于股權(quán)融資而言可轉(zhuǎn)債對原股東股權(quán)稀釋緩慢,比較容易被原股東接受。隨著可轉(zhuǎn)債的興起值得探討的問題也越來越多,本文就公司發(fā)行可轉(zhuǎn)債融資帶來的一系列財(cái)務(wù)效應(yīng)選擇美豐轉(zhuǎn)債案例進(jìn)行具體分析。主要內(nèi)容如下:第一章,介紹了可轉(zhuǎn)債的研究背景、研究目的和意義,構(gòu)建文章的整個寫作框架并梳理行文思路,選擇合適的研究方法同時指出了本文的創(chuàng)新之處。第二章,主要通過整理大量國內(nèi)外文獻(xiàn)了解可轉(zhuǎn)債相關(guān)的基本概念,總結(jié)可轉(zhuǎn)債發(fā)行動因理論、公告效應(yīng)以及可轉(zhuǎn)債融資對公司績效的影響理論。第三章,結(jié)合美豐轉(zhuǎn)債案例具體情況深入分析公司存在的各種風(fēng)險(xiǎn)以及融資背景,然后挖掘公司發(fā)行可轉(zhuǎn)債的動因,再結(jié)合不同情況測算可轉(zhuǎn)債的融資成本。第四章,主要從財(cái)務(wù)狀況、股權(quán)結(jié)構(gòu)、稀釋效應(yīng)以及股東利益四個角度分析可轉(zhuǎn)債的發(fā)行對公司的直接影響。在研究稀釋效應(yīng)和股東利益影響時采用對比分析法,將可轉(zhuǎn)債和其他融資方式對比,總結(jié)發(fā)行可轉(zhuǎn)債的優(yōu)勢以及需要注意和改進(jìn)的地方。第五章,主要從發(fā)行可轉(zhuǎn)債的一般財(cái)務(wù)效應(yīng)、長期綜合績效以及市場反應(yīng)三個角度分析發(fā)行可轉(zhuǎn)債的綜合財(cái)務(wù)效應(yīng)。運(yùn)用財(cái)務(wù)指標(biāo)和EVA分析法分析可轉(zhuǎn)債發(fā)行前兩年、存續(xù)期以及贖回后兩年的相關(guān)財(cái)務(wù)數(shù)據(jù)變化趨勢及原因,然后結(jié)合事件分析法分析可轉(zhuǎn)債發(fā)行事件的短期市場反映以及對股東財(cái)富的影響。第六章,對本文的主要研究內(nèi)容進(jìn)行總結(jié),并提出相應(yīng)的建議。
[Abstract]:Convertible bonds, also known as convertible bonds, are popular financing tools in the capital market at present, which appear later than rights issue, issuance and ordinary bonds. Convertible bonds are a mixed financial instrument, which not only has the general characteristics of ordinary bonds, but also has a short time to rise. Moreover, investors are given options to convert shares from creditors to shareholders. Convertible bonds are an unlimited investment tool with limited return on risk and can be transferred to the issuing company from an investor's point of view. Debt is not only large in size. The issuing limit is less, compared with the ordinary bond convertible bond interest rate is low, there is no pressure to repay the capital and the financial burden is lower; Compared with equity financing convertible bonds are slow to dilute the original shareholders and easily accepted by the original shareholders. With the rise of convertible bonds there are more and more problems worth discussing. This paper makes a specific analysis of a series of financial effects caused by the financing of convertible bonds. The main contents are as follows: chapter one introduces the research background, purpose and significance of convertible bonds. Construct the whole writing framework of the article and comb the thinking of the text, select the appropriate research methods and point out the innovation of this article. Chapter two. Mainly through sorting out a large number of domestic and foreign literature to understand the basic concepts related to convertible bonds, summarizes the theory of convertible bond issuance motivation, announcement effect and the impact of convertible bond financing on corporate performance theory. Chapter three. Combined with the specific case of Meifeng convertible debt in-depth analysis of the company's various risks and financing background, and then excavated the reasons for the company to issue convertible bonds, and then combined with different circumstances to calculate the financing costs of convertible bonds. 4th chapter. Mainly from the financial situation, equity structure, dilution effect and shareholders' interests of four angles to analyze the direct impact of convertible bond issuance on the company. In the study of dilution effect and shareholder interest impact using comparative analysis. Compare convertible bonds with other financing methods, summarize the advantages of issuing convertible bonds and the need for attention and improvement. 5th chapter, mainly from the general financial effects of issuing convertible bonds. This paper analyzes the comprehensive financial effect of issuing convertible bonds from three angles of long-term comprehensive performance and market reaction, and uses financial indicators and EVA analysis to analyze the two years before issuance of convertible bonds. The change trend and reason of the financial data related to the maturity and the two years after redemption, and then combined with the event analysis to analyze the short-term market reaction of convertible bond issuance and the impact on shareholders' wealth. 6th chapter. The main research contents of this paper are summarized, and the corresponding suggestions are put forward.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F426.7;F406.7

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