【作者】 黄河；

【导师】 郭炜；

【作者基本信息】 华中科技大学 ， 会计硕士（专业学位）， 2017， 硕士

【摘要】 2013年诞生的永续期债券在国内仍然属于债券创新品种,截至目前市场上的永续期债券分为永续期企业债、永续期中票和永续期公司债。发行永续期债券有以下几大动机:计入权益、减轻债务集中兑付的压力、融资方式灵活和锁定较低利息成本。因此本文选择16武汉地铁永续期债券作为研究对象,对国内的永续期债券进行探究。永续期债券的发行主体主要来自基础设施建设行业(如铁路运输业、道路运输业和土木工程建筑业等),这类企业融资手段多样,资产负债率相对较高,同时相对于国内市场上的其他债券,永续期债券赋予发行人延期选择权、利息递延支付以及利率跳升机制等多种条款。对于发行方来说,这种债券在满足一定条件下,可计入权益和补充企业资本金,同时可以降低企业的资产负债率和提高直接融资比重。永续期债券适合项目周期长、资本支出大、重资产、负债率高的企业,可以缓解这类企业融资问题。本文主要采取定量分析和定性分析两种研究方法,选取“16武汉地铁永续期债券”进行探究,本文对“16武汉地铁永续期债”的发行过程和募集资金投向、风险、期限和利率、条款设置等进行了研究。认为永续期类债券相对于国内市场上其他债券有着对发行人更为有利的发行动机,能够帮助发行人锁定较低的融资成本,减轻集中兑付的压力等。本文更全面的分析了永续期债券作为融资工具的属性,可帮助永续期债券的发行方和融资方更全面,更客观的了解永续期债券。更多还原

【Abstract】 The 2013 borned perpetual bonds are still classified as the innovative bonds in domestic,upgraded bonds on the market are divided into renewable corporate bonds,renewable and renewable company bonds.Issuance of renewed bonds has the following motivations: crediting interest,reducing the pressure on debt concentration,flexible financing and locking lower interest costs.Therefore,this paper chooses 16 Wuhan subway perpetual bonds as the research object,to explore the domestic renewable bonds.The main body of the issuance of renewable bonds is mainly from the infrastructure construction industry(such as rail transport,road transport and civil engineering construction,etc.),such enterprises have different means of financing,asset-liability ratio is relatively high,and related to the other bonds in the domestic market,renewable bonds give the issuer deferred option,deferred interest payment,mechanism of interest rate jump and other terms.For the issuer,if the bonds meet certain conditions,it can be included in equity and supplementary corporate capital,meanwhile,can reducing the company’s asset-liability ratio and increase the proportion of direct financing.Renewable bonds are suitable for enterprises with long project cycles,large capital expenditures,heavy assets and high debt ratios,which can alleviate the financing problems of such enterprises.This article mainly adopts quantitative analysis and qualitative analysis of two kinds of research methods,select "16 Wuhan subway renewable bonds" to explore,the article do research about the "16 Wuhan subway perpetual debt" issue and raise funds to invest,risk,duration and interest rate.The paper concluded that the renewable bonds,related to the other bonds on the domestic market,has a more favorable issuer motivation,can help the issuer to lock the lower financing costs,reduce the pressure on debt concentration and so on.This article provides a more comprehensive analysis of the attributes of the renewable bond as a financing tool,can help the issuer and the financier understand the renewable bonds more fully and objectively.更多还原