【作者】 张海燕；

【导师】 刘海燕；

【作者基本信息】 苏州大学 ， 会计（专业学位）， 2019， 硕士

【副题名】以首开股份为例

【摘要】 现今,永续债已经成为市场经济中相当受关注的筹资金融工具之一,它并没有我们所熟知的配股、债券这些金融法工具出现的早,但这并没有影响到它的快速发展与大受欢迎的程度。永续债作为一类特殊的夹层金融工具,它本身含有普通债券的特征,而且在满足一定条件下可以计入权益,具有“股权”和“债权”双重性质。随着永续债的兴起值得探讨的问题也越来越多,本文就上市公司永续债融资研究选择首开股份发行的永续债券进行案例分析。主要内容如下:第一章是绪论。在这部分,主要大致论述了论文的研究背景、意义及用到的相关方法,并详细阐述了文章研究的思路框架,对文中所包含的创新点进行了大致的分析。第二章为理论基础与文献综述。这一部分主要讲述了文章论述将用到的相关理论,对国内外学者的相关研究进行了论述概括,并做了一定的述评,这些理论与文献的分析主要是为后面的案例分析打下良好的基础。第三章为永续债融资的理论分析。这一部分的内容主要是永续债的概述、如果发行应当具备的必要要求限制、与其他融资方式的区别、动因以及效果分析这些层面,除此之外,还加入了些相关的案例进行进一步的论述。第四章为首开股份永续债融资案例分析。这一部分刚开始描述了案例的大致情况,首开股份作为一家大型国有企业,近两年永续债发行量在A股上市房地产行业里位居第二,以这家典型的大型国有企业为研究对象对房地产行业和上市公司都有重要的参考价值。然后再对首开股份选择永续债的具体原因做了详细的分析,表明永续债这一金融工具的发行对首开股份的重要意义。第五章首开股份永续债融资的效果分析。这一部分主要采取财务分析的一些方式,对首开股份选择发行永续债这一金融工具将引起的资金筹集绩效以及市场作出的一系列反应做了详细的分析,最后还对选择永续债前后公司的控股情况做了对比分析,确认了首开股份永续债并未稀释控股权。第六章为本文的结论及建议。这一部分的核心是通过上文中典型案例的分析对企业带来的影响,并对本文的不足之处进行了概述。通过案例分析,笔者总结了房地产企业发行永续债的优势和实务应用中待解决的问题,并提出相应的对策和建议,为后续试图使用永续债融资的发行公司提供有益借鉴与参考,探索永续债的良性发展之路。更多还原

【Abstract】 Perpetual debt is a popular financing tool in the capital market.It appears later than the allotment,issuance,and ordinary bonds.Although it appears late,it has a short time and is favored by enterprises and investors.Perpetual debt is a mezzanine financing tool.It not only has the general characteristics of ordinary bonds,but also can be included in equity when certain conditions are met.It has the dual nature of "equity" and "debt".With the rise of perpetual debts,there are more and more problems to be explored.This paper analyzes the perpetual bonds issued by the first-breaking shares of the listed company’s perpetual debt financing research.The main contents are as follows:The first chapter is the introduction of this paper.As the generals of the thesis,it summarizes the research background,research significance,research methods,and explains the framework of this paper,and proposes possible innovations.The second chapter introduces the theoretical basis of this paper,studies related literatures at home and abroad,and reviews the literature,paving the way for the later case analysis.The third chapter makes a systematic theoretical analysis of perpetual debt financing,mainly from the aspects of perpetual debt related concepts,issuance conditions,differences with other financing methods,motivation and effect analysis,and combines several typical The case of perpetual debt financing is vivid and vivid.The fourth chapter and the fifth chapter are the key points of this paper,which is a case study on the issuance of perpetual bonds of Beijing Capital Development Company Limited.The fourth chapter first introduces the case overview.As the first large-scale state-owned enterprise,Beijing Capital Development Company Limited have ranked second in the A-share listed real estate enterprises in the past two years,and have reference significance for the entire industry and even listed companies.Through the specific analysis of the motives for the issuance of perpetual bonds of Beijing Capital Development Company Limited,it mainly includes reducing the asset-liability ratio,alleviating the financial dilemma,completing the strategic transformation,reducing the constraints on the use of funds,and clarifying that the issuance of perpetual bonds is necessary for the first shares.The fifth chapter uses the method of financial analysis to further study the financing performance and market reaction brought about by the issuance of the first-ever shares of perpetual bonds.Finally,through the comparison of the controlling rights before and after the issuance of perpetual bonds,the first-party shares are renewed.Uncontrolled shareholding.The sixth chapter is the conclusions and suggestions of this paper.It mainly reveals the common characteristics of convertible bonds,the enlightenment of cases to general enterprises,and reflects on the inadequacies in the writing process.Through case analysis,the author summarizes the advantages of real estate enterprises in issuing perpetual bonds and the problems to be solved in practical application,and proposes corresponding countermeasures and suggestions,which provides useful reference and reference for subsequent issuing companies that try to use perpetual debt financing.Explore the path of benign development of perpetual debt.更多还原