【作者】 陈宇；

【导师】 慕丽杰；

【作者基本信息】 辽宁大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 优先股是一种具有债性的特殊股票,作为近年来我国资本市场中重新出现的一种融资工具,对我国的资本市场起到了重要补充作用。在资本市场较发达的西方,优先股已具备法律和制度支撑,形成了较完善的发行和流通体系。然而,受我国特殊的国情和市场经济体制的影响,自上世纪以来优先股虽经我国引用,却并未形成常态化发行,之后优先股在我国被资本市场长期搁置。直到2014年3月,我国正式开始优先股试点发行,优先股才得以再度回归大众视野,银行顺势成为优先股发行市场的主力军。2019年7月,为进一步鼓励我国银行发行优先股融资,银、证监会再度修订《商业银行发行优先股指导意见》,进一步优化了我国银行业优先股的政策环境,商业银行优先股融资正逐步走向成熟。随着各项政策的出台和市场化发行机制的不断完善,优先股对于发行主体改善资本结构、提升风险抵御能力等作用逐渐显现,优先股已成为国内商业银行资本补充的重要举措。鉴于此,本文选取光大银行这一优先股发行规模较大、发行频次较高的发行单位为案例,通过对其发行方案和效果进行分析,更能准确的揭示我国商业银行优先股融资的风险点,同时可以更进一步的验证优先股所具备的特征和优势。绪论部分列出了本文的研究路线图,具体如下:第一部分,对优先股作一个简单概述,包括优先股的定义及优势,在此基础上,对我国优先股发展现状进行梳理。第二部分,介绍光大银行概况及“光大优3”发行动因、方案中的重要条款、发行过程。第三部分,采用比较分析法、事件研究法、因子分析法等方法分析光大银行发行优先股融资的风险、独特性及效果。最后得出研究结论,并结合本案例的研究为多方提出可行化建议,以期进一步推动我国优先股发行市场的完善,为其他银行顺利实施优先股融资提供借鉴。更多还原

【Abstract】 Preferred stock is a kind of special debt stock.As a new financing tool in China’s capital market in recent years,it plays an important supplementary role in China’s capital market.In the west,where the capital market is relatively developed,preferred stock has been supported by law and system,forming a relatively perfect issuing and circulation system.However,under the influence of China’s special national conditions and market economic system,although preferred stock has been used in China since the last century,it has not been issued normally,and then preferred stock has been shelved in China’s capital market for a long time.It was not until March 2014 that China officially started the pilot issuance of preferred stock that the preferred stock returned to the public view again,and banks took advantage of the trend to become the main force in the preferred stock issuance market.In July 2019,in order to further encourage Chinese banks to issue preferred stock for financing,CBRC and CSRC revised the "Guidance on Commercial Banks Isissuing Preferred Shares" again,further optimizing the policy environment for Chinese banks’ Preferred Shares,and the preferred stock financing of commercial banks is gradually becoming mature.With the introduction of various policies and the continuous improvement of the market-based issuance mechanism,the role of preferred stock in improving the capital structure and risk resistance of the issuers has gradually emerged,and preferred stock has become an important measure for the capital supplement of domestic commercial banks.In view of this,this article selects Everbright Bank this preferred stock issuance of larger scale,higher frequency of issuing unit as a case,through the analysis of the distribution plan and effect,can more accurately reveal preferred stock financing risk of Chinese commercial Banks,at the same time can further validation of the preferred stock of the characteristics and advantages.The introduction part lists the research roadmap of this paper,as follows: The first part gives a brief overview of preferred stock,including the definition and advantages of preferred stock.On this basis,the development status of preferred stock in China is sorted out.The second part introduces the general situation of Everbright Bank and preferred stock issuing motivation,important terms,issuing process.The third part,using comparative analysis method,event study method,factor analysis and other methods to analyze the risk,uniqueness and effect of the issuance of preferred stock financing by Everbright Bank.Finally,the conclusion is drawn and feasible suggestions are put forward based on the study of this case,in order to further promote the perfection of China’s preferred stock issuance market and provide reference for other banks to successfully implement preferred stock financing.更多还原