会计学本科毕业论文-四川长虹可转换债券融资决策影响因素的调查分析.docVIP

四川长虹可转换债券融资决策影响因素的调查分析 摘要 可转换债券具有债权和股权的双重特性，是企业再融资途径中一种重要的融资工具。中国的可转换债券市场在经历了十余年的沉寂之后，近几年进入了一个高速发展期，合理利用可转换债券有利于公司实现双赢。四川长虹公司于1994年上市，由于投入等离子等项目，公司对资金的需求量极大，再加上这些项目尚未到位，公司收益微薄，公司的筹资出现困难，2007年的28亿元筹资计划于2008年宣布失败更使四川长虹公司的处境雪上加霜。但是公司2008年却作出了发行可转换公司债券的决策，并以2009的成功发行证明了其正确性。 本文首先介绍了可转换公司债券的基本理论，就其属性价值和发行环境作了阐述，其后给出了四川长虹发行可转换债券的背景资料，然后从有利和不利两方面分析了四川长虹发行可转债的影响因素，最后结合四川长虹发行可转债事件就我国政策、公司治理机制和发行可转债公司的选择给出了几点启示。 四川长虹发行可转债的成功融资事件说明了我们不能只注重单方面融资需求，本文认为存在实际项目投资和较高外部融资需求，并有较高的长期成长性和投资期权盈利性可能的公司在融资时应把可转债作为首要考虑对象。 关键词：可转换债券；影响因素；分析 Abstract Convertible bond has double identities of both bond and stock, and has become an important way of refinancing for companies. After more than ten years’ dreariness, Chinese convertible bond market has entered a period of rapid development, and reasonable utilization of convertible bond is propitious to achieve a win-win situation. Sichuan Changhong company has been listed in 1994 which formerly known as state-run Changhong factory which was one of the 156 key projects during the period of Chinese first five-year Plan, and it was the only airborne fire control radar production base at that time. Due to the investment of many projects such as plasma, the company had a need for numerous funds. What was worse, those projects were not engaged yet, which resulted the lack of profit and the difficulties on financing of the company. The funding plan of 2007 for 2.8 billion yuan had been announced failed in 2008, which was the disaster after what had been stated above. But the company had made a decision about issuing convertible bond of Changhong in 2008, and the validity of it was confirmed by the success on issuing the bond in 2009. This paper firstly introduces the basic theory of convertible bond including its attribute theory of value and issue environment. After that it introduces the background of Sichuan Changhong company. Then it analyses the influence factors of convertible bond which was issued by Sichuan Chonghong company from both favorable