论文标题:承德新新钒钛股份有限公司再融资策略的研究
Study on the Refinancing Strategy of Chengde Xinxin Vanadium-Titanium Co., Ltd.
论文作者 冼瑞强
论文导师 马军海,论文学位 硕士,论文专业 工商管理
论文单位 天津大学,点击次数 118,论文页数 63页File Size487k
2004-06-01论文网 http://www.lw23.com/lunwen_1398577/ 承德钒钛; 再融资策略; 可转债; 重要条款; 风险分析
Chengde; Vanadium Titanium ; refinancing strategy; convertible bond ; key clauses ; analysis of risk
承德钒钛股份有限公司是以钒钛磁铁矿冶炼加工为主业的国有控股企业，主要产品包括钒钛系列产品和含钒低合金钢材，2002年8月在上海证券交易所上市，2003年7月1日起被上海证券交易所选为180指数样本股之一，公司首次融资的成功运作对公司调整产品结构，把握市场机遇，保持和壮大企业竞争优势起到了至关重要的作用。随着钒钛系列产品市场需求的日益增长，企业有必要通过资本市场继续融资来加速产品的更新换代，全面提升企业的核心竞争能力。本文根据国内外现代融资理论和我国资本市场的现行政策，结合公司的实际情况，对再融资的必要性、企业的发展战略进行了阐述，应用时间序列分析的方法预测了未来几年国内钒钛产品的市场需求，在此基础上确定了公司再融资项目的内容、投资规模及预期收益，根据融资项目的要求对目前上市公司普遍采用的几种再融资方式进行了分析比较，选择并确定了融资风险相对较小、成本相对较低，与公司发展战略和再融资项目资金需求相适应的融资方式——发行可转换公司债券融资，运用AHP层次分析方法对所选择的融资方式进行了评价。可转换公司债券发行方案的确定是发行成功与否的关键，论文就方案所涉及重要条款的制定原则、依据以及企业在发债前应该关注的事项进行了提示，具有一定的指导意义和可操作性。最后对发行可转换公司债券再融资所面临的风险进行了研究分析，提出了规避风险的措施和建议。
Chengde Vanadium-Titanium Co.,Ltd. is a state-owned holding enterprise which takes smelting and processing Vanadium-Titanium(VT) magnetic iron ore as its main business, the main products include VT serial products and low Vanadium alloy steel. The company was listed in Shanghai Stock Exchange in August, 2002, and designated as one of the 180 index sample shares by Shanghai Stock Exchange on July 1 , 2003.The first successful capital operation played an important role in adjusting the structure of products, seizing the market opportunities, keeping and strengthening the competitive advantage. With the rapid growth of VT products in market demand, it is necessary for enterprise to finance continuously through capital market so as to accelerate the update of product and upgrade the competitiveness in an all-round way. Based on the modern financing theory, actual policies of capital market in our country and the actual conditions of the company , the necessity of refinancing and the development strategies were explained, the market demand of VT products in the following years was forecasted by the Time Series Analysis Method. On the basis of prediction, the content of refinancing, the scale of investment and the expected earnings of the project were confirmed. The several refinancing ways adopted commonly by the listed companies were analyzed and compared according to the request of refinancing project. Issuing convertible corporate bond-a financing way with smaller risk and lower cost was chosen and confirmed. The chosen financing way was evaluated by Analytical Hierarchy Process(AHP).The key to issuing convertible bond is to confirm a proper scheme of issue. Therefore, the principles and basis of drafting key clauses, items to which enterprises should pay close attention before issuing related to scheme were point out in the thesis, these opinions are maneuverable. Finally, the risk of issuing convertible corporate bond was studied and analyzed, some measures and suggestion for evading risk were put forward.
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