兰州财经大学机构知识库

      融资管理已经成为现代企业财务管理中的重要内容，在当下，传统融资活动所受到的融资约束越来越大，对于现代化的企业，尤其是对于上市公司来说，这种具有较大融资约束的融资方式显然已经不再适用。近年来越来越多的公司，开始采取多元化的融资方式进行融资，比如同时具备债券、期权、股票三者属性的混合性融资方式，就深受各上市公司的欢迎。本文选择三一重工发行可转债这一事件为案例研究对象，对三一重工发行可转债的融资过程进行分析，在此基础上进一步探索该种融资方式和企业市场绩效，财务绩效，融资绩效之间的关系以及融资结果。希望本次论文研究能够为我国上市公司可转债的发行提供有效的借鉴。

       本文利用案例研究法进行研究。首先，研究有关于可转债的相关文献资料，并描述可转债融资方式的可行性，其次，概述案例研究对象的各方面情况，并对比分析利用可转债转股融资前后三一重工的经济情况的变化；最后，具体描述可转债发行对公司战略资本结构，融资成本，融资风险方面的影响。研究发现，可转债发行一方面让公司资金压力得到了有效的缓解，战略转型有了更为充足的资金支持，同时融资成本和融资风险相比之前有明显降低；另一方面，资本结构得到了一定的优化，经济增加值有明显上升，公司财务基础的可持续发展水平得到了明显提升。 但是可转债发行对于公司经营能力的要求较高，因为在短期内可转债发行会导致公司股票的下降，尤其是在转股之后，原股东的权益将会被稀释，此时公司的股东权可能会随着股权的稀释被转移，此时如果公司存在经营不善的状况，那么此时可转债就很有可能被回售。所以可转债发行虽然对降低公司的融资成本以及融资风险有一定的好处，但是在实践过程中，上市公司还应综合考率除资本成本以外的融资带来的经济后果，在对各方面的均衡状态进行谨慎考虑之后，再选择如何利用可转债融资方式进行融资。 

      Financing management is the most important element of corporate financial management. At present, the financing constraints on traditional financing activities are getting bigger and bigger, and for modern enterprises, especially for listed companies, this financing method with big financing constraints is obviously no longer applicable. In recent years, more and more companies have started to adopt diversified financing methods to complete financing, such as the hybrid financing method with the attributes of bonds, options and stocks at the same time, which is popular among all listed companies. This paper selects Sany Heavy Industries as the case study object, analyzes its convertible bond issue, and further explores the relationship between this financing method and corporate market performance, financial performance, financing performance and financing results on this basis. It is hoped that this thesis study can provide effective reference for the issuance of convertible bonds of listed companies in China. This paper uses case study method to study. First, to examine the relevant literature on convertible bonds and to describe the feasibility of convertible bond financing methods, background, issuance, etc. Secondly, the paper summarizes the various aspects of the case study object and compares and analyzes the changes of Sany's economic situation before and after the use of convertible bonds. The study found that convertible bond issuance, on the one hand, has effectively alleviated the financial pressure of the company and made the strategic transformation more adequate At the same time, the financing cost and financing risk are significantly lower than before; on the other hand, the capital structure has been optimized, and the economic added value has increased significantly. The level of sustainable development of the company's financial base has been significantly improved. However, convertible bond issuance requires a high degree of business ability, because in the short term convertible bond issuance will lead to a decline in the