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近年来随着国家降杠杆政策的密集出台，使得选择合理的负债规模和融资方式成为企业发展的关键所在。然而传统的融资方式存在着一定的局限性，在此情形下，满足一定条件可以核算为权益的永续债吸引了发行主体的目光，众多公司开始通过永续债来拓宽融资渠道、降低资产负债率以及补充流动资金。厦门国贸从2016年起发行永续债，融资期数多且发行规模大。基于以上背景，本文对厦门国贸永续债融资及效果进行研究，探索永续债融资的利与弊。

本文在梳理归纳相关文献的基础上，以资本结构、优序融资和信号传递等理论为依据，选择厦门国贸永续债融资为案例研究对象。首先，本文介绍了厦门国贸的基本情况，并根据融资背景分析其发行动机。然后，通过相关数据对其融资效果进行分析，主要围绕发行效果、财务分析、市场反应和潜在风险四方面展开。发行效果是对永续债、债务和股权三种不同融资方案进行比较；财务分析从偿债能力、债务结构和现金流三方面展开；之后是永续债融资的市场反应和潜在风险分析，为后文的建议作铺垫。最后，根据前文分析对厦门国贸永续债融资提出建议。

通过案例研究，发现厦门国贸发行永续债可以优化资本结构、提供资金以及优化债务比。但其发行后也给企业带来了一些不利影响，例如会侵蚀企业部分利润、带来到期赎回压力和政策风险等。因而本文在最后针对厦门国贸永续债融资的实情提出建议，发行主体需要合理设计融资条款、把握好永续债的发行时机、提高资金使用效率、选择恰当的时机赎回和密切关注政策变化情况，以期为后续通过永续债融资的同类企业提供借鉴，探寻永续债的良性发展之路。

In recent years, with the intensive introduction of leverage reduction policies, choosing a reasonable debt scale and financing channels is very important to the company's development. However, traditional financing methods have certain limitations. Under this circumstance, perpetual bonds that meet certain conditions and can be accounted for as equity have attracted the attention of issuers, and many companies have begun to use perpetual bonds to broaden financing channels, reduce asset-liability ratios, and replenish capital. Xiamen International Trade has issued perpetual bonds since 2016, with a large number of financing periods and a large scale of issuance. Based on the above background, this paper studies the financing and effects of Xiamen International Trade Perpetual Bonds, and explores the advantages and disadvantages of perpetual bond financing.

This paper sorts out and summarizes the relevant literature. Based on the theory of capital structure, priority financing and signal transmission, and selects Xiamen International Trade Perpetual Bond Financing as the case study object. First, this paper introduces the basic situation of Xiamen International Trade, and analyzes its issuance motives according to the financing background. Then, this paper analyzes its financing effect through relevant data, mainly focusing on four aspects: issuance effect, financial analysis, market reaction and potential risks. The effect of issuance is to compare three different methods of perpetual bond, debt and equity financing. Financial analysis is carried out from three aspects: solvency, debt structure and cash flow. Thirdly, the market reaction and potential risk analysis of perpetual bond financing pave the way for the following suggestions. Finally, according to the previous analysis, suggestions are put forward for Xiamen International Trade Perpetual Bond Financing.

Through case studies, it is found that the issuance of perpetual bonds by Xiamen International Trade can optimize the capital structure, provide funds and optimize the debt ratio. However, after its issuance, it has also brought some adverse effects to the company, such as eroding part of the company's profits, bringing pressure on maturity redemption and policy risks. Therefore, at the end of this paper, we put forward suggestions for the actual situation of Xiamen International Trade Perpetual Bond Financing. The issuer needs to design financing terms reasonably, grasp the timing of perpetual bond issuance, improve the efficiency of capital use, choose the right time to redeem and pay close attention to policy changes. Provide reference for companies that will finance perpetual bonds in the future, and explore the healthy development path of perpetual bonds.