会计学院知识库

近年来，针对解决日益严重的气候问题，在“碳中和”以及国家政策支持的背景下，光伏产品的需求大幅增长，以隆基绿能为代表的光伏企业纷纷利用上市平台的优势，通过再融资来筹集大额资金以扩大产能。2017年，中国证监会颁布了再融资新规，加强限制了配股、增发以及非公开定向发行股票等多种融资方式。而将可转债的申购方式由资金申购改为信用申购，政策上给予倾斜，激励了试图通过发行可转债进行融资的公司。反向推动了我国可转债市场的迅速发展。2023年4月，股票发行注册制改革正式全面实施落地，股票发行注册制不仅涉及主板IPO新股发行审核机制改革，同时也促进了整个资本市场的改革。
基于此背景，本文选取隆基绿能作为案例研究对象。隆基绿能从2017年开始至2021年共计三次发行可转换公司债券，具有代表性和典型性。以相关理论研究作为基础，运用案例分析法，结合企业的实际经营情况，首先运用事件研究法对“隆20转债”公告的短期市场反应进行分析，再研究隆基绿能第二次可转债从发行到退市前后的偿债能力、盈利能力、营运能力、成长能力的变化情况，最后计算其经济增加值。结果表明“隆20转债”的发行成功地实现了短期和长期的资金需要，同时稳定了财务结构，且财务绩效方面的表现是积极的、正向的。
综合上述财务分析结果，针对拟通过发行可转债进行融资的公司提出以下建议：综合考量公司当前经营水平以及市场环境、投资者政策方面，选择合适的发行时机；对募集到的资金要最大程度的提升资金的使用效率，避免资金出现闲置浪费，将资金投到利于企业长期发展的项目之中，对资金的使用情况及时披露，提升投资者对企业的信心；在发行可转债之后，设计合理的转股条款，关注转股时机，并选择合适的时机转股，最大程度的提升企业的经济效益。

In recent years, in order to solve the increasingly serious climate problem, under the background of "carbon neutrality" and national policy support, the demand for photovoltaic products has increased significantly. Photovoltaic companies represented by Longji Green Energy have taken advantage of the advantages of listed platforms to raise large amounts of capital through refinancing to expand production capacity.It is worth noting that in 2017, the China Securities Regulatory Commission issued new regulations on refinancing, which strengthened restrictions on various financing methods such as rights issues, private placement, and private placement of stocks. The policy of changing the subscription method of convertible bonds from fund subscription to credit subscription has been tilted, which has incentivized companies attempting to raise funds through issuing convertible bonds. The reverse has driven the rapid development of China's convertible bond market. In April 2023, the reform of the stock issuance registration system was officially and comprehensively implemented. The stock issuance registration system not only involves the reform of the main board IPO new stock issuance review mechanism, but also promotes the reform of the entire capital market.

Based on this background, this article selects Longji Green Energy as the case study object. Longji Green Energy has issued convertible bonds three times from 2017 to 2021, which is representative and typical. Based on relevant theoretical research and using case analysis method, combined with the actual operational situation of the enterprise, the event study method is first used to analyze the short-term market response of the announcement of the "Long20 Convertible Bond". Then, the changes in the debt repayment ability, profitability, operational ability, and growth ability of Longji Green Energy's second convertible bond from issuance to delisting are studied, and finally, its economic value added is calculated. The results indicate that the issuance of "Long 20 Convertible Bonds" has successfully met short-term and long-term funding needs, while stabilizing the financial structure, and the financial performance is positive and positive.

Finally,based on the above financial analysis results, the following suggestions are proposed for companies planning to raise funds through the issuance of convertible bonds: taking into account the company's current operating level, market environment, and investor policies, choose an appropriate issuance timing; To maximize the efficiency of the use of funds raised, avoid idle and wasted funds, invest funds in projects that are conducive to the long-term development of the enterprise, timely disclose the use of funds, and enhance investor confidence in the enterprise; After issuing convertible bonds, design reasonable conversion terms, pay attention to the timing of conversion, and choose the appropriate timing to maximize the economic benefits of the enterprise.