本科论文摘要永续债是没有固定到期日的债券，但需要在约定期限内支付利息，且具有权益和债券的双重属性。在符合一定的划分规定时，永续债可以计入权益，从而在融得资金的同时起到降低资产负债率的作用，因此受到房地产行业的推崇。房地产行业前期需要投入大量的资金，产品开发周期相对较长，且行业整体负债率较高。当永续债计入权益时，永续债不仅可以融得资金还可以降低公司的资产负债率，因而十分契合房地产企业的需求。因此，永续债自2013年进入我国融资市场后，在国内房地产行业发展尤为迅速。本文以房地产行业中发行永续债规模最大的首开股分公司为案例，对其发行永续债的融资效果和融资风险进行了研究和分析。关键字：永续债，融资效果，融资风险，首开股份本科论文AbstractPerpetualbondisakindofbondwhichhasnomaturitydate,andhasthedualattributesofequityandbond,buttheneedsforregularinterestpayments.Inlinewiththespecificprovisionsofthedivision,perpetualdebtcanbeincludedintheequity,soastoreducetheasset-liabilityratiowhileraisingfunds.Therefore,itishighlypraisedbytherealestateindustry.Therealestateindustryneedstoinvestalotofcapitalintheearlystage,thecompany'sproductdevelopmentcycleisrelativelylong,andtheindustry'soveralldebtratioishigh.Whenperpetualdebtisincludedinequity,itcannotonlyraisemoneybutalsoreducetheasset-liabilityratioofthecompany.Therefore,itisveryconsistentwiththeneedsofrealestateenterprises.SinceenteringthefinancingmarketofChinain2013,perpetualbondshavedevelopedparticularlyrapidlyinthedomesticrealestateindustry.ThispaperstudiesandanalyzesthefinancingeffectandfinancingriskoftheSHOKAICO.,LTD,whichwiththelargestscaleofissuingperpetualbondsintherealestateindustry.Keywords:Perpetualdebt,financingeffect,financingrisk,SHOKAICO.,LTD本科论文目录前言...........................................................................................................................................11综述.........................................................................................................................................21.1研究目的.....................................................................................................................21.2研究意义.....................................................................................................................21.3国内外研究现状.........................................................................................................21.3.1国外研究现状.................................................................................................21.3.2国内研究现状.................................................................................................31.4研究内容.....................................................................................................................32永续债特征和发行现状.........................................................................................................52.1永续债.........................................................................................................................52.2永续债的特点.............................................................................................................52.2.1永续债的续期选择权.....................................................................................52.2.2永续债的票面利率调整.................................................................................52.2.3永续债可延迟支付利息............................................................
