投资银行优化企业资本结构问题研究
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摘要
中国企业的资本结构长期以来得不到优化，一个很重要的原因是我国的投资银行在资本市场中没有很好地发挥优化企业资本结构的功能。从我国目前的情况看，国际大型投资银行优化我国企业资本结构的财务运作越来越普遍，运作方式也在不断创新。如何借鉴国际投资银行的财务运作，推动我国投资银行的发展，已成为我国经济发展中一个急迫的问题。
本文共分为五章。第一章对投资银行的定位作了一个简单的综述，并从财务的角度阐述了研究投资银行优化企业资本结构的意义。第二章通过对投资银行进行的财务学理论分析，指出了我国投资银行的未来发展路径。第三章主要是用财权流的观点去研究了投资银行与企业资本结构的关系。同时通过对国际大型投资银行在我国资本运作方式的分析，为我国投资银行业优化企业资本结构提供了宝贵的借鉴。第四章通过对投资银行在企业资本结构优化中的具体运作方式展开深入研究，详细探讨了不良资产、债转股和国有股减持问题。第五章则对资产证券化这一新兴投资银行业务进行了详细研究，最后提出了在我国实施投资银行优化企业资本结构的可行性方式。
Capital structure of company has not been optimized for a long time in China. A very important reason is the development of investment bank in China. According to the current major phenomenon. Lying in optimizing capital structure, international investment banks are playing a more and more important role in China. We must make rapid progress in developing investment bank of China in terms of financial operation of international investment banks. It becomes an urgent problem in economic development of China.
The thesis consists of five chapters, and it is organized as follows. In chapterl I discuss the status of investment bank in economic development, point out the purpose of studying the investment bank optimizing capital structure of company in the view of finance. In chapter2 I analyze the finance theory of investment bank, point out the future developing method of investment bank of China. In chapter3 I research the relationship between investment bank and capital structure of company from the view of financial rights flowing. I pointed out the important experience that investment bank of China should study according to the analysis of capital operation of international ' investment bank in China. In charpter4, by analyzing all kinds of financial operations of optimizing capital structure, I make detailed research for debt-for-equity, the non-performing loan and the state-owned shares. In chapters, I research the non-performing loan securitization as a new financial operation in details. At last, some feasible suggestion is given about the application of financial operation of investment bank in optimizing capital structure.
本文共分为五章。第一章对投资银行的定位作了一个简单的综述，并从财务的角度阐述了研究投资银行优化企业资本结构的意义。第二章通过对投资银行进行的财务学理论分析，指出了我国投资银行的未来发展路径。第三章主要是用财权流的观点去研究了投资银行与企业资本结构的关系。同时通过对国际大型投资银行在我国资本运作方式的分析，为我国投资银行业优化企业资本结构提供了宝贵的借鉴。第四章通过对投资银行在企业资本结构优化中的具体运作方式展开深入研究，详细探讨了不良资产、债转股和国有股减持问题。第五章则对资产证券化这一新兴投资银行业务进行了详细研究，最后提出了在我国实施投资银行优化企业资本结构的可行性方式。
Capital structure of company has not been optimized for a long time in China. A very important reason is the development of investment bank in China. According to the current major phenomenon. Lying in optimizing capital structure, international investment banks are playing a more and more important role in China. We must make rapid progress in developing investment bank of China in terms of financial operation of international investment banks. It becomes an urgent problem in economic development of China.
The thesis consists of five chapters, and it is organized as follows. In chapterl I discuss the status of investment bank in economic development, point out the purpose of studying the investment bank optimizing capital structure of company in the view of finance. In chapter2 I analyze the finance theory of investment bank, point out the future developing method of investment bank of China. In chapter3 I research the relationship between investment bank and capital structure of company from the view of financial rights flowing. I pointed out the important experience that investment bank of China should study according to the analysis of capital operation of international ' investment bank in China. In charpter4, by analyzing all kinds of financial operations of optimizing capital structure, I make detailed research for debt-for-equity, the non-performing loan and the state-owned shares. In chapters, I research the non-performing loan securitization as a new financial operation in details. At last, some feasible suggestion is given about the application of financial operation of investment bank in optimizing capital structure.
引文
[1] 范学俊．投资银行．第一版．上海：立信会计出版社，2000
[2] 于研，金文忠．现代投资银行．第一版．上海：上海财经大学出版社，1995
[3] 陈云贤．投资银行论．第一版．北京：北京大学出版社，1995
[4] 张维迎．企业理论与中国企业改革．第一版．北京：北京大学出版社，1999
[5] 赵炳贤．资本营运论——兼谈投资银行家在中国的角色．第一版．北京：企业管理出版社，1996
[6] 黄亚钧．现代投资银行业务和经营．第一版．上海：立信会计出版社，1996
[7] 何进日．财务管理．第一版．北京：西南财经大学出版社，2002
[8] Lau, Lawrence. Strengthening the banking system in China: issues and experience. BIS Policy Papers, 1999 (10): 59～89
[9] Basel Committee on Banking Supervision. International convergence of capital measurement and capital standards. Basel Committee Publication No 4, 1988(7): 45～98
[10] 胡志斌．控股式并购．新财富．2003(5)：26～27
[11] 罗旭．我国投资银行的发展现状及其存在的问题．上海投资，1996(11)：23～24
[12] 伍中信．现代财务经济导论——产权、信息与社会资本分析．第一版．上海：立信会计出版社，1999
[13] (美)Y．巴泽尔著．产权的经济分析．费方域，段毅才译．第一版．上海：上海人民出版社，2002
[14] Keasey, Kevin, Wright. Issues in corporate accountability and the governance. Accounting & Business Research, 1993, 23 (6): 291～303
[15] 青木昌彦，钱颖一．转轨经济中的公司治理结构．第一版．北京：中国经济出版社，1995
[16] Tricker R I. Corporate Governance. 1st edition. New York: Gower Publishing Company Limited, 1984
[17] Jensen M, W Mecking. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 1976, 3 (5): 305～360
[18] Alchian, Armen, Demsetz. Production, Information Cost and Economic
Organization. American Economic Review, 1972, 62 (3): 777～795
[19] 刘诗白．产权新论．第一版．成都：西南财经大学出版社，1995
[20] 刘贵生，万虎高．再论资产管理公司的市场定位．金融理论与实践，2003(3)：45～47
[21] 文学，郝君富．金融资产管理公司经营与财务目标．经济世界．2003(7)：84～85
[22] 王娴．投资银行业务与管理．第一版．北京：中国对外经济贸易出版社，1996
[23] 王明夫．纵谈我国的投资银行并购业务．证券市场报导，1995(11)：11～12
[24] 孙波，刘世汉．金融资产管理公司的市场定位及其业务创新——兼论加入WTO之后金融资产管理公司的生存和发展．财经问题研究，2000(10)：19～22
[25] 文学，陈丽．完善我国上市公司收购制度的法律思考．时代财会，2003(8)：31～34
[26] 张志柏，俞自由，李松涛．金融资产管理公司发展成投资银行的基本思路．金融论坛，2001(9)：14～18
[27] Guonan Ma, Ben S C Fung. China's asset management corporations. BIS Working Papers, 2002 (8): 2～21
[28] Lindgren, Carl-Johan, Tomas J T Balino. Financial sector crisis and Restructuring: lessons from Asia. IMF Occasional Paper, 1999 (5): 123～158
[29] 朱金叶．中国资产管理公司金融工具配置．第一版．武汉：武汉大学出版社，2002
[30] Mo, YK. A review of recent banking reforms in China. BIS Policy Papers, 1999 (10): 90～109
[31] Robert Lawrence Kuhn. Investment Banking: The Art and Science of High-Stakes Dealmaking. New York: Harper & Row, 1990
[32] 人行南昌中支银行处课题组．规范企业改制行为加强金融债权管理．金融与经济，2001(5)：53～56
[33] 李心合．论现代企业财会治理结构．会计研究，1996(8)：38～40
[34] 冯巧根．财务范式新论．第一版．上海：立信会计出版社，2000
[35] 干胜道．所有者财务论．第一版．成都：西南财经大学出版社，1998
[36] 周小川．重组与再生——化解银行不良资产的国际经验．第一版．北京：中
国金融出版社，1996
[37] Claessens, Stijn, Daniel Klingebiel. Financial restructuring in banking and corporate sector crises: what policy to pursue?. World Bank Working Paper,1998 (4): 23～65
[38] John Henderson, Jonathan P Scott. Securitization. 1st edition. New York: New York Institute of Finance, 1998
[39] Phillip L Zweig. The Asset Securitization Handbook. 1st edition. New York: Dow Jones-Irwin, 1989
[40] 王开国．资产证券化论．第一版．上海：上海财经大学出版社，1999
[41] 阳志勇．对资产管理公司运用证券化手段的思考．改革与战略，1999(5)：59～62
[42] 王松奇．中国向不良资产宣战．第一版．北京：中国经济出版社，2000
[43] 齐观义．资产管理公司运作中资产证券化技术的运用——处理银行不良资产的理想选择．农村金融研究，1999(10)：28～30
[44] Kevin J Stiiroh. How did bank holding companies prosper in the 1990s?. Journal of Banking & Finance, 2000, 24 (3): 1703～1745
[45] 张超英．翟祥辉．资产证券化．第一版．北京：经济科学出版社，1998
[46] 龚光和．资本市场中的商人银行．第一版．北京：中国金融出版社，1995
[47] Hart Oliver. Corporate governance: Some theory and implications, Economic. The Journal of the Royal Economic Society, 1995, 105 (5): 628～689
[48] Hart O, B Homstrom. The Theory of Contracts. 1st edition. London: Cambridge University Press, 1987
[49] Monks Robert A G, Nell Minow. Watching the watchers: Corporate Governance in the 21st Century, 1st edition. New York: Blackwell Publishers, 1996
[50] Moon Christopher J, Mike Otley. Governance in the Asia Pacific Region: Mechanism for Reconciling Stakeholder Interest. Euro-Asia Journal of Management, 1997, 12 (1): 310～368
[2] 于研，金文忠．现代投资银行．第一版．上海：上海财经大学出版社，1995
[3] 陈云贤．投资银行论．第一版．北京：北京大学出版社，1995
[4] 张维迎．企业理论与中国企业改革．第一版．北京：北京大学出版社，1999
[5] 赵炳贤．资本营运论——兼谈投资银行家在中国的角色．第一版．北京：企业管理出版社，1996
[6] 黄亚钧．现代投资银行业务和经营．第一版．上海：立信会计出版社，1996
[7] 何进日．财务管理．第一版．北京：西南财经大学出版社，2002
[8] Lau, Lawrence. Strengthening the banking system in China: issues and experience. BIS Policy Papers, 1999 (10): 59～89
[9] Basel Committee on Banking Supervision. International convergence of capital measurement and capital standards. Basel Committee Publication No 4, 1988(7): 45～98
[10] 胡志斌．控股式并购．新财富．2003(5)：26～27
[11] 罗旭．我国投资银行的发展现状及其存在的问题．上海投资，1996(11)：23～24
[12] 伍中信．现代财务经济导论——产权、信息与社会资本分析．第一版．上海：立信会计出版社，1999
[13] (美)Y．巴泽尔著．产权的经济分析．费方域，段毅才译．第一版．上海：上海人民出版社，2002
[14] Keasey, Kevin, Wright. Issues in corporate accountability and the governance. Accounting & Business Research, 1993, 23 (6): 291～303
[15] 青木昌彦，钱颖一．转轨经济中的公司治理结构．第一版．北京：中国经济出版社，1995
[16] Tricker R I. Corporate Governance. 1st edition. New York: Gower Publishing Company Limited, 1984
[17] Jensen M, W Mecking. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 1976, 3 (5): 305～360
[18] Alchian, Armen, Demsetz. Production, Information Cost and Economic
Organization. American Economic Review, 1972, 62 (3): 777～795
[19] 刘诗白．产权新论．第一版．成都：西南财经大学出版社，1995
[20] 刘贵生，万虎高．再论资产管理公司的市场定位．金融理论与实践，2003(3)：45～47
[21] 文学，郝君富．金融资产管理公司经营与财务目标．经济世界．2003(7)：84～85
[22] 王娴．投资银行业务与管理．第一版．北京：中国对外经济贸易出版社，1996
[23] 王明夫．纵谈我国的投资银行并购业务．证券市场报导，1995(11)：11～12
[24] 孙波，刘世汉．金融资产管理公司的市场定位及其业务创新——兼论加入WTO之后金融资产管理公司的生存和发展．财经问题研究，2000(10)：19～22
[25] 文学，陈丽．完善我国上市公司收购制度的法律思考．时代财会，2003(8)：31～34
[26] 张志柏，俞自由，李松涛．金融资产管理公司发展成投资银行的基本思路．金融论坛，2001(9)：14～18
[27] Guonan Ma, Ben S C Fung. China's asset management corporations. BIS Working Papers, 2002 (8): 2～21
[28] Lindgren, Carl-Johan, Tomas J T Balino. Financial sector crisis and Restructuring: lessons from Asia. IMF Occasional Paper, 1999 (5): 123～158
[29] 朱金叶．中国资产管理公司金融工具配置．第一版．武汉：武汉大学出版社，2002
[30] Mo, YK. A review of recent banking reforms in China. BIS Policy Papers, 1999 (10): 90～109
[31] Robert Lawrence Kuhn. Investment Banking: The Art and Science of High-Stakes Dealmaking. New York: Harper & Row, 1990
[32] 人行南昌中支银行处课题组．规范企业改制行为加强金融债权管理．金融与经济，2001(5)：53～56
[33] 李心合．论现代企业财会治理结构．会计研究，1996(8)：38～40
[34] 冯巧根．财务范式新论．第一版．上海：立信会计出版社，2000
[35] 干胜道．所有者财务论．第一版．成都：西南财经大学出版社，1998
[36] 周小川．重组与再生——化解银行不良资产的国际经验．第一版．北京：中
国金融出版社，1996
[37] Claessens, Stijn, Daniel Klingebiel. Financial restructuring in banking and corporate sector crises: what policy to pursue?. World Bank Working Paper,1998 (4): 23～65
[38] John Henderson, Jonathan P Scott. Securitization. 1st edition. New York: New York Institute of Finance, 1998
[39] Phillip L Zweig. The Asset Securitization Handbook. 1st edition. New York: Dow Jones-Irwin, 1989
[40] 王开国．资产证券化论．第一版．上海：上海财经大学出版社，1999
[41] 阳志勇．对资产管理公司运用证券化手段的思考．改革与战略，1999(5)：59～62
[42] 王松奇．中国向不良资产宣战．第一版．北京：中国经济出版社，2000
[43] 齐观义．资产管理公司运作中资产证券化技术的运用——处理银行不良资产的理想选择．农村金融研究，1999(10)：28～30
[44] Kevin J Stiiroh. How did bank holding companies prosper in the 1990s?. Journal of Banking & Finance, 2000, 24 (3): 1703～1745
[45] 张超英．翟祥辉．资产证券化．第一版．北京：经济科学出版社，1998
[46] 龚光和．资本市场中的商人银行．第一版．北京：中国金融出版社，1995
[47] Hart Oliver. Corporate governance: Some theory and implications, Economic. The Journal of the Royal Economic Society, 1995, 105 (5): 628～689
[48] Hart O, B Homstrom. The Theory of Contracts. 1st edition. London: Cambridge University Press, 1987
[49] Monks Robert A G, Nell Minow. Watching the watchers: Corporate Governance in the 21st Century, 1st edition. New York: Blackwell Publishers, 1996
[50] Moon Christopher J, Mike Otley. Governance in the Asia Pacific Region: Mechanism for Reconciling Stakeholder Interest. Euro-Asia Journal of Management, 1997, 12 (1): 310～368