本文以我国证券市场首个推出优先股发行方案，同时也是首个获
得证监会发行核准后终止发行优先股，转为定向增发的上市公司——
广汇能源作为研究对象，深入分析广汇能源推出优先股发行方案而后
放弃转为定向增发的全过程，从战略层面、财务层面及政策层面的不
同视角对广汇能源为何放弃优先股的发行而改为定向增发股票融资
的动因进行深入探究。通过案例分析，分析我国上市公司采用优先股
融资需要考虑的因素及其对普通股股价的影响，为其他上市公司发行
优先股和增发股票融资提供有益的启示
本文的研究结论是：第一，虽然优先股本身具有较多优点，但是
在中国大背景下发行优先股受到各种条件和环境的制约，暂时不可能
成为大多数上市公司的融资手段。所以，广汇能源放弃优先股发行方
案转而选择普通股是明智且正确的。第二，上市公司选择优先股融资
还是定向增发股票融资，应当考虑公司的资本成本、盈利能力、财务
成本和发展能力等因素。第三，政府应当完善上市公司再融资政策，
适当降低优先股的准入门槛，鼓励更多上市公司发行优先股融资，同
时严格限制上市公司定向增发等股权再融资行为
关键词：优先股，定向增发，广汇能源，财务影响
论文类型：案例分析II
The Case Analysis Of Guanghui
Energy Financing Decision
ABSTRACT
With the successive introduction of the Guidance Opinion of the State Council on
Preferred StockPilot and the Provision for Preferred Stock Pilot, finally there are legal
bases for Chinese listed companies issuing the preferred stocks. It arouses the boom
of preferred stock in Chinese capital market since then. However, due to the short
history and limited experience, the theoretical analyses on the preferred stock seem
deficient. As the first listed company that had been approved and issued the preferred
stock, GUANGHUI ENERGY Co.,Ltd (600256), is also the first that abandoned it
and moved to directed additional. The bizarre twist has drawn huge attention by
market and could have good value of theoretical research.
The report is an in-depth study on GUANGHUI ENERGY, which is the first A-share
listed Chinese company that emerged the issuance plan of preferred stock, obtained
the approval from CSRC , then abolished it finally for directional add-issuance.
Through digging into the whole process of transition , the report will tentatively offer
an explanation for its behavior from strategic, financial and policy level. Aiming to
offer helpful inspirations for the listed companies whether financing by preferred
stock or add-issuance, the report will analyze what factors should be considered when
the listed companies use preferred stock financing and the influence to common share
price by the GUANGHUI ENERGY case.
The conclusion of the report : Firstly, although it comes with lot of advantages, the
preferred stock can hardly be issued for financing to the majority of listed companies
due to the restriction of various conditions and circumstances in the context of China.
Thus it is wise and correct for GUANGHUI ENERGY that changing the issuance plan
of preferred stock to add-issuance. Secondly, the listed companies should take into
account the cost of capital, profitability, financial cost and development capacity when
choosing whether preferred stock or add-issuance for financing. Thirdly, the
government should improvethe refinancing policy of listed companies, reduce the
access threshold of preferred stock appropriately and encourage more listed
companies to issue preferred stock financing.Meanwhile strictly restrict the private
placement and other irrational SEO behaviors of listed
KEY WORDS:Preferred Stock；Private Equity Placements；Guanghui Energy；
Financial influence
TYPE OF DISSERTATION / THESIS: Case StudyIII
目 录
1 绪论 1
1.1 选题的背景和意义....1
1.2 研究内容和论文框架..3
1.3 研究方法4
1.4 可能的创新点........5
2 概念、理论与文献综述.........6
2.1 优先股与定向增发概述6
2.1.1 优先股概述..........6
2.1.2 定向增发概述......8
2.2 相关理论9
2.2.1 融资优序理论......9
2.2.2 财务杠杆理论....10
2.2.3 每股收益无差别点理论11
2.2.4 其他理论12
2.3 国内外学者关于优先股融资的文献综述.........13
2.3.1 国内优先股的研究........13
2.3.2 境外优先股的研究........15
2.4 国内外学者关于定向增发融资的文献综述.......17
2.4.1 国内定向增发的研究....17
2.4.2 境外定向增发的研究....17
3 广汇能源融资背景分析........20
3.1 广汇能源公司简介...20
3.2 广汇能源基本财务状况简析.......21
3.2.1 资本结构情况....21
3.2.2 盈利能力情况....22
3.2.3 发展能力情况....23
3.3 融资需求分析.......24
4 广汇能源优先股与定向增发融资方案的比较分析 ..........26
4.1 优先股方案介绍.....26
4.2 定向增发方案介绍...27
4.3 优先股和定向增发两种融资方案的优劣分析.....27
4.3.1 两种融资方案的差异....27IV
4.3.2 两种融资方案资本成本的比较28
4.3.3 对公司资本结构和股权结构影响的比较........29
4.3.4 对公司盈利能力影响的比较....31
5 广汇能源弃优先股从定向增发的动因分析 ....33
5.1 宏观层面的原因.....33
5.2 微观层面的原因.....34
5.2.1 发展战略层面的原因....34
5.2.2 财务层面的原因34
6 案例启示........36
6.1 对上市公司融资方案选择的启示...36
6.2 对上市公司利用优先股融资的启示.36
6.3 对政府监管部门完善相关制度的建议...........37
6.3.1 对完善优先股相关制度的建议37
6.3.2 对完善定向增发相关制度的建议.........38
参考文献 .........39
附 录 41
致 谢 48V
图、表目录
图 1.1 论文的研究框架图4
图 2.1 每股盈余无差别点分析图..........12
表 2.1 已发布优先股发行方案的上市公司基本信息表7
表 3.1 广汇能源前十大股东情况表......21
表 3.2 2011-2015 年广汇能源资产负债率 ........22
表 3.3 2011-2015 年广汇能源财务杠杆计算表 ....
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