摘要 永续债属于到期时间不明确的有价债券，这意味着债权人能够定期获得利息，只 要没到期，就可以一直领取利息。一定程度上，永续债既属于权益资本，也可以被视 作为债务资本，具备股票和债券的双重属性。近年来，我国企业融资贵、融资难的现 象不断频发，企业融资问题已成为制约企业发展的重要因素，究其原因，主要有两方 面：一方面，从企业外部因素分析，现阶段受经济形势不景气的影响，银行为降低不 良贷款率，进一步减少了信贷规模，而且由于股市震荡频发，债券市场在我国还不成 熟等一系列因素，使得我国融资环境愈发严峻，造成企业融资渠道不顺畅的现状；另 一方面，基于企业自身分析，受管理者利益驱使，大部分企业在经营发展过程中不断 加大杠杆，提升企业财务风险，背离了企业价值最大化的财务管理目标同时，还使得 企业资产负债率不断攀升，造成了大部分企业资本结构不合理，最终导致企业的再融 资行为受到严重制约。 面对融资难困境，永续债就此面世，作为金融市场的新型融资工具，永续债不但 能够在不占用银行信贷规模的基础上拓展业务，创造利润；而且可以在不受资产负债 率影响的情况下缓解企业资金紧张问题，有效优化企业资本结构。不过，企业在发行 永续债的过程中，也给企业带来一定的潜在风险。本文运用文献分析、案例分析等方 法，展开兖州煤业集团永续债的风险控制研究，主要分为六大部分：第一部分为导论， 分析了永续债当前面临的主要问题，以及发展概况，并基于大量文献分析的基础上， 展开国内外永续债研究的综述；第二部分为理论依据，针对企业会计准则中的资产、 负债，以及永续债的会计计量与会计处理进行系统的分析；第三部分为兖州煤业集团 永续债融资财务风险识别，基于兖州煤业集团永续债发行报表分析的基础上，展开兖 州煤业集团永续债发行合约设置风险识别与发行人主观风险识别两方面的探索；第四 部分为兖州煤业集团永续债融资财务风险评价分析，基于兖州煤业集团永续债发行前 后财务状况比较评价与永续债发行合约条款设置评价分析的基础上，阐述兖州煤业集 团永续债融资风险产生的原因；第五部分为永续债融资财务风险控制措施，此次提出 的措施为重视人员培训避免操纵行为、限制永续债融资规模、设置永续债融资利率跳 升机制、审核及披露永续债融资财务报表；第六部分为结论，分析兖州煤业集团永续 债的应用前景及未来展望。通过兖州煤业集团永续债的风险控制分析, 本文总结了现阶 段企业发行永续债的优势，以及永续债实务应用过程中急需要解决的一系列问题，提 出相应策略，对于我国其他企业利用永续债展开融资提供一些借鉴。 I西北农林科技大学硕士学位论文 关键词：永续债；融资；财务风险：动因；风险控制 IIABSTRACT ABSTRACT Perpetual bonds are valuable bonds with uncertain maturity, which means that creditors can get interest on a regular basis, as long as they are not due, they can always get interest. To some extent, perpetual debt is not only equity capital, but also can be regarded as debt capital, with the dual attributes of stocks and bonds. In recent years, the phenomenon of expensive and difficult financing of enterprises in our country has been frequent. The problem of enterprise financing has become an important factor restricting the development of enterprises. The main reasons are as follows: on the one hand, from the analysis of external factors of enterprises, affected by the economic situation at this stage, in order to reduce the rate of non-performing loans, banks have further reduced the scale of credit, and because of the frequent stock market shocks A series of factors, such as the immature bond market in our country, make the financing environment of our country more and more severe, which results in the current situation that the financing channels of enterprises are not smooth; on the other hand, based on the analysis of enterprises themselves, driven by the interests of managers, most enterprises constantly increase leverage in the process of operation and development, improve the financial risks of enterprises, and deviate from the financial management goal of maximizing enterprise value At the same time, it also makes the asset liability ratio of enterprises keep rising, resulting in the unreasonable capital structure of most enterprises, and finally the Refinancing Behavior of enterprises is seriously restricted. In the face of financing difficulties, perpetual bonds have come into being. As a new financing tool in the financial market, perpetual bonds can not only expand business and create profits on the basis of not occupying the bank credit scale, but also relieve the enterprise's capital shortage and effectively optimize the enterprise's capital structure without being affected by the asset liability ratio. However, in the process of issuing perpetual bonds, enterprises also bring some potential risks. This paper uses literature analysis, case analysis and other methods to carry out the risk control research of Yanzhou coal industry sustainable debt, problems faced by sustainable debt at present, as well as the general situation of its development, and based on a large number of literature analysis, to carry out a review of the research of sustainable debt at home and abroad; the second part is ncial risk identification of Yanzhou coal industry sustainable bond financing. Based on the analysis of Yanzhou coal III西北农林科技大学硕士学位论文 industry sustainable bond issuance report, the paper explores the risk identification of Yanzhou coal industry sustainable bond issuance contract and the issuer's subjective risk identification. The fourth part is the financial risk identification of Yanzhou coal industry sustainable bond issuance contract In order to evaluate and analyze the financial risk of the sustainable bond financing of Yanzhou coal industry, based on the comparative evaluation of the financial situation before and after the issuance of the sustainable bond of Yanzhou Coal Industry and the evaluation and analysis of the setting of the contract terms for the issuance of the sustainable bond, this paper expounds the causes of the financing risk of the sustainable bond of Yanzhou coal industry; the fifth part is the financial risk control measures of the sustainable bond financing, the measures proposed in this paper are to pay attention to personnel training and avoid operation The sixth part is the conclusion, which analyzes the application prospect and future prospect of Yanzhou coal industry's sustainable debt. Through the risk control analysis of Yanzhou coal industry's perpetual bonds, this paper summarizes the advantages of issuing perpetual bonds at this stage, and a series of problems that need to be solved urgently in the practical application of perpetual bonds, and puts forward corresponding strategies, which can provide some reference for other enterprises in China to use perpetual bonds for financing. KEY WORDS: Perpetual debt; Financing; Financial risk; Motivation; Risk Control IV目录 目录 摘要...............I ABSTRACT .............................. III 第一章 导论.............................1 1.1 研究背景 ....................... 1 1.1.1 永续债发展概况 . 1 1.1.2 永续债当前面临的主要问题 ............ 1 1.2 研究意义 ....................... 3 1.2.1 理论意义 ............. 3 1.2.2 实践意义 ............. 3 1.3 国内外研究综述 ........... 4 1.3.1 国外研究综述 ..... 4 1.3.2 国内研究综述 ..... 5 1.3.3 简要评述 ............. 7 1.4 研究思路与方法 ........... 8 1.4.1 研究思路 ............. 8 1.4.2 主要内容 ............. 8 1.4.3 研究方法 ............. 8 第二章 相关理论依据...........10 2.1 企业会计准则中资产 . 10 2.1.1 资产的定义 ....... 10 2.1.2 资产的计量 ....... 10 2.2 企业会计准则中负债 . 11 2.1.1 负债的定义 ....... 11 2.1.2 负债的计量 ....... 11 2.3 永续债的会计计量 ..... 12 2.3.1 永续债界定 ....... 12 2.3.2 永续债的合同条款界定 .................. 12 2.3.3 永续债的会计处理 .......................... 12 2.4 风险管理理论 ............. 14 2.4.1 风险及风险管理的概念 .................. 14 I西北农林科技大学硕士学位论文 2.4.2 风险管理的程序 .............................. 14 第三章 兖州煤业集团永续债融资财务风险识别.............................16 3.1 兖州煤业集团概述 ..... 16 3.2 兖州煤业集团永续债融资风险产生的原因 ........................... 16 3.2.1 发行人主观方面 .............................. 16 3.2.2 发行人面对的客观环境方面 .......... 17 3.3 兖州煤业集团 2015-2019 年财务报表分析............................ 17 3.3.1 资产负债率 ....... 18 3.3.2 现金流 ............... 19 3.4 兖州煤业集团发行永续债融资动机分析 20 3.4.1 拓宽集团融资渠道，保障企业发展 ............................. 20 3.4.2 降低企业短期负债比率，促进企业再融资能力不断提升 ........................ 20 3.4.3 优化资本结构，调整集团现金流 .. 21 3.5 兖州煤业集团永续债融资分析 ................ 21 3.6 兖州煤业集团永续债发行风险识别 ........ 23 3.6.1 内部风险识别 ... 23 3.6.2 外部风险识别 ... 24 第四章 兖州煤业集团永续债融资财务风险评价分析.....................25 4.1 兖州煤业集团永续债发行前后财务状况比较评价分析 ....... 25 4.1.1 偿债能力波动分析 .......................... 25 4.1.2 盈利能力波动分析 .......................... 26 4.1.3 营运能力波动分析 .......................... 28 4.1.4 发展能力波动分析 .......................... 29 4.2 兖州煤业集团永续债发行合约条款设置评价分析 ............... 30 4.2.1 计入权益核算 ... 30 4.2.2 期限设置分析 ... 31 4.2.3 利率跳升机制分析 .......................... 31 4.2.4 限制性条款设置分析 ...................... 31 4.2.5 发行主体与担保分析 ...................... 31 第五章 永续债融资财务风险控制措施..............32 5.1 重视人员培训 ............. 32 5.1.1 从思想认识性方面提升 .................. 32 5.1.2 从专业素养方面规避 ...................... 32 II目录 5.1.3 加强惩罚措施 ... 32 5.2 永续债融资企业加强经营管理 ................ 32 5.2.1 加强企业财务管理制度的建立健全和完善 ................. 32 5.2.2 对永续债融资企业法律法规及内控制度的建立和完善 ............................ 33 5.2.3 严惩永续债发行企业的报表舞弊行为 ......................... 33 5.3 设置合理的永续债条款限制 .................... 33 5.3.1 设置合理的债券发行规模 .............. 33 5.3.2 设置合理的债券期限 ...................... 33 5.3.3 设置科学的递延付息条款 .............. 34 第六章 结论与展望...............35 6.1 结论 ............................. 35 6.2 展望 ............................. 35