我国的企业债券自1984年以来，经历了将近40年的发展和改革。在发展之初， 企业债券只是部分公司自发地向内部员工或者社会募集资金，但发行数量和发行 范围都非常有限，直到1987年，国内才开始推行《企业债券管理暂行条例》从法 律的视角针对企业债券加以集中的规范。近年来，我国金融领域持续推行简政放 权，监管部门出台了一系列举措，大幅精简审批备案事项，优化审批备案流程， 提高监管透明度。 通过郑州A投资集团企业债券发行的案例，介绍郑州A投资集团的概况、历 史沿革、运营情况、财务情况和发债细节，同时结合郑州A投资集团所在房地产 行业特点、融资背景及郑州房地产的现状，着重分析A公司公开发行企业债的财 务状况、业务状况与融资优势，随后分析该企业的偿债保障措施和该企业债存在 的风险，最后引出对企业债现有存在问题的思考和建议以及在新形势、新政策下 中国企业债券的发展趋势和需要解决的问题。论文对该企业债存在问题的解决建 议包括增强企业资金管理、实现融资形式多元化和有效规避各种风险等；对中国 债券市场未来的发展提出应鼓励债券品种创新、提升市场有效性和打破刚性兑付 等。论文在新环境下分析企业债，为郑州A投资集团提供了债券风险的规避方案， 对中国企业债券市场存在的问题提出了政策层面的建议，具有可操作性和参考价 值。 关键词：郑州A投资集团，企业债，债券分析，案例研究 II Abstract Tracing the development of corporate bonds in China, it has gone through more than 30 years of development and reform since 1984.At the beginning of the development, corporate bonds is only for some companies spontaneously to raise money from their internal staff or society publicly, but the issue numbers and issuance scope is very limited, until 1987, our country has issued a "corporate bonds management provisional regulations”which uniformed the laws and regulations for corporate bonds .In recent years, China has continued to streamline administration and delegate power to the lower levels in the financial sector, and the regulatory authorities have introduced a series of measures to significantly streamline the approving and filing items, optimize the approving and filing process, and improve the transparency of supervision. Through the case of corporate bond issuance of Zhengzhou A investment group, the thesis introduces the overview，historical evolution ， operation situation, financial situation of Zhengzhou A investment group and the details of the bond, at the same time combined with the real estate industry characteristics, the background and the present situation of zhengzhou real estate financing, the thesis emphatically analyzes the financial situation，company business situation and financing advantages of the public issuance of the corporate bonds, then analyzes the repayment guarantee measures of the enterprise and the corporate risk, finally leads to the thinking of corporate bond’s existing problems and advices as well as in the new situation, the developing trend of Chinese corporate bonds and the problems need to solve under the new policy . The thesis proposes to solve the existing problems of the corporate bond, including strengthening the enterprise capital management, realizing the diversification of financing forms and effectively avoiding various risks. It is suggested that the future development of China's bond market should encourage the innovation of III bond varieties, improve the market efficiency and break the rigid payment. This thesis analyzes corporate bonds in the new environment, provides a bond risk avoidance scheme for Zhengzhou A investment group, and puts forward policy suggestions for the existing problems in China's corporate bond market, which are of operability and reference value. Key words: Zhengzhou A investment group, corporate bond, bond analysis, case study IV 目 录 第一章 绪论 .............................................................................................. 1 第一节 研究背景和研究意义 .............................................................................. 1 一 研究背景 .................................................................................................................... 1 二 研究意义 .................................................................................................................... 1 第二节 研究内容和研究方法 .............................................................................. 2 一 研究内容 .................................................................................................................... 2 二 研究方法 .................................................................................................................... 2 第二章 案例介绍 ...................................................................................... 4 第一节 郑州A投资集团简介 ............................................................................... 4 一 郑州A投资集团概况 ................................................................................................. 4 二 郑州A投资集团历史沿革 ......................................................................................... 4 三 郑州A投资集团业务情况介绍 ................................................................................. 5 第二节 郑州A投资集团财务数据及财务指标 ................................................... 6 第三节 郑州A投资集团发行企业债券的基本情况 ........................................... 8 一 郑州A投资集团企业债券的发行概要 ..................................................................... 8 二 郑州A投资集团发行企业债券的用途 ..................................................................... 8 第三章 案例分析 .................................................................................... 12 第一节 郑州A投资集团发行企业债券的外部因素分析 ................................. 12 一 项目融资政策背景分析 .......................................................................................... 12 二 房屋租赁行业市场现状分析 .................................................................................. 14 三 郑州租房市场现状分析 .......................................................................................... 15 四 郑州住房租赁试点分析 .......................................................................................... 15 第二节 郑州A投资集团发行企业债券的内部因素分析 ................................. 16 一 郑州A投资集团财务分析 ....................................................................................... 16 二 郑州A投资集团业务分析 ....................................................................................... 23 三 郑州A投资集团行业优势分析 ............................................................................... 26 第三节 郑州A投资集团企业债券的偿债保障措施分析 ................................. 28 V 一 郑州A投资集团自身偿付能力 ............................................................................... 28 二 项目收益测算 .......................................................................................................... 29 三 其他偿债保障措施 .................................................................................................. 30 第四节 郑州A投资集团企业债券的风险分析 ................................................. 31 一 与该债券有关的风险 .............................................................................................. 31 二 与郑州A投资集团有关的风险 ............................................................................... 32 三 政策风险 .................................................................................................................. 33 第四章 案例启示 .................................................................................... 35 第一节 对郑州A投资集团的启示 ..................................................................... 35 一 增强企业资金管理 .................................................................................................. 35 二 实现融资形式多元化 .............................................................................................. 35 三 建立公允价值信息系统 .......................................................................................... 36 四 有效规避完工风险 .....