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摘要
永续债没有固定到期时间，但兼具“债”和“股”双重属性，究竟是计入负
债还是权益主要是看合约中是否有“利息递延支付权”、“到期赎回”等条款内
容。2013年武汉地铁发行国内首只永续债，之后发行数量不断增加，2019年为了
补充银行资本金，商业银行永续债的出现进一步推动永续债的发展，对永续债的
研究也将保持在较高的热度。中国投融资担保股份有限公司是国内首家全国性专
业担保机构，也是国内担保业首家发行永续债的公司，梳理和分析中投保永续债
融资的整个案例，可以为后续想发行永续债的公司提供参考。
本文首先对研究背景和研究意义做了介绍，之后回顾和归纳企业融资方式的
选择以及永续债的相关文献。接着在阐述相关理论后，选取中投保永续债融资案
例，通过案例分析法、比较分析法对中投保公司采用永续债融资后的融资效果以
及潜在风险展开具体的分析。最后结合风险提出相关政策建议。
在介绍中投保永续债融资案例的过程中，重点解读了永续债发行条款对投融
资双方的影响：发行人享有赎回选择权，有权选择赎回或者续期，利于锁定长期
资金，但是利率跳升机制的存在会使得下个周期利率更高，从而投资者能获得更
高的利息；发行人还享有利息递延支付权，有助于缓解短期偿债压力，但是递延
支付的利息和利息产生的孳息都需要在下个支付日偿还，变相提高投资者的投资
收益。同时从降低公司偿债压力、补充公司流动资金、改善公司融资结构三个方
面揭示了中投保发行永续债的动因。在重点分析中投保永续债融资效果和潜在风
险后，得出如下研究结论：在与其他融资方式的效果对比方面，在融资成本上，
永续债融资成本比股权融资低，比普通债券融资要略高但可以降低资产负债率；
在财务杠杆上，永续债与股权融资一样，但是低于债券融资，结合融资成本，公
司选择永续债融资更有优势。在股权稀释和利息抵税上，永续债不会稀释股权，
但没有税盾效应；在直接财务效益方面，永续债能提高公司的偿债能力和盈利能
力，也能在短期内增加公司的经营净现金流，并且在一定程度上可以提升公司的
成长能力。永续债融资也会有一定的潜在风险，偿还利息、赎回债券、信用风险、
和政策风险等是永续债融资企业可能面临的风险。基于此，本文提出相关的建议：
公司应该提升自身的竞争能力来抵御风险；要合理安排自己的融资期限避免时间
和资金的错配；要时刻关注政策方面带来的影响；还要拓宽自身的融资渠道；投
资者要增加知识储备，理性投资。
关键词：中投保；永续债；案例分析；融资效果；融资风险
I

Abstract
Perpetual bonds have no fixed maturity time, but they have the dual attributes of
"debt" and "share". Whether perpetual bonds are included in liabilities or equity
depends on whether the issuance clauses include “interest deferred payment rights” and
“redemption at maturity”. The first domestic perpetual bond was issued by Wuhan
Metro in 2013. Since then, In 2019, in order to supplement bank capital, commercial
bank perpetual bonds appeared. Further promote the development of perpetual bonds.
The domestic accounting treatment and tax treatment of perpetual debt are also
constantly refined, so the research on perpetual debt is necessary. China Investment and
Financing Guarantee company is the first national professional guarantee agency in
China, a leading company in the industry, and the first company to issue perpetual
bonds in the domestic guarantee sector. It sorts out and analyzes the entire case of
China Insurance perpetual bond financing. Provide reference for subsequent companies
that want to issue perpetual bonds.
This paper first introduces the research background and significance, and then
reviews and summarizes the selection of corporate financing methods and relevant
literature on perpetual debt. Then, after the elaboration of relevant theories, the paper
selects the financing cases of China Insurance Company's sustainable debt financing,
and carries out specific analysis on the financing effect and potential risks after China
Insurance Company adopts the sustainable debt financing through case analysis and
comparative analysis. Finally, related policy suggestions are put forward based on the
risks.
In the introduction to insure sustainable debt financing in the process of the case,
the emphasis on sustainable terms of issuance of investment and financing both sides:
the influence of the issuer enjoys a redemption option, shall have the right to choose
redemption or renewal, conducive to lock in long-term funds, but interest rates jump
mechanism makes the existence of the next cycle rate is higher, so investors can obtain
higher interest; The issuer also enjoys the right of deferred payment of interest, which
helps to relieve the pressure of short-term debt repayment. However, the deferred
payment of interest and the fruits generated by interest all need to be repaid on the next
payment day, which increases the investment income of investors in a disguised way.
At the same time, it reveals the motivation of issuing perpetual bonds from three
aspects: reducing the company's debt paying pressure, supplementing the company's
II
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