【作者】 刘睿；

【导师】 詹原瑞；

【作者基本信息】 天津大学 ， 工商管理， 2004， 硕士

【摘要】 企业为了满足其生产经营、对外投资和优化资本结构等活动对资金的需要，必须通过一定的融资渠道，运用一定的方式和融资工具，经济有效的筹集资本。作为企业一系列财务活动的起点，融资活动是最重要的财务活动之一，也是企业生存发展的基本前提。本文将期权的思想和技术引入企业的融资活动，从企业价值衡量，股东/债权人间的利益分配，融资风险分析、股利发放、融资工具定价等方面详细阐述了期权理论在企业融资当中的应用，得出了一系列具有可操作性的结论和建议，最后着重强调了期权在进行融资工具创新当中的重要意义，并给出了实例。论文力图通过将先进的金融理论与企业现有的财务技术和融资过程相结合，从而为提高企业融资决策的精确度提供参考。立足于此，本文主要包括三个部分：首先对本文的理论基础期权及其定价理论进行了扼要介绍，指出期权的思想和特性有助于企业融资分析，并说明在实际运用中应注意的问题。第二部分从期权的角度对企业融资做了系统的分析。在对企业融资的一般性讨论基础上，针对公司股权和债权所具有的期权特性，使用期权定价的方法来对评估它们的价值；从看涨期权的角度来对企业使用财务杠杆的效果进行了定性和定量的说明，分析了企业面临的融资风险状况，并且使用期权定价理论来评估负债比率的变化对股东和债权人利益的影响；引入期权分析方法股利政策的确定进行了研究。最后第三部分对融资工具和方式中内含的期权特性进行了专门的分解和讨论，指出期权特性在企业融资过程中普遍存在，必须加以重视和合理利用，并通过一个金融创新的案例详细说明期权作为融资工具创新的要素具有不可替代的作用。更多还原

【Abstract】 Capital is the blood of an enterprise. Of the series of financial affairs of a corporation, raising capital is the precondition and foundation. In order to satisfying the need of operating, investments, optimizing its capital structure, the corporation has to raise funds through effective, efficient and economical financing ways and instruments. The dissertation applies the option theory and practice to corporate financing activities, which expatiates on the application of option in valuating the corporation, dividing the profit between shareholders and creditors, analyzing the financing risk, pricing the financing instruments and so on. During this course, conclusions and exercisable suggestions are brought forward to the financing practice of enterprises. Furthermore, the dissertation gives a real instance named ‘LYON’ to point out the essentiality and necessity of using the option to carry on the financing instruments innovation. All the efforts we made here is to research how a corporation can make accurate financing decisions with the help of the option theory. The structure of this dissertation is clear. It mainly includes three parts. First part provides a brief introduction to the option theory and its valuation ways, which is the academic base of the following text. Due to its characteristics, option could become a useful instrument for corporate financing analysis. Meanwhile, there are some key points worthwhile to pay attention to when the theory is applied into practice. In the second part, based on the option, systemic analysis is made to the financing process of a corporation. Discussion is around catholicity of the process. As both the equity capital and liability capital have the quality of option, we evaluate them and the enterprise assets with option methods. In terms of call option, we evaluate the effect of the use of finance lever. Throughout the analysis of enterprise valuation, financing risk conditions, and the effect on shareholders and creditors caused by the change of capital structure are stressed. What’s more, the option methods are brought into the decision-making process for dividend distribution policies. At last part, attention is paid to special analysis and discussion of the option qualities included in the financing ways and instruments. It is also found that the option qualities almost cover the whole corporate financing process. Corporations <WP=5>should recognize and make good use of the option methods. A detailed case is showed to explain the option play an important role in the innovation of financing instruments as an end.更多还原