中国港口类上市公司的融资决策选择——A公司的案例研究

Financing Decisions of Chinese Public Trade Port Corporation:a Case Based on A Corporation

本案例以中国上市港口企业A公司为对象,着重分析了港口类上市公司再融资中的融资方案选取原则、影响因素构成及组合融资方案比较等具体问题。通过研究新旧资产叠加后的综合资本成本率计算公式推导,指出上市公司再融资决策中最关键的因素是宏观经济是否稳定、证券市场是否活跃和企业经营效益是否良好。案例本身对A公司可选择的融资方案进行了举例分析,通过融资后每股收益、财务风险控制、新旧资产叠加后的综合资本成本率等指标的比较,给出了最优组合融资决策的选择原理。同时,本案例的分析过程对中国港口类企业的上市融资与再融资实践具有较为直接的参考价值。

Based on A Corp which is the one of the Chinese public traded port corporations, this case analyzes the financing decisions, such as choice principles, the comparison of portfolio financing, and so on. We work out the calculation formula composite cost rate of capital and point out that the macro-economy status, securities market fluctuation and corporation earnings are more important factors for corporations making financing decisions. This paper provides three financing options for A Corp and makes sure the best one among them based on the comparison analyzing with EPS, financial risk control and composite cost rate of capital. Otherwise, the analytical process is propitious to financing practice for Chinese listed port corporations.