永续债的价值评估研究

Research on the Valuation of Perpetual Bonds

近年来,永续债逐渐成为企业降低杠杆率、银行充实资本金的一种重要融资工具。永续债在一定程度上具有与股权相似的无固定期限特征,同时保留了债权人在表决权上的限制性,是一种兼具股票和债券双重特性的融资工具,因此其价值评估方法与普通债券存在一定差异。我们在梳理国内永续债的基础上,根据永续债的特征对其价值影响因素进行了分析,并分别从发行人角度和投资人角度探讨了对永续债价值进行估算可以采用的评估方法。

In recent years,perpetual bonds have gradually become an important financing tool for enterprises to reduce leverage ratio and banks to increase capital.To some extent,perpetual bonds have the characteristics of no fixed terms as the equity and no voting rights as the general debt.Therefore,the perpetual bond is regarded as a financing tool with characteristics of both debts and equities,which means methods for valuation of perpetual bonds are different from general bonds.Basing on the review of situations of perpetual bonds in the Chinese capital market,we analyzed the factors which influence the value of perpetual bonds and discussed the appraisal methods that can be used to value the perpetual bonds for both issuers and investors.