1、財管09級1民生銀行籌資之路與資本結構分（Financial management 09, 1 Minsheng Bank financing road and capital structure）This article is contributed by lizhelong200709 financial management, 109 financial management, 1 financial management members: Members: Li Zhelong, Cai Taotiantao, Yang Hao, Fan LiangThe way of raising

2、 funds and the analysis of capital structure of Minsheng BankCompany profile; financing route analysis; capital structure analysis; problem suggestion1, the basic situationThe Minsheng Bank of China raised its share capital in the form of sponsors and was formally established in Beijing in January 1

3、2, 1996. It is approved by the State Council of the people's Bank of China first mainly by non state-owned enterprises in the national joint-stock commercial bank, with the high technology, small and medium private enterprises as the main target, to support their advantage in the enterprise scal

4、e, increase efficiency.Company profile2, the main business? assets business: comprehensive credit business, short-term liquidity asset business: comprehensive credit business and assets business loans, long-term loans, factoring, gold loans, long-term loans, factoring, taking a vote of factory. One

5、vote pass. Liabilities business: enterprise demand deposits, time deposits, liabilities business: debt business, enterprise demand deposits, time deposits, notice deposits, agreement deposits. Call deposit and agreement deposit. Intermediate business: system Nate exchange business, entrusted loan, i

6、ntermediate business: intermediate business system, Nate exchange business, entrusted loan, letter guarantee business, bond settlement agency business. Letter of guarantee business, bond settlement agency business.Company profile3, controlling shareholderCompany profile4, holding subsidiariesName of

7、 related parties Minsheng Fund Management Co., Ltd. Pengzhou Minsheng Village Bank Co. Ltd. Cixi Minsheng Township Limited by Share Ltd bank Minsheng financial leasing Limited by Share Ltd Association subsidiary subsidiary of a subsidiary of the holding company subsidiary proportion (%) (60 36.36 35

8、 81.25 is the proportion of control isCompany profile5, the main branchesAs of December 31, 2008, as of December 31, 2008, Chinese Minsheng Bank in 2008 Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Dalian, Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Dalian, Nanjing, Hangzhou, Taiyuan, Shijiazhu

9、ang, Chongqing, Nanjing, Hangzhou, Taiyuan, Shijiazhuang, Chongqing, Fuzhou, Ji'nan, West Ningbo, Chengdu, Tianjin ANN, Fuzhou, Ji'nan, Ningbo, Chengdu, Tianjin, Kunming, Suzhou, Qingdao, Wenzhou, Xiamen, Quanzhou, Kunming, Suzhou, Qingdao, Wenzhou, Xiamen, Quanzhou, and Zhengzhou, Changsha

10、set up 25 branches, 25 branches in Zhengzhou, Changsha set up 25 branches, set up 1 sub branch in Shantou, set up in Hongkong 1 set up 1 directly under the branch, established 1 representative offices in Hongkong, the total number of institutions reached 374374 representative office, The total numbe

11、r of institutions reached 374.Company profileChronicle of Minsheng BankIn December 19, 2000, A shares of China Minsheng Banking Corporation (600016) were listed on the Shanghai stock exchange. June 2002, the "listed companies" magazine named "2001 listed companies 50", Minsheng B

12、ank rose to eighth. In 2003, the global competitiveness organization evaluated the competitiveness of Chinese listed companies,Minsheng Bank of China ranked third. In 2004, in the "China's most viable enterprises" selection, China Minsheng Bank ranked eighteenth, won the "2004 Chi

13、na's most vitality hundred enterprises" title. In 2005, China's top 500 enterprises in the information, China Minsheng Bank ranked twenty-second. In the "2006 private listed companies 100" ranked first in the "Forbes" Chinese version of the "top 2006 China top t

14、en enterprises" list, Minsheng Bank ranked seventh. In July 2008, Minsheng Bank won the "third most vigorous enterprises in China in 2008".Company profile* * equity capital and debt capitalAnalysis of financing routesConvertible bondImplementation date February 2003, financing purpose

15、s, improve capital adequacy ratio, financing scale 4 billionDebt capitalSubordinated DebtImplementation date December 2004, financing purposes, improve capital adequacy ratio, financing scale 5 billion 800 millionMixed capital bondImplementation date December 28, 2006, financing purposes, liquidity

16、and term structure issues, financing scale 3 billion 300 million yuanFinancial debtImplementation date 2006, financing purposes, liquidity and term structure issues, financing scale 10 billionDebt capitalBorrowing: (million)Analysis of financing routesDebt capital? 1,What?Issue convertible bondsBond

17、 type: convertible bond issue date: February 27, 2003 issued value: 100 yuan issue number: 40000000 issue of total market capitalization: RMB 4000000000 yuan bond period: the initial conversion price of 5 years from the date of issue: 10.11 year interest rate: 1.5%, interest paid once a year to rais

18、e funds: the issuance of 4 billion yuan to raise funds 66,15 million, net of issuance costs, the actual funds raised 3 billion 933 million 850 thousand yuanAnalysis of financing routesDebt capital2. Issue subordinated bonds?The future of the Minsheng Bank Subordinated Debt Issued in 2004 will reliev

19、e the capital issue of bond market between banks in the extent of private placement: total pressure ratios: 5 billion 800 million yuan fixed rate bonds for 4 billion 315 million yuan, the issue of interest rate is 5.1%; floating rate bonds for 1 billion 485 million yuan, the initial release rate is

20、4.65% (the benchmark interest rate of 2.25%+ spread 2.4%). If the interest rate of the floating rate bond is adjusted by the people's Bank of China during the period of existence, the interest rate will be adjusted accordingly. Duration: 10 years financing route analysisDebt capital3. Financial

21、bonds issuedWhat?Bond Name: 2006 Minsheng Bank phase I financial bonds will improve the source of funds for Minsheng Bank Bond Code: 060801 structure, to solve the structure of its term. Total issued: 10 billion, the cost of financial bonds is low, which is very beneficial to the improvement of the

22、company's income level. Bond period: 3 years the company will form deposits, bonds, the coupon rate of 2.88%: financing structure, lending and other diversified interest: interest bearing type (fixed rate) to improve the competitiveness of the company.Issue date: 2006/05/18 date of interest: Roa

23、d analysis of 2006/05/22 financingFinancial debt reduces business risk and cost,Debt capital41? 4, hybrid capital bonds, bonds Name: "hybrid capital bonds" in 2006 2, Minsheng Bank China the bonds for a period of 15 years, 10 years after the issuer has a redemption rights in accordance wit

24、h the face value of the bonds, the 3 issue of the number of 4 billion 300 million yuan, varieties of hybrid capital bonds, fixed rate bonds and interest of China refers to the commercial floating rate bonds of two varieties of bank supplementary capital, issued in 4, the bonds from the date of Decem

25、ber 28, 2006 before the liquidation order of equity capital but in 5, the coupon rate: the fixed interest rate issue 3 billion 300 million yuan, the initial release rate is 5.05%, if the issuer does not exercise the right of redemption, is after 5 years of bonds in the first 10 columns in general, d

26、ebt and subordinated debt in the initial interest rate increased by 3%. Term of more than 15 years, the date of issue is more than 15 years, the date of issue, floating rate bonds issued 1 billion yuan, the benchmark interest rate of 4.14%, the initial basic interest of 10 years can not be redeemed

27、bonds. Non callable bonds for 10 years. The difference is 2%, so the floating interest rate bond coupon interest rate of 6.14%; if the issuer does not exercise the right of redemption in advance, from the eleventh year interest bearing, every year bearing basic interest rate was 1% higher in the ini

28、tial basic interest rate basis.Analysis of financing routesDebt capital, bond Name: compared to subordinated debt, mixed capital bonds Name: 2009 China Minsheng Bank mixed capital bond bonds name? 1, total issuance: some of the characteristics of the total bonds issued not more than 5 billion yuan o

29、f the bonds it has? 2, the bond period: capital property once the issuer the right to redeem the bond for 15 years, to improve the bank? 3, bond interest rates: divided into fixed interest rate and floating the interest rate, anti risk through bookbuilding promotion ability and more centralized plac

30、ement to determine the coupon rate? Unit 4, par value of 100 yuan, per unit of account corresponding obviously. The principal of the bonds is RMB 100 yuan, 5, interest date: March 25, 2009, 6, interest payment date: March 25th, 7, date of payment: March 25, 2024, 8, issue price: bond par value issue

31、dAnalysis of financing routesEquity capital! (200510, 26)! (October 26, 2005, Minsheng Bank successfully completed 2005 share reform, equity division reform, become the first to complete the reform of non tradable shares of commercial banks, non tradable shares reform of commercial banks, as China e

32、quity capital market reform provides a successful example.)Analysis of financing routesEquity capital1, IPO:? release date online listing date issue of par value (yuan) issuance volume (million) per share issue price (yuan) issued the total market value (yuan) underwriter issuance costs (million) an

33、alysis of 4125.50 financing road 1 35000 11.8 413000 Haitong Securities Co. Ltd. issued 2000-11-27 2000-12-19 Online pricingEquity capital2. SEO?: 2007-12-31 2007-122007 issued annual issuance: directional issuance of A shares of the total number of shares issued 238000 categories of public offering

34、 number 238000 issue price (RMB) 7.63 pre IPO net assets per share after the issuance of 2.01 net assets per share 2.66 issuance costs: analysis of 10000000 yuan 10000000 yuan 10000000 financing wayEquity capital3, H shares? The price range: 8.5 to HK $9.5 (RMB exchange rate: 0.8809) plans to issue

35、shares: 3 billion 321 million 700 thousand shares (excluding the overallotment) the amount of financing from 28 billion 230 million to 31 billion 560 million after the issuance of A shares accounted for 85% equity shares accounted for 15% of the share capital if the overallotment fully implemented 8

36、3% 17% issue, the capital adequacy ratio will exceed 11%, the core capital adequacy ratio above 8%? About 10 times earnings next year? Minsheng Bank earnings forecast calculation, analysis of city road net financing 1.671.8 timesCapital structure analysis, capital structure and changeThe Basel accor

37、d divides the capital of commercial banks into core capital and supplementary capital". The core capital should be at least 50% of the total capital, and the proportion of supplementary capital to total capital shall not exceed 50%. The provisions of China capital adequacy index of commercial b

38、anks must reach is: the total capital ratio of core capital and supplementary capital and risk weighted assets that the capital adequacy ratio shall not be less than 8%, the capital adequacy ratio and core capital to risk weighted assets is the core of not less than 4%. Therefore, the capital struct

39、ure of Minsheng Bank is basically reasonable.Capital structure analysiscapital adequacy ratioThe capital adequacy ratio, capital adequacy ratio, is held by the commercial banks, and some in accordance with the provisions of the ratio between capital and risk weighted assets of the commercial bank, o

40、n behalf of the bank's debt solvency finally. Debt capacity.Capital structure analysisMinsheng Bank capital adequacy ratioYear 200720082009, capital adequacy ratio 10.73%, 9.22%, 8.48%, core capital adequacy ratio 7.40%, 6.60%, 5.90%Capital structure analysisComparison of the same industry: comp

41、arison of the same industryBank of Ningbo bank industrial and Commercial Bank of China CITIC Bank, construction bank, Bank of China Merchants Bank Chinese Huaxia Bank Industrial Bank Minsheng Bank capital adequacy ratio of 12.84% 12.57% 12.09% 12.04% 11.97% 11.53% 10.63% 10.36% 9.21% 8.48% 8.81% 9.9

42、7% core capital adequacy ratio of 11.56% 10.45% 9.30% 9.43% 6.50% 6.84% 7.41% 5.90%08 asset structure diagram29%Core capital subsidiary capital 71%07 asset structure diagram31%09 asset structure diagram31%Core capital subsidiary capital 69%Core capital subsidiary capital 69%2009, Minsheng Bank in 20

43、09 during the reporting period, Minsheng Bank in the reporting period, the group asset impairment loss of spending 2 billion 851 million yuan, an increase of impairment loss of assets group expenditure 2 billion 851 million yuan, 1 billion 236 million yuan more than last year, it is likely that the

44、capital adequacy ratio of 1 billion 236 million yuan, the main reason for this is likely to decline in the capital adequacy ratio. Through comparison with peers, we can understand very well,The capital adequacy ratio and core capital adequacy ratio of Minsheng Bank are obviously low, mainly because

45、of the rapid expansion of Minsheng Bank in recent years. However, the Minsheng Bank issued H however, Minsheng Bank shares have been approved by the SFC, which means that in the short term it will raise about 20 billion yuan of funds, which means that in the short term it will raise about 20 billion

46、 yuan of funds, these funds have played a great role in supplementary capital adequacy.Capital structure analysisAsset liability ratioAsset liability ratioNinety-five point six nine-CapitalStructure analysisIssuance in 2007, annual issuance, increase in annual additional equity, increase in equity,

47、resulting in a slight decline in asset liability ratio. Drop slightly.10098 percentage, 96949290881999 years, December, December 2000In 2000, IPO, the increase of equity, the increase of equity, the increase of equity capital, the increase of beneficial capital, the rate of assets and liabilities, t

48、he rate of assets and liabilities decreased significantly. Significant decline.Minsheng BankDecember 2001December 2002December 2003December 2004December 2005December 2006December 2007Particular yearDecember 2008Percentage, December 100881999, December 2001, December 2002, December 2003, December 200

49、0, December 2004, December 2005, December 2006, December 2007, December 2008, the asset liability ratio was 9094929698Capital structure analysisRatio of assets to liabilitiesThe average asset liability ratio of the latest industry is 94.97%Minsheng Bank, China Merchants Bank, Shanghai Pudong Develop

50、ment BankThe latest issue of the average asset liability ratio is higher than the Bank of Minsheng Bank, from the above chart shows from 2001 to 2006 was also significantly higher than that from 2001 to 2006 were significantly higher than those of other banks, the reason is that during this period,

51、the Minsheng Bank has issued convertible bonds, subordinated bonds, financial bonds.Capital structure analysisAccording to the Basel agreement! According to the "risk of commercial bank capital adequacy ratio of Basel agreement" provisions of 8%, that is to say, the core adequacy ratio was

52、 8%, that is to say, the bank's asset liability ratio of 8% in 92% the following is a normal level. 92% the following is a normal level, the debt ratio below 92% is a normal level. Minsheng Bank asset liability ratio is too high, the bank asset liability ratio is too high, bank debt is too high

53、and can not flow the bank will inevitably lead to the possibility of bankruptcy, unable to turnover will inevitably lead to bank failures, so we must reduce the asset liability ratio. Asset liability ratio should be reduced.Capital structure analysisAnalysis of Minsheng Bank issuance of shares in 07

54、 years of capital structure, Minsheng Bank issuance of shares in 07 years, the capital 07 years equity leverage ratio decreased, the equity ratio rise, leverage ratio decreased, the equity ratio rise to equity multiplier decreased, so in 0707 years net profit rate of equity multiplier decreased, so

55、in the 07 year net profit growth rate under the condition of long, the rate of return on net assets or declined. Return on Equity: high / low indicates strong / weak profitability. Low profitability / net asset yield: the latest industry average of this indicator: the latest industry average of this

56、 indicator: 16.62%Minsheng Bank's latest asset yield is higher than the industry average, indicating that its profitability is stronger.According to Minsheng Bank capital adequacy ratio is Minsheng Bank to seek further development, low, Minsheng Bank to seek further development, expand the scale of capital, issue H to expand the scale of capital, the issue of H shares is outside of a w