Research On Refinancing Means Used By Listed Companies In Traffic Transport Industry

Refinancing of listed companies is a problem facing many countries. China is no exception to it. In fact, it has been a hot issue in china's capital market. Currently, Rationing Shares (RS), Seasoned Equity Offering (SEO) and Convertible Bond (CB) are three major ways of refinancing among Chinese listed companies.Traffic transport industry is taking on a promising look thanks to the influence of china's constantly developing economy. Companies in this industry are also very active in refinancing market out of their own needs for development. They have become a force to be reckoned with in refinancing market because of their characteristics that they can be vastly influenced by external economic situations and that the refinancing amount is usually tremendous. In this thesis, empirical research has been done to ascertain what refinancing means have been used by China's listed companies in traffic transport industry, so the refinancing means chosen by these companies are studied in particular.The contents of this thesis are arranged from general to particular and from superficial to essential.Chapter one gives a general description of refinancing means. Firstly refinancing means are described from a conceptual sense to ascertain the three refinancing means, namely RS, SEO and CB. Then, these three refinancing means are compared.Chapter two researches on the necessity of the refinancing among listed companies in traffic transport industry. Through the introduction of the status in quo of the listed companies in traffic transport industry, the necessity of the research on the refinancing of them is imported.Chapter three researches on the status in quo in light of refinancing of listed companies in traffic transport industry. From the angle of the micro main body-- the listed companies in traffic transport industry, empirical analyses are undertaken to examine their characteristics concerning the choices of refinancing means, so as to evaluate the reasonableness of their choices.Chapter four gives a further exploration to the refinancing means of listed companies in traffic transport industry. Based on the previous chapter, it analyzes the key factors that influence the chpices of refinancing means through factor analysis. And the influences of follow-up refinancing and industry characteristics on the choices of refinancing means are analyzed in particular.Chapter five comes to the conclusions and suggestions. Several conclusions drawn through the summary of the above parts look through the refinancing behaviors of listed companies in traffic transport industry and thus suggest that the choices of refinancing of these companies will be changed in the future. The research shows that, in traffic transport industry, the adoption of rationed shares and convertible bond is in accordance with the financing policy development and the priority of rationing shares has been weakened gradually, the position of the convertible bond enhanced and the financing function of seasoned equity offering not brought into a full play. So, some suggestions are put forward after considering both the characteristics of traffic transport industry and the developing direction of china's financing market. They are: converting the refinancing means from seasoned equity offering to rationing shares in a phased way; encouraging wider-rage adoption of convertible bond for refinancing and adopting refinancing mix by the combination of different kinds of refinancing means.