Motivation Research Of Convertible Bond Issuing For Chinese Listed Companies

Being one of the financial derivatives, the convertible bond become the high speed developing period from 2002, although it came out late in China, now it has gradually been the important way to refinancing for listed companies. Convertible bond financing has become an important way to acquire more capital resource. As a kind of financial derivative which has both traditional bond property and option property, the motivation of convertible bond issuing is a quite complicated problem.The central purpose of this thesis is to expound the direct reasons and indirect reasons of convertible bond issue, then, based on the issue terms of convertible bond, we found Chinese listed companies preferred the equity-like financing on convertible bond issuing. In the first chapter, we introduce the construction and the significance of this thesis. In the second chapter, the thesis reviews and summarizes all the research result of motivation research of convertible bond issuing. In the third chapter, we explain the direct reasons of convertible bond issuing are optimizing capital structure and acquiring tax shield. And convertible bond refinancing is better than right offering and placement. In the forth section, we narrate the indirect reasons of convertible bond issuing are the necessary of corporate governance. And in the forth section, we analyze the issue terms of convertible bond in order to explain our listed companies preferred issuing equity-like convertible bond. Finally, corresponding suggestions are proposed.