China Convertible Bond Issues Related To Research

With the development of more than one century, the convertible bond has already become a kind of financing tool that the developed country used commonly and extensively. The change of the quality has already taken place on the breadth and depth in the development of the convertible bond market in the global range, and it becomes riper and prosperous. Especially in the last four or five years, because of the shock of the global stock markets caused by evaporating of foam of the network stock, the convertible advantage of bond shows especially, coupled with the continuous reduction of the level of national interest, convertible financing cost of bond drop by a wide margin, global convertible capital scale and issue amount of money creates the new record constantly of bond market. However, the problem why the company issues the convertible bond has still not been solved.As a new financial derivative products in China's capital market development, convertible bonds has been gradually becoming more mature, and began to flourish together even for several decades. Because the convertible bond has the dual natures of bonds and stock option concurrently, has met the needs of investors and the factor, it has brought the benefits that simple stock and simple bond cannot achieved alone. Though convertible bond has advantage on attracting investors and the factor, at the same time it is a kind of quite complicated derivative, its value's change has already involved the market factor of bonds, involved the market factor of stocks again, so issue motives of finding out the convertible bond is significant to his publisher and investor, and only by this way could utilizing good achieve the goal that to fund application by these kind of financial instrument. Therefore, it is a brand-new and great subject to work out of our country capital market environment go to enterprise issue convertible motive of bond by proceeding from national conditions of our country. This text issued the motive problem and carried on analysis and research to the convertible bond of our country using the relevant theories of the modern convertible bond, adopted the theory with analyzing the research approach to combine together, on the basis that understood to the current situation of capital market of relevant convertible bonds in depth.This text carried on research to the issue motive problem of the convertible bond of our country mainly divided to six parts, its main content is as follows:Chapter one, mainly introduced the research background of this text, literature survey, research ideas, the method and thesis innovation, which is the introduction of thesis globality, generality.Chapter two was convertible bond summary. It introduced the relevant concepts of the convertible bond at first, change company bond means publisher according to due course of law, may be changed according to appointed terms into the Company bond of the share over a period to come. On this basis, introduced the characteristic of the convertible bond, then analyzed the nature, value and the corresponding terms and conditions constitute the issuance of convertible bonds, the advantages and disadvantages laid a theoretical and methodological bases. For the following convertible bond issuance of China's motivation of the study.Chapter three has recommended the domestic and international scholar to issue the research current situation of the motive to the convertible bond. This text obtained it on the issue that why the company issues the convertible bond at first through an analysis of literature of foreign countries, made representative risky shift, risk assess, "backdoor" equity financing, and continuous financing hypothesis. In these views, the backdoor equity hypothesis because of its concern about the cost of the project's financial crisis became the focus of this study.Chapter four, analyzed convertible bond issue motive based basing on the "backdoor equity" theory of motivation.The author proposed on the basis of the domestic and international research current situation of chapter three and case study the listed company of our country issues according to the current situation of the development of the capital market of convertible bond of our country Motive of the convertible bond.Chapter five, chapter six, analyzed the problem in financing of convertible bond in our country, and improved our convertible debt financing in thought. Innovations for this article mainly have several points:First, the title selection, it is the research objects that this selected works fetched the listed company of our country. Second, combined the reality of capital market of convertible bond of our country, carried on research to the issue motive of the convertible bond of our country.