Anhui He Li Limited Liability Company Of Refinancing Effect Analysis

As the company's production and operation scale constantly expanding, you need a steady stream of money into the enterprise, to ensure that the company has adequate capital and total equity. The company will inevitably be in the process of development shortage of funds, therefore, refinancing became inevitable choice, refinancing effect research also has been the focus of the company.This article selects the He Li co., LTD.Anhui three refinancing as the research object, using the method of case analysis,based on the company to refinance the background, to analyze the effect of the company to refinance, thus it is concluded that the effects of refinancing to companies and investors.Through this case study, summed up the experience and deficiency in the process of refinancing, and rethink, refinancing of reference and warning significance for company in the future.This article selects 1996-2008 as a fixed number of year of the study, on the basis of the search and collect related information, the second chapter to the company to refinance the implementation process and the results of the review, mainly including refinancing background investigation and put into use to raise money.The third chapter is the main part of the full text to refinance effect analysis, from the project investment, financial analysis, market reaction point of view, analysis of test about the economic effects of refinancing for enterprises and investors.The fourth chapter includes the capital structure changes before and after the refinancing conditions and enterprise risk analysis. Conclusion in the fifth chapter of the full text chapters comprehensively, summarizes the experiences and lessons of the company to refinance process and found the problem and cause reflection.Corporate refinancing to raise funds to put into use the results of the overall better, to solve the problem of restricting the development of the company's capital shortage;increase the total capital of the company.Capital structure is stable, after refinancing equity structure has been optimized; Investment projects are operating performance for the company created the income;Rights for the first time after the enterprise profitability is greatly influenced by the external economic environment, although the index fell, but compared with the same industry enterprises, the profitability of the company before and after the three refinancing's far ahead of the same period of Xu Gong, operating ability level is stable but not as good as Xu Gong, development ability, though there was no real change but clearly beyond the Xu Gong before and after the issue in 2006;Company to the market after the rights issue to deliver negative announcement effect, issuance is predominantly positive announcement effects.Overall, An Hui He Li several times of refinancing is more successful. Company in the future should pay attention to draw lessons from the successful experience of the past in the process of financing, to reflect continuously summarize their own shortcomings.