Case Study For Private Placement Corporate Bond Issuance Of Company Z

The bond market is an important part of a country's financial market.From the successful experience of developed countries,a country's bond market plays an indispensable role in the overall economic development of the country.The bond market provides enterprises with direct financing channels.The financing of the enterprises through the bond market can effectively increase the working capital and reduce the financing cost of enterprises,so as to inject vitality into the sustainable operation of the enterprises.At present,the development of China's bond market has been attached great importance to all aspects of the country more emphasis on promoting the corporate bond market in a comprehensive and healthy development.The development of the corporate bond market has affected the financing of enterprises,the effective allocation of resources,the stability of the financial system and the development of the whole economy.According to the research,the development of the corporate bond market is conducive to reducing the financing cost of the whole society.At the beginning of 2015,China promulgated the new regulations on corporate bond issuance and transaction management,and extended the issuance of corporate bonds to all corporate legal entities.This greatly reduced the threshold of corporate bond issuance and effectively improved the financing of unlisted corporate bonds the way.In the context of the introduction of corporate bonds in the new policy of “corporate bond issuance and transaction management” in China in the beginning of 2015,through the case of Company Z non-public issuance of corporate bonds,combined with the characteristics of the guarantee industry of Company Z,Company Z selected non-public offering company The reasons for the debt and the impact of the company after the release,focusing on the Company Z's non-public offering of corporate bonds,the issue of cost and risk control.Through the above analysis,we can get the financing advantage of the corporate bonds,and play a certain reference role to other non-listed companies issuing corporate bonds with similar financial situation.The details are as follows:This paper first introduces the background and significance of the thesis,and summarizes the related literatures of domestic and foreign corporate bonds from the background of the imbalance of financing structure in China's financial market and the initial stage of the bond market,and puts forward the research ideas,methods and framework of this paper.Followed by a case study.This chapter first introduces the development situation of the guarantee industry of Company Z and the background and operating status of Company Z,and introduces the financing background of Company Z,compares the advantages of corporate bond issuance and introduces the issuance result of private placement corporate bonds.The main body of the article is case analysis.This chapter first analyzes the financial status and the issuance effect of Company Z,and compares the issuance cost of Company Z with the same industry,analyzes the reasonability of Company Z's corporate bond issuance interest rate,and analyzes the risk prevention measures of Company Z's corporate bond issuance.Finally for case revelation and conclusions.This chapter combines the case background and the case analysis to obtain the relevant revelation,such as how the company should choose the financing mode under the background of the new corporate bonds,how the company should combine its own advantages to reduce the financing cost of the enterprise and provide reference value for the guaranteeing company's risk control.