Research On The Financial Effect Of The Dongfang Electric Group Convertible Company Bond

Efficient financing is the basic guarantee for long-term sustainable operation of enterprises,and the choice of financing channels has a significant impact on the future development of enterprises.As a new type of financing,Convertible Company bonds,which combines the dual characteristics of equity and debt financing,has been welcome by the majority of investors in the capital market.The introduction of convertible bond financing in China's capital market is relatively late,and the scale of convertible bond financing of listed companies is not very large.The research on convertible bond financing is also at the initial stage.General equipment manufacturing industry is an important basic industry in our country,and its development directly affects the healthy development of national economy.It is of great practical significance for the general equipment manufacturing enterprises to choose a reasonable financing way to ensure the healthy and stable development of enterprises.In this paper,the case of Dongfang Electric Group issue of convertible bonds as the study object,in-depth analysis of the impact of convertible bonds on corporate finance,in order to provide reference for the theoretical research and practical activities of convertible bonds.In this paper,through theoretical research methods based on DuPont Analysis,Event Study and so on,to the Dongfang convertible bonds case as the research object,in-depth analysis of the issue of Dongfang Electric Effect of convertible bond financing on corporate financial activities,corporate performance,equity,and the issuance of convertible bonds market reactions of the event.This paper divided into five parts.The first part is the introduction,which mainly introduces the background and significance of the research.The second part is the basic theory of convertible bonds and literature review,mainly on convertible bond financing theory and related research at home and abroad.The third part is the introduction of the Dongfang convertible bond issue,the analysis of the motivation and the cost of financing,mainly introduces the brief situation of the Dongfang convertible bond issue,analyzes the reasons of the issue,and estimates the financing cost.The fourth part is the analysis of the financial effect of the Dongfang convertible bond,depth analysis of the impact of the eastern convertible bonds on the company's financial situation,operating performance and other issues.The fifth part is the market reaction of the Oriental convertible bond,depth analysis of the issue of the Dongfang convertible bond issue in the capital market reaction.The sixth part is the conclusion and suggestion.Through the above research,this paper draws the following conclusions.Firstly,Dongfang convertible bond issue effectively enhances the company's financial capacity.Secondly,the issuance of convertible bonds has a long-term beneficial effect on the performance of the enterprises.Finally,Dongfang convertible bonds issued a good market reaction,the capital market investors gave a positive evaluation,promote the company's value.