Convertible Bond Financing Based On Shareholder Control

With the increase in the threshold of market financing,many enterprises have become increasingly scarce financing channels.Convertible corporate bonds is a combination of basic financial instruments and derivative financial instruments combined financial instruments,in the bond on the basis of the basic financial instruments,attached to the option of this derivative financial instruments,so it also has debt,As well as the three characteristics of the option,can make up for and even avoid the shortcomings of the single-performance financing tool itself,can reduce the financing costs,improve the company's structure and ease the effect of equity dilution effect,has gradually become more and more enterprises to The choice of financing.The average size of the convertible bond market is gradually increasing,and the proportion of convertible bond financing in refinancing is also increasing.Although the advantages of financing of convertible bonds are outstanding,but there are still risks and shortcomings in the course of operation,listed companies will face risk of issuance risk,financial risk and risk of transfer of control over convertible bonds financing.If the enterprise takes precautions Measures and response measures are inappropriate,and may even face the risk of bankruptcy and control.Based on the theory of the theory of convertible bond financing and the related financing theory of convertible bond issuance,this paper analyzes the risk of transfer of control right in the current convertible bond market.First of all,the process of issuing convertible bonds from Gome and Valing pipeline The risk of the occurrence of the risk and the risk of the process of analysis,and then through the Yanjing convertible bonds can be successfully released the reasons for analysis,and Valin pipeline and Gome two failure cases in contrast,and finally come to the terms of the convertible bonds The reasonable use of the right of priority subscription can keep the shareholders' control right at the same time to achieve rapid financing.Under the premise that the major shareholder loses the absolute control right,the financing risk of the convertible bonds faced by the enterprise will increase,so as to be able to convert the company The need for preferential terms of the bond to provide case basis,in the terms of design and convertible bond operation,for enterprises in the convertible bond issuance to maintain shareholder control to provide reference.