Research On The Financing Behavior Of Convertible Bonds Issued By Listed Companies

Convertible bonds,as a financing tool,appear later than other equity financing methods such as rights issue,additional issuance and ordinary bonds.Although the rise of convertible bonds is relatively short,but investors still invested a lot of attention and enthusiasm,the reason is that convertible bond is a dual nature of debt and equity financing tool,on the one hand,it has the characteristics of corporate bonds.On the other hand,it also gives investors the right to transfer their shares,and the relevant investors are able to decide whether to transfer shares according to their own needs.From the investors' undefined point of view,it is an investment tool with guaranteed income,which can bring the expected benefits.From the perspective of the issuing company,it has the characteristics of large scale of financing and low financing cost.Convertible bonds can delay the dilution of original shareholders,so convertible bonds can protect their interests.At present,with the development of society,convertible bonds are gradually beginning to develop,and the related problems are also increasing.This paper mainly analyzes and explores the financing behavior of convertible bonds issued by listed companies.China Shipbuilding Industry is a case for a detailed study.The concrete outline is as follows:The first chapter is mainly the introduction part,has carried on the introduction of this article's researching background,the topic choice significance and the concrete adopted research method,and has explained the thought frame of this article,has proposed the possible innovation point.The second chapter introduces the theoretical basis of this paper,studies the relevant literature at home and abroad,and makes a review of the literature,which will pave the way for the case analysis later.The third chapter makes a systematic theoretical analysis of convertible bond financing,mainly from the related concepts of convertible bonds,the issuing conditions and procedures of convertible bonds,the motivation of convertible bond financing and the risk analysis of enterprises.Also it is combined with several typical convertible bond financing cases,in order to be vivid.The fourth chapter firstly introduces the general situation of the case,and through the specific analysis of the motivation of China heavy Industry to issue convertible bonds,it is clear that the issuance of convertible bonds is necessary for China heavy Industry.Finally,the paper analyzes the strategy elements of convertible bond financing from the aspects of issuance strategy,equity conversion strategy,clause strategy and so on.The fifth chapter uses the method of financial analysis to further study the financing performance,operating performance,market reaction,and finally through the contrast of controlling stock status before and after the transfer.It is showed that the successful conversion of China Shipbuilding Industry did not affect the control of major shareholders.The sixth chapter is the conclusions and suggestions of this paper,mainly reveals the common characteristics of convertible bonds,the case to the general enterprises,and reflects on the shortcomings of the writing process of this paper.