Research On The Motivation And Effect Of MK Group's Issuance Of Private Equity Exchangeable Bonds

The exchangeable bonds were originally born in the European and American countries in the 1970 s,but in 2013 the exchangeable bonds officially appeared in China's bond market,and the number of issued bonds from 2015 to 2018 was “spurred”.Based on a large number of readings of domestic and foreign research results,this paper uses information asymmetry theory and foraging order.On the basis of the theory,the private equity exchangeable bonds issued by MK Group were selected as the object of case study.Firstly,the process of MK Group's continuous issuance of privately-receivable exchangeable bonds based on Meike's home stocks was described.Then the paper from the issuer's point of view,The MK Group's action factors are analyzed from the perspectives of terms setting,the issuer's own financial status and the choice of financing methods.Finally,according to the stakeholder theory,the issue of private equity exchangeable bonds is analyzed separately.The impact of bondholders.Through the analysis of the motivations and effects of MK Group's issuance of privately-receivable exchangeable bonds,it is found that the issuance of privately-received exchangeable bonds can not only broaden financing channels for non-listed companies,reduce financing costs,but also generate positive effects on the issuer's financial performance.The effect also has a negative impact.