Study On The Impact Of The Issuance Of Convertible Bonds By Listed Companies On Stakeholders Of GeEr Company Is Taken As An Example

Convertible bonds have the properties of bonds,stocks and options,which have occupied a large proportion in the bond market of some developed countries and promoted the overall development of the capital market.China first tried to issue convertible bonds in 1991,and did not formally develop the convertible bond market until 2003.Before the introduction of new refinancing rules in 2017,convertible bonds only occupied a small scale in China’s bond market due to the restrictions of issuing conditions.After the introduction of new refinancing rules,China’s convertible bonds ushered in the spring of development.The number of companies applying for issuing convertible bonds increased significantly,and the scale also increased significantly.Due to the short development history of convertible bonds in China,the relevant regulations still have drawbacks.By analyzing the impact of the issuance of convertible bonds,the relevant regulations can be improved to promote the healthy and rapid development of China’s bond market.In addition,the research on convertible bonds in China focuses on the pricing research,and the impact research only focuses on the analysis of corporate performance.Through the analysis of the impact on stakeholders,it is helpful for listed companies to comprehensively analyze the role of convertible bond issuance on the company as a whole,so as to provide reference for listed companies in the selection of refinancing schemes.This paper selects GeEr share as the research object.GeEr share,as a leading enterprise in the electroacoustic industry in China,is also the first one in the domestic capital market to conduct capital operation by using convertible bonds and private equity convertible bonds.It is representative significance to study the impact of the issuance of convertible bonds by GeEr share on stakeholders.Firstly,this paper introduces the related theories of convertible bonds and stakeholders and the research status at home and abroad.Secondly,it introduces the industry background of the company,the overall situation of the company and the issuance of convertible bonds.Then,the paper analyzes the influence of the issuance of convertible bonds by goel on the original shareholders,investors of convertible bonds and the original creditors.It is found that the issuance of convertible bonds improves the company’s debt paying ability,in line with the company’s innovative development needs,but does not give full play to the advantages of convertible bonds in delaying equity dilution effect.Finally,the paper puts forward some Suggestions on the issuance of convertible bonds by listed companies.