Research On The Motivation And Effect Of Perpetual Debt Financing Of Listed Companies

Perpetual debt is a popular financing tool in the capital market.It appears later than the allotment,issuance,and ordinary bonds.Although it appears late,it has a short time and is favored by enterprises and investors.Perpetual debt is a mezzanine financing tool.It not only has the general characteristics of ordinary bonds,but also can be included in equity when certain conditions are met.It has the dual nature of "equity" and "debt".With the rise of perpetual debts,there are more and more problems to be explored.This paper analyzes the perpetual bonds issued by the first-breaking shares of the listed company's perpetual debt financing research.The main contents are as follows:The first chapter is the introduction of this paper.As the generals of the thesis,it summarizes the research background,research significance,research methods,and explains the framework of this paper,and proposes possible innovations.The second chapter introduces the theoretical basis of this paper,studies related literatures at home and abroad,and reviews the literature,paving the way for the later case analysis.The third chapter makes a systematic theoretical analysis of perpetual debt financing,mainly from the aspects of perpetual debt related concepts,issuance conditions,differences with other financing methods,motivation and effect analysis,and combines several typical The case of perpetual debt financing is vivid and vivid.The fourth chapter and the fifth chapter are the key points of this paper,which is a case study on the issuance of perpetual bonds of Beijing Capital Development Company Limited.The fourth chapter first introduces the case overview.As the first large-scale state-owned enterprise,Beijing Capital Development Company Limited have ranked second in the A-share listed real estate enterprises in the past two years,and have reference significance for the entire industry and even listed companies.Through the specific analysis of the motives for the issuance of perpetual bonds of Beijing Capital Development Company Limited,it mainly includes reducing the asset-liability ratio,alleviating the financial dilemma,completing the strategic transformation,reducing the constraints on the use of funds,and clarifying that the issuance of perpetual bonds is necessary for the first shares.The fifth chapter uses the method of financial analysis to further study the financing performance and market reaction brought about by the issuance of the first-ever shares of perpetual bonds.Finally,through the comparison of the controlling rights before and after the issuance of perpetual bonds,the first-party shares are renewed.Uncontrolled shareholding.The sixth chapter is the conclusions and suggestions of this paper.It mainly reveals the common characteristics of convertible bonds,the enlightenment of cases to general enterprises,and reflects on the inadequacies in the writing process.Through case analysis,the author summarizes the advantages of real estate enterprises in issuing perpetual bonds and the problems to be solved in practical application,and proposes corresponding countermeasures and suggestions,which provides useful reference and reference for subsequent issuing companies that try to use perpetual debt financing.Explore the path of benign development of perpetual debt.