Research On The Financing Cost And Financing Effect Of Yanjing Beer Convertible Bonds

Financing has become a necessary means for modern enterprises to expand.The choice of financing methods is related to whether enterprises can move forward smoothly.The market requires enterprises to have more and more conditions for financing,especially after the promulgation of the new refinancing regulations in February 2017,the traditional financing method is no longer the first choice for enterprises to choose financing methods.A convertible bond is a corporate bond issued by an issuer in accordance with legal procedures,giving its holders the right to convert it into a certain number of shares of the issuing company under certain conditions within a certain period of time.It has become a favorite for listed companies to refinance.Financing tools.The estimation of financing costs and the estimation of financing effects are two factors that need to be considered when selecting financing instruments.This paper first expounds the research background,research significance and research status at home and abroad,and sorts out the research results of the action factors and financing advantages of convertible bonds.Based on the absorption and review of domestic and foreign convertible bond theory,the theory of financing and The relevant views on the conversion of bonds are summarized.Secondly,the company profile of Yanjing Beer is reviewed,and the process of issuing convertible bonds and the terms of issuance are reviewed.Again,the financing cost of Yanjing Convertible Bonds under different circumstances is measured.And calculate the actual financing cost during the survival period of Yanjing Convertible Bonds,compare the conclusions,and draw conclusions;then study the effect of Yanjing Beer's issuance of convertible bonds,mainly from the perspective of capital cost and ownership structure changes;Finally,it summarizes the financing cost advantage and financing effect optimization of Yanjing Beer's issue of convertible bonds,and provides some suggestions for the refinancing of listed companies in China for convertible bond financing.