A Case Study On The Change Of Financing Mode Selection Of Crystal Optoelectronics

In the context of the strengthening of China's financial supervision,the Securities Regulatory Commission issued a new policy on refinancing in February 2017 to regulate and restrict the financing methods of domestic listed companies and encourage listed companies to raise funds through convertible bonds.Under the influence of the new policy on refinancing and the new regulations on convertible bonds,the convertible bond market has undergone tremendous changes,and has been favored by many listed companies.The convertible bond market is no longer a niche market in the past.This article takes Crystal Optoelectronics as a case study object and compares the background of Crystal Optoelectronics' refinancing,including the development of securities issuance,financing policy changes,and the status of refinancing through event research.Based on this,the reasons why Crystal Optoelectronics terminated non-public issuance and chose convertible corporate bonds in the context of the 2017 refinancing New Deal adjustment were analyzed.By comparing and analyzing the effects and risks of different financing methods on the changes in equity of Crystal Optoelectronics,capital structure,and company value,it reveals the differences in different financing methods,as well as the policy drivers,internal needs,and financing method adjustments for financing method adjustments.After the impact.The study found that the re-financing of Crystal Optoelectronics' privately-issued stocks had a positive impact on the market and the stock price rose;and the company's announcement of convertible bonds had a negative impact on the market and the stock price fell.Finally,combined with the results of case analysis,the case enlightenment is obtained from the choice of financing methods,the factors affecting the choice of corporate financing methods,and the effects of different financing method choices.Although non-public offerings have increased stock prices,the company has been heavily influenced by policy.For this reason,when the company chooses refinancing,it should adopt the following methods to deal with and prevent corporate financing risks: scientific and stable financing decisions,a sound internal control system and risk response mechanism,and expansion of financing channels in various aspects.The choice of corporate financing methods changes with changes in the market financing environment and regulatory policies.Enterprises will choose the best financing solution based on their own needs and their circumstances to maximize the capital structure and shareholder equity.Because external financing is not only the key to a company's scale expansion,but also plays a very important role and position for the development and growth of the company.