| The NEEQ market is in a critical period of tiered reforms.The market scale continues to expand,but the market turnover continues to shrink.The lack of liquidity transmitted to the primary market highlights the financing pain points of the NEEQ market.On September 26,2015,the State Council officially issued the "Guiding Opinions on Accelerating the Construction of a Support Platform for Mass Entrepreneurship and Innovation",which formulated clear requirements for the sustainable and healthy development of crowd innovation,crowd support,crowdsourcing,and crowdfunding.As an important part of it,not only can crowdfunding promote development by pooling public funds,but also effectively supplement the limitations and deficiencies of the traditional financial system in serving small and micro businesses and entrepreneurs,and expand new investment and financing channels for entrepreneurship and innovation.According to the '2016 China Internet Crowdfunding Development Trend Report' jointly released by Zhongguancun Raise in the Technology Industry Alliance(ZTA)and Rong360 Internet Finance Big Data Research Institute,there will be more innovation space for equity crowdfunding in the future,among which convertible bonds are the most importantThus,convertible bonds for innovation and entrepreneurship came into being in 2017 The non-public convertible corporate bonds issued by innovative startups are the first substantively differentiated system benefits since the implementation of the tiered system of the New Third Board.Due to its dual characteristics of debt and options,the innovative companies of the New Third Board have access to funds without diluting equity enriches the financing channels of the innovative companies of the New Third Board with a lower threshold In addition,the bond financing method can enable companies to use the tax shield effect to save costs.In order to reduce the issuer's default risk,it also introduced a credit-increasing mechanism that combines the company's internal and external,thereby making it a tool to benefit both investment and financing in the new third board market.Many new third-tier innovation-level companies have entered the ranks of issuing innovative and convertible bonds,and Hejia Pharmaceutical is one of themBased on the theory of financing demand,capital structure,and backdoor equity,this paper comprehensively presents the situation before and after the issuance of Hejia Pharmaceutical joint venture debt through the media of literature research,case analysis,data collection and comparative analysis.This paper starts from the analysis of the motivation of the issuance of mass venture debt by Hejia Pharmaceutical.This article looks for the starting point of the double innovation bond issuance of Hejia Pharmaceutical,and divides the motivation into the level of the financing demand and the choice of the financing method of double innovation debt.Tracking the effect of Hejia Pharmaceutical 's achievements in financing needs after issuing double-creation bonds,that is,the debt structure of the bank 's debt is optimized,the company's cash flow is more abundant,some of its subsidiaries have been withdrawn,the company's industry competitiveness has been improved,the agricultural diversification has now been stagnated and started to analyze the financial impact and the impact of shareholders' equity after the issuance of double innovation bonds by Hejia Pharmaceutical and the conversion of shares.In terms of the financial impact,changes in asset structure have improved solvency,especially short-term solvency;asset revitalization has made asset operating capabilities not significantly behind the industry;and the use of financial leverage has improved profitability.In terms of the impact on shareholders' equity,due to the limited scale of the hejia's transformation to S1,no significant changes in accordance with the conventional trends have occurred.Finally,this article puts forward suggestions and enlightenments related to the case at the end,and hopes to help Hejia Pharmaceutical and other enterprises that are preparing to issue mass entrepreneurship and innovation bonds to make a correct judgment in their own situation. |
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