Study On The Motivation And Effect Of Yankuang Group Issuing Exchangeable Bonds Under The Background Of Mixed Ownership Reform

With the continuous development of the exchangeable bond market,the exchangeable bond is more and more widely used in the capital market.As a new type of financing instrument,besides financing,the exchangeable bond is also used in capital operations such as corporate mergers and acquisitions,the introduction of investors,etc.It is of great significance to study the reasons for its issuance and the effects on different reasons to promote the development of the capital market.However,the research on the exchangeable bonds in our country is less at present,and more focuses on the issue process,pricing,issue terms and other aspects of the exchangeable bonds.As China’s mixed ownership reform enters a new stage,the mixed state-owned enterprises issuing exchangeable bonds not only help enterprises to raise funds,but also promote the reform of mixed ownership by changing shares to enhance the degree of mixed ownership of enterprises and introducing institutional investors.Therefore,this paper will combine the background of the reform of mixed ownership of enterprises to make an in-depth analysis on the motivation and effect of issuing exchangeable bonds,so as to enrich the research results on the motivation and effect of issuing exchangeable bonds.This paper takes the three convertible bonds issued by Yanzhou Mining Group from 2017 to 2018 as the research object,and uses the case study method to analyze the motivation and effect of the convertible bonds issued by Yanzhou Mining Group under the background of mixed reform.First of all,the paper reviews the relevant literature on the motivation and effect of the issuance of exchangeable bonds and the relationship between the issuance of exchangeable bonds and the reform of mixed ownership.This paper defines the concepts of exchangeable bonds,mixed ownership reform and institutional investors,and analyzes the motivation and effect of enterprises issuing exchangeable bonds under the background of mixed ownership reform on the basis of principal-agent theory,signal transmission theory,resource basis theory and synergy theory.Secondly,it introduces the relevant information of the issuer Yankuang Group and the target company Yankuang Energy,analyzes the background of the convertible bonds issued by Yankuang Group,and summarizes the general situation and important terms of the issue.Then,combined with the background of mixed reform,the paper analyzes the motivation of Yanzhou Mining Group to issue exchangeable bonds from the following aspects:reducing stock holdings and introducing private capital,expanding investment scale,adjusting capital structure and reducing financing cost,and analyzes the corresponding effects of mixed reform and financing.It considers that the degree of equity diversification has been improved,institutional investors have been introduced to improve governance capability,capital structure has been improved and capital cost has been reduced.Then it further analyzes the overall performance,and considers that the issuance of exchangeable bonds has improved the overall financial performance of the issuer and the market performance of the underlying stock company.Finally,some suggestions are put forward for the issuance of convertible bonds.The research in this paper links the issue of exchangeable bonds with the reform of mixed ownership of enterprises,expands the previous research results on the motivation and effect of the issue of exchangeable bonds,and can also provide reference for other enterprises with mixed reform background to issue exchangeable bonds.