| Perpetual bonds have been developing very well since they were first issued by Wuhan Metro Co.,Ltd.in China in 2013,and they have been favored by issuers and investors.The thesis takes real estate companies as an example to study the risks of this financial instrument,hoping to serve as a warning to other issuers,and to use it appropriately to prevent risks.At the beginning of the thesis,the background,significance and methods of the research are explained,and the Chinese and western theories of bond financing are studied and summarized.It can be included in the equity category in accounting treatment,which is conducive to maintaining a healthy financial debt ratio.This feature makes it a means for many companies to cover up their unhealthy financial status.The scale of issuance and the scope of issuance subjects have been gradually expanding,and the country has been paying attention to this new special bond to support its standardized development in the country.Although this financing method has many advantages,it has not been in the domestic financial market for long enough,related research is not enough,and the possible risks have not been widely recognized,and most issuers are not aware of excessive issuance.The thesis will use the perpetual bond case of China Fortune Land Development,and then lead to questions about the perpetual bond risk.Use its relevant information and data to analyze the possible risks of perpetual bond financing,start from the two perspectives of macro and onlookers in thinking about risk prevention and control,and propose corresponding solutions.I hope to remind other companies to take warning,so that perpetual debt financing can continue to develop healthily in our country. |
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