Research On Refinancing Performance Of Inspur Information

In recent years,with the continuous development of social economy,the demand for funds for the operation and operation of companies is increasing,especially for listed companies.Commercial bank loans can no longer meet the large-scale financing needs of listed companies.After the initial listing of funds,subsequent in order to collect more needed funds,need to refinance on the security market,our country refinancing mainly by rights issue,additional issues and convertible bonds and so on.Refinancing provides a large amount of funds for the development and growth of the company,and different ways of refinancing also provide more choices for the adjustment of capital structure.On February 17,2023,China Securities Regulatory Commission issued the comprehensive implementation of relevant institutional rules of the stock issuance registration system,marking the formal promotion of the registration system in the whole market.In this context,the research on the refinancing performance of listed companies has more important significance.This paper chooses Inspur Information Company as a case study to study its refinancing performance.As an A-share listed company,Inspur Information Co.,Ltd.is A leading company in the new Internet industry.In recent years,Inspur Information Co.,Ltd.has carried out four refinancing,including private placement,rights offering and convertible bond issuance.Compared with other listed companies,the company’s refinancing methods are comprehensive and representative to a certain extent,which has certain advantages in studying the performance of listed companies’ refinancing.Firstly,this paper reviews domestic and foreign literature from the aspects of refinancing method selection and refinancing performance,and expounds related concepts and theories of refinancing performance.Secondly,the basic information of the company,the development of the industry and the refinancing of the company are briefly introduced.Then,from the two aspects of event study and financial index performance,the paper makes a detailed analysis of Inspur Information company’s market reaction performance and corporate financial performance after four refinancing.Then,according to the case study analysis,constructive suggestions are put forward for the problems of Inspur Information’s refinancing performance,such as too many financing times,small financing scale,insufficient optimization of equity structure and low efficiency of refinancing funds,and suggestions are provided for the optimization of Inspur Information’s subsequent refinancing performance.Finally,the relevant conclusions of this study are summarized and concluded.Based on the case study of Inspur Information refinancing,it is concluded that,first,to improve the refinancing performance of listed companies,a certain amount of financing funds should be provided as the basis.Second,the refinancing of listed companies can promote the optimization of the company’s ownership structure.Thirdly,the efficiency of refinancing funds used by listed companies affects the necessity of refinancing to some extent.Fourthly,the optimization of refinancing performance of listed companies needs the coordination support of internal and external guarantees.By studying the refinancing performance of Inspur Information Company and drawing relevant conclusions,we hope to provide relevant experience for the improvement of the refinancing performance of other listed companies.