Research On The Financial Effect Of The Jishi Media Convertible Company Bond

Efficiency refinance for enterprise likes the good "transfusion function" to human.It is the basic guarantee of company to keep long term business.As a new kind of debt financing tools which embed the characteristic of option,convertible bond was well welcomed by the capital market investors.Radio and television industry is an important part of Chinese cultural industry.JISHI MEDIA issued 1.7 billion convertible bond in the year 2014.It is the largest convertible bond issuing project in domestic radio and television industry,which is very meaningful to study.It can also bring some inspiration to other radio and television industry companies in choosing the financing way.This paper is based on JISHI convertible bond case,through some typical financial indicators,comparing with the industry average,and BROADCAST&TV NETWORK,to analyze the influence to the financing?investment?business and distribution of profits activities,as well as the cash flow;This paper use principal component analysis to calculate the comprehensive performance after the issuance;Through the event study,this paper also analyzes the issuance of convertible bond's market reaction.This paper is divided into five parts: the first part is introduction,mainly introduces the research background and significance,etc;The second part is the introduction to visual turn issuance process,analysis of release agent,calculate the financing cost;The third part is the financial analysis of effect;The fourth part is some thinking to the result of JISHI convertible bond;The fifth part is conclusion and suggestion.Through the above research,this paper draw the following conclusions:(1)The bond terms of JISHI convertible bond effectively controls the financing cost;(2)JISHI convertible bond issue effectively improved the company's capital structure;(3)JISHI convertible bond issue effectively enhances the company's financial capacity;(4)The issuance of JISHI convertible has the positive influence;(5)JISHI convertible issue a good market reaction,which promotes the company's market value.