The Analyse On The Financing Of The Steel Industry Listed Company

For most enterprises, to be a listed company's direct purpose is to obtain a low-cost, high efficiency "financing channels." The demand of the mint fund of the listed company is the developmental future. Some company plan to subdivide the home market and develop the abroad market, the other one plan to keep leading the industry and becoming greater and stronger. 2006 was China's capital market reform and development of a very unusual year. The new "Securities Act" and the "Company Law" is complete in early 2006 and the formal implementation, and corresponding facilities, a series of new rules for capital markets, the new policy has successively promulgated, IPO, refinancing has started, capital market won a total circulation of the new era.Iron and steel enterprises in the scale of investment in fixed assets is extremely high, the level of financing, and higher efficiency requirements, through the capital market listing financing and refinancing becomes more urgent. Then in the new environment and policies, the iron and steel industries and enterprises listed and listed after which financing channel? How high the threshold? Financing efficiency? What are the advantages and disadvantages of the financing? Steel industry listed companies how to adapt to the new environment and policies, and select the best financing channel or portfolio? In the context of the study of these issues, the paper discusses the analysis of the steel industry listed companies to choose the mode of financing proposals of this essay is all about.This paper studies the following ideas. At first, the paper analysis the macroeconomic environment, development of the industry characteristics and investment valuation of the steel industry listed companies in 2007. Then, the paper summarizes the mode of financing the performance of the iron and steel industry in 2006 / 07, appraises the advantages and disadvantages and development trends on directional issue, separate bargaining convertible bond, warrant, IPO, short financing bond, allotment of shares. Further, the paper summarizes the features of China's capital market and the new financing trends of the listed companies in the total circulation times. At last, the paper puts forward how to select the financing of the steel stock during the complete current times.This paper studies the following conclusions. First, the dominant mode of financing is directed additional, separate transactions convertible bonds, coupons and other short-term financing, steel industry listed companies can actively implemented. In addition, the introduction of strategic investors, with other institutions such as investment cooperation, can also become a listed company steel industry solutions funds thirst means. In short, Mark times, the company values most reliable evaluation is a reflection of the stock market value maximization. Whether the optimal mode of financing can really improve performance, companies are able to short-term operations and long-term development strategy, so that the intrinsic value of listed companies to maximize the stock market will be able to maximize the long-term, uncertainty factors. The Circulative objective surrounding requests the steel industry listed companies to regard the value management, to maximize the value of listed companies to finance the ultimate goal.