Analysis Of Listed Companies' Refinancing Preference And Convertible Bonds Clauses

Since 2010,Convertible bond market of China has been developed largely, convertible bonds become one of the most acceptable way of refinancing following the rights issue and new issuing. Combining theoretical study at home and abroad, this article hopes to achieve the following objectives:Theoretically analyse convertible bonds'advantages as a refinancing method; by analyzing the traits of the convertible bonds and the value of its different properties,describe how convertible bonds risk transfer will be combined with changes in market conditions;explore how the company's financial status change, the reasons for the change,and the impact on the convertible bonds stakeholders;combined with the above analysis to find out whether convertible bonds can exercise its role of governance,optimize the the level of governance, improve financing efficiency.Methods:Firstly,Referenced experiences were summed up from classified corporate finance theories,for analyzing and summarizing the advantages of the convertible bonds financing; secondly policies, announcements and market statistics related to convertible bonds are selected from 2009 to 2015,by comparative analysis in conjunction with the convertible bonds graph description to summing up convertible financing preference advantages;then,via relative value assesment model, this article try to conclude convertible bonds funding process combined with the company's financial situation and business decision-making behavior of its financing preference; Finally, based on the foregoing analysis,this article Preliminary discusses about the impact of convertible bonds on corporate governance,existing problems and make suggestions.Result:Case analysis is actually the result of financing behavior that issuers of convertible bonds attempts to maximize partial stakeholders'benefits, which shows for purpose of steady development of China's market economy, acceleration development of capital market diversification, increasement efforts to protect the interests of investors,further improvement of the legal and regulatory system are imperative.