A Study On Offshore US Dollar Bond Issuance Of Chinese Enterprise

Represented by American capital market,the global capital market,under the promotion of the 3rd round quantitative easing policy,conducts the marketing environment of ultralow benchmark interest rate.Under the dual influences of international macro-economic change and domestic policy supporting,the phenomenon of financing by issuing offshore us dollar bond through establishing overseas subsidiary,special purpose vehicle and holding company as the issuing body of Chinese enterprise becomes even more common.Chinese enterprise already has regard the offshore bond issuing as its important channel of raising foreign currency during the overseas expansion process.Especially for the exploration and development project of oil and gas with long construction cycle and lager investment scale,offshore bond issuing not only can satisfy the harmavoidance need of acquiring stable long-term investment return of bond investor,but also can combine the financing characteristics of oil industry organically,as well as has significant effect in lowering financing cost,hedging exchange rate risk of the enterprise,and diversifying the financing channels of the enterprise,etc.Through adopting the method of combining theories and cases,this thesis bases on the overseas issuing case of CNPC,summarizing and concluding the overall situation of correlative field of the case.On this basis,the thesis focuses on the contrastive analysis of the pricing of overseas dollar bond between CNPC and other enterprises of the same industry,and specifically researches the key links and factors that influencing the pricing;And focuses mainly on the contrastive analysis of the impact on the cross-border flow of capital between offshore US dollor bond and domestic RMB bond,thus finding the essential problems of offshore bond issuing of Chinese enterprises,and concluding some advises toward offshore bond issuing by concluding the case enterprise's experience and shortage to form a set of methods of offshore bond issuing which has extending significance to play a positive role in optimizing offshore bond issuing scheme of Chinese enterprise.