Research On The Financial Effect Of Convertible Bonds Issued Hengfeng Paper

China's capital market increasingly mature,regulation increasingly perfect.A new financing method of both stocks and bonds----convertible bonds,are receiving more and more attention to market,convertible bonds of listed companies in China the development of diversified financing plays a more and more important role.This paper select a paper industry of our country listed company "Hengfeng Paper",the convertible bonds were thorough analysis to explore its effect on the company's financial effect,thereby issuing convertible bonds by listed companies in paper industry in China to provide reference.This paper describes the theory of convertible bonds and the development situation at home and abroad,from the cost of financing,distribution,industry regulation feasibility analysis of convertible bond;Then the Hengfeng Paper of shareholder structure of listed companies.A brief overview of the scope of business,etc;The last stand in the perspective of financing cost analysis,the paper the feasibility of issuing convertible bond,and after the release of the comparative analysis on various aspects of a company's financial indicators.In the process of case analysis,using comparative study method,ratio analysis,EVA enterprise value assessment method,event study method,chart analysis,data from the efficiency of financial management,financial performance,market reaction,convertible in four aspects to conduct in-depth analysis,and concluded the Hengfeng to bring the company bonds issue of financial effect.Finally comprehensive case analysis all aspects of the results,obtained the related conclusion,and to our country papermaking class issuing convertible bonds by listed companies refinancing some Suggestions are given.Through the analysis of Hengfeng Paper the convertible bonds,the efficiency of capital cost estimates,financial management,financial performance analysis,market reaction and stock indexes,such as can be seen that the convertible bonds have lower cost of capital,although the company's liabilities in release index short-term at higherlevels,but the compensatory always maintain a high level,the market reaction is good,the convertible bond issuing further optimize the company's financial position and financial structure,make the company get a sustainable development of the financial foundation.But at the same time also want to see,the convertible bonds does not make the company's assets operation indexes,a significant decline in the company's financial performance.So for papermaking class listed companies in our country,in the future when choosing issuing convertible bond financing,in addition to consider the cost of financing,also should be careful to consideration,balancing the interests of all parties,in the use of convertible bond financing at the same time,attach importance to its management and business innovation,to achieve strategic goals.