Research On The Strategy Of X Listed Company's Refinancing

In the new development situation,the transformation and promotion,integration and recombination,technological reconstruction made the coal enterprises' financing demands particularly urgent.Accelerating the resource tax reform,promoting the environmental protection fees and tax and other measures were proposed in the Third Plenary Session of the eighteenth Central Committee,which caused certain pressure to the expected development of coal enterprises.In addition,due to the coal mine production capacity surplus and the impact of imported coal and other reasons,the coal enterprises' achievement declined,and credit environment worsened.Some banks have taken the credit policy of contraction and withdrawal,which made the coal enterprises' difficulty worse.In this context,in order to solve the coal enterprises' financing difficulties,a variety of empirical analysis methods were used in this paper.The paper selected a coal industry listed company as the research object,and then in-depth analyzed the listed company refinancing,which provided a certain theoretical and practical reference for improving the refinancing of coal enterprises.Firstly,the paper relatively analyzed the allotment of shares,the issuance of new shares,convertible bonds,corporate bonds financing and other refinancing modes.Secondly,this paper made a further analysis on the refinancing modes,and combined with the financial position of X listed company.The paper chose the convertible bond as X listed company's refinancing mode,according to the public laws and regulations and the existing convertible bond terms,and then designed suitable convertible bond terms for the X listed company.Finally,the paper proposed the guarantee measures for the implementation of the X listed company refinancing plan,including the institutional basis,the risk management,and the comprehensive management.It provided a reference for the future research.I hope that the refinancing plan designed in this paper can optimize the capital structure of X listed company,and promote the long-term development of X listed company.At the same time,I hope that this research can provide useful reference for other listed companies in the coal industry,which will benefit the healthy development of the capital market and the dramatic economic growth.