| As a new type of financing,convertible bonds have attracted more and more attention of investors in recent years.Since the issuance of the Securities Issuance Regulations of Listed Companies in 2006,the convertible bond market has been at a growth stage.According to statistics,from 2010 to 2016,a total of 57 listed companies have raised funds through issuance of convertible bonds,accumulating 247.036 billion yuan.China Shipbuilding Industry Corporation is the leading manufacturer of shipbuilding industry,corporate governance standards,and the rigorous issuing process of convertible bonds.The management exercised its rights to promote the transfer of shares to protect the company’s assets.The entire process has strong research value.This article takes the case of China Heavy Industry’s issuance of convertible bond financing in 2012.Through industry comparison,decision-making comparison,value research and cost calculation,this paper conducts research on the three aspects of financing motivation,issuance process and issuance results.This paper finds that the market value of heavy industry convertible bonds after issuance continues to be lower than the theoretical value,and there is a phenomenon of underpricing.Apart from the model and calculation errors,the market reaction is lagging behind and investors are too cautious;this is the main reason;at the same time,companies successfully use redemption terms.The cost of financing is controlled within an acceptable range.This time,China Shipbuilding Industry Corporation achieved financing through the program of issuing convertible bonds,and through the design and use of terms,it successfully converted shares,avoided the outflow of large amounts of funds in the later period,and at the same time controlled the financing costs,which was a more successful transfer.Debt financing case. |
