| As a mature product that has been used for many years in overseas market,exchangeable bond is still a new term in our country.In fact,the formal introduction of exchangeable bonds in the domestic market began in 2008,initially to reduce the negative effects of the reduction of a large number of non tradable shares on the market by scientific guidance for reducing stock holders of "large and small" shareholders.With the continuous development of the domestic capital market and the successful issuance of the first private convertible bond "13 Fuxing bonds" in China,the domestic exchangeable bond market is on the right track.In recent years,with our country's economy entering the "new normal",influenced by domestic macroeconomic policies,exchangeable bonds have been sought after by more and more enterprises because of the functions of low interest financing,stock reduction,liquidity management and merger and exchange.Since the time of the introduction of exchangeable bonds is relatively short in China,there are relatively few studies on exchangeable bonds.At the same time,a considerable number of enterprises in the market are not fully aware of exchangeable bonds.Therefore,it is very necessary to analyze exchangeable bonds in depth with cases.For the issuers in the market,it is necessary to understand how the terms of the exchangeable bonds serve the motivation of the issue,and it is necessary to understand how the issue of exchangeable bonds will affect the enterprise itself.For the investors in the market,because of the information asymmetry in the market and the characteristics of the exchangeable bonds with many functions,it is necessary to understand the exchange bond in order to clear the motivation of the exchange bond in order to effectively avoid the damage of its own interests.In 2015,as the first year of the explosive growth of exchangeable bond market in China,many exchangeable bonds issued during this period are of demonstrative significance.The "15 world treasure 01",issued by Zhejiang Shi Bao holding group,not only successfully exchanged shares during the duration of the bond,but at the same time the performance of the underlying stock market also made the bond investors gain considerable profits in the short term.Through the combination of theoretical analysis and case analysis,this paper will analyze the "15 world treasure 01" exchangeable bonds.Through the reference of the relevant documents at home and abroad,the basic theories of the exchangeable bonds are combed.On the basis of this,the reasons for the issuers' issuing motives,the issuers' issuing of exchangeable bonds and the reasons for the successful issuance of exchangeable bonds on the basis of the background of the case are carried out on the basis of the case background.Analysis。Through the case analysis,this paper draws the following conclusions: first,the issuer has a successful premium and exchange of shares on the premise of maintaining the controlling power of the holding company;second,the exchangeable bonds can effectively safeguard the interests of the issuers through flexible terms and conditions;and third,the issuance of exchangeable bonds has a positive impact on the enterprises. |
