Research On The Financing Effect Of Convertible Bonds Issued By Shengyi Technology Under The Background Of New Refinancing Regulations

The threshold for equity financing has been raised with the release of new refinancing rules in 2017.In this context,the convertible bond market is favored by listed companies,and many companies turn to issuing convertible bonds for financing,hoping to obtain low-cost long-term use funds and improve the company's capital structure in this way.however,among the many companies that finance through convertible bonds,there are not many companies that achieve better financing results,and with the increasing amount of convertible bond financing,The problems in the convertible bond market are gradually exposed.It can be seen that it is necessary to study the successful companies that issue convertible bonds.By exploring the reasons and shortcomings of their success,we can provide corresponding suggestions for listed companies,regulators and investors,so as to promote the standardized operation of the convertible bond market.Therefore,this paper takes the convertible bond issued by Guangdong Shengyi Science and Technology Co.,Ltd.as the research object,through the method of case analysis and event study,this paper analyzes the issuing process,the financial situation and the reflection of the secondary market of the convertible bond issued by Shengyi Science and Technology Co.,Ltd.,through the study,it is found that at present,there are some problems in China's convertible bond market,such as serious equity dilution and too short bond duration,resulting in the decline of the company's operating efficiency.The issuance of convertible bonds by Shengyi Technology has achieved good results,effectively reducing financing costs and improving the company's capital structure,especially the setting of the preferential subscription clause protects the rights and interests of the original shareholders,further optimizes the company's original ownership structure,and the stock market's long-term response to this financing is also positive,which can be used as a reference for other listed companies.Therefore,the author believes that in the hot issuance of convertible bonds today,listed companies should still issue bonds rationally in the light of their own capital situation,and make full use of terms design,priority placement and other provisions to protect the interests of the originalshareholders in the process of issuing bonds.At the same time,the government and regulatory departments should strengthen supervision and expand supervision channels to ensure the development quality of the convertible bond market while promoting the development of the convertible bond market in an orderly manner.