Analysis On Factors Influencing Stock Price Of Chinese Companies Issuing Exchangeable Bonds

As a new financing tool,exchangeable bonds,because of their greater flexibility in design,can prepare relatively low cost funds for the investors and meet the demands of different investors,and usher in a blowout on scale after 2014,which has now become a new favorite of the capital market.But at the same time,the development of exchangeable bonds is also facing a series of problems.For example,exchangeable bonds still can not effectively solve the problem of the reduction of the restricted stock of the listed companies.The risks and interests of the issuer and the holder are not matched,the issuance results are not ideal,the subscription rate is insufficient,the stock price is weak,the stock exchange is insufficient,and the large-scale redemption after the issuance.The reason may be that there are many problems in the limits of the doorsill of the issuer,the formulation of the par and the price of the stock exchange,the formulation of the scale and time limit,the setting of the redemption terms,the setting of the revised terms and the unlimited demand for the underlying stock.Based on the distribution data of all exchangeable bonds in the A stock market of 2014-2017 and four years,this paper examines the cumulative excess earnings of the stock after the issuance of exchangeable bonds,and examines the significance of the exchange of exchangeable bonds on the stock price.Then find out the main factors that affect the stock price.On the basis of the above research results combined with our country's unique economic environment and the policy background,it puts forward constructive suggestions,including: setting up the coupon rate reasonably,adopting appropriate additional credit measures to improve the bond rating,setting up the issuing scale reasonably,and changing the price of stock exchange,and designing appropriate subsidiary clauses to balance the risk and income of both the investors and the investors.In order to promote the development of exchangeable bonds,the interest demands of the exchangeable bond funds can be better met.