Case Study On Bond Financing Of PY Urban Investment Company

The urban investment model is the Product of the local investment and financing system reform,and its functional changes are closely related to the investment and financing reform system.In 2014,the Opnions of the State Council on Strengthening Local Government Debt Management(Guo Fa[2014] No.43)was issued.It marked the beginning of a new round of local investment and financing system reform.Circular No.43 requires local investment and financing Platform companies to divest government financing functions and not to add government debt.Since then,a series of documents and regulations have been issued around the local government to Provide implicit guarantees for investment Platforms,clearing local government debts and Platform company debts.The Penalties for violations are also growing.Especially for the city investment companies in the Past two years,the living space under the traditional business model is getting smaller and smaller,and the market transformation needs to be accelerated.However,the market-oriented transformation is not enough to announce the departure from the government financing function and not to assume the implicit debt of the local government.It is necessary to make adjustments in Property rights,business and Personnel.This paper takes the initial Public offering of corporate bonds of Henan PY City Investment Group Co.,Ltd.as the research object,and will conduct an study on the case from the following five Parts.The first Part mainly introduces the research background and significance,the main research contents and methods.The second Part mainly introduces the case background,which is the basic situation of the company,and the background analysis of corporate bond financing.The third Part mainly introduces the Preparation of bond financing,the Process of bond application and the result of bond registration.The fourth Part is mainly case analysis,including the necessity analysis of bond financing,the company’s three-year and one-Phase finance analysis of the situation,corporate internal governance,rating analysis and analysis of factors affecting the issuance of corporate bonds.The fifth Part is the conclusion and revelation.This Paper hopes that through the analysis of this case,it will Provide some guidance for other Platform companies with similar backgrounds to issue debt financing,and Promote the transformation and development of Platform companies.