A Case Study Of Taier's Convertible Bond Financing

In order to achieve long-term development,in addition to excellent corporate culture and management ability,efficient financing is also crucial.As an important marketable creditor's right,convertible bonds have the typical characteristics of stocks and bonds.They are an emerging and rapidly developing financing method and have more advantages over other financing methods.Convertible bonds have been issued in western countries for a long time and are widely used.However,the development of convertible bonds in China started late,the market development is not mature,and the market foundation is not solid.In the process of its development,there are still many defects and deficiencies.The existing theories play a limited role in guiding the market.Therefore,it is necessary to clarify the important role of mature theoretical system,and improve relevant laws and regulations.The characteristics of convertible bonds make it especially suitable for some small and high-risk growth companies.However,due to the high debt of traditional machinery industry and the strong demand for capital,the demand for financing and optimizing capital structure through convertible bonds is strong,and it has gradually become one of the main industries issuing convertible bonds.Therefore,this paper takes Taier as an example to conduct an in-depth analysis of the whole process of issuing convertible bonds,so as to provide theoretical guidance for listed companies in China's machinery manufacturing industry and small and medium-sized board listed companies planning to issue convertible bonds.Firstly,this paper makes a comprehensive analysis of the development of China's convertible bond market,explores the evolution process of China's market based on the classical theory,and comprehensively analyzes the feasibility of the financing method of convertible bond with issuing motivation as the entry point.Then,the brief analysis of China's iron and steel industry development present situation,and coupling manufacturing industry development is discussed in this paper,the convertible bond capital cost as a research focus and the starting point,analyses the holding heavy industry,the necessity of issuing convertible bond financing,and comprehensive introduction to debt case,using comparative method,chart analysis method,EVA evaluation method and so on many ways bond that financial data before and after the change.It also analyzes the changes of thiel's financial management efficiency,performance fluctuation and stock conversion before and after the conversion,so as to make a comprehensive evaluation of thiel's financial effect.Finally,the above results are analyzed to obtain the comprehensive impact of thiel cb on the company,and on this basis,combined with relevant theories,put forward constructive Suggestions for the issuance of convertible bonds by small and medium-sized board listed companies in China.