| Because of the characteristics of creditor’s rights and options,convertible bonds have been widely used in foreign countries and become one of the important financial instruments at the present stage.In particular,in recent years,convertible bonds,a financial instrument in line with the characteristics of The Times,have played an important role in China’s securities market.At present,in terms of the research on convertible bonds,domestic scholars are only limited to the research on pricing methods,financing motives and other factors.Few of them systematically study the specific situation that convertible bond financing affects the performance of listed companies,and the theories put forward are also very inconsistent.With the rapid development of the securities market today,especially the relevant domestic departments have developed and improved the system of convertible bond financing,in-depth research on the motivation and performance of convertible bond issuance in listed companies is of great significance for the gradual improvement of China’s securities market.This paper mainly covers the following contents: the first part is the introduction,which briefly introduces the research background of this topic,determines the research significance of this topic,analyzes and summarizes the research progress of convertible bonds in China and the west,points out the specific research content,and clarifies the research method to be used in this topic.The second part is an overview of relevant theories.It discusses the specific meaning of convertible bonds and its development process,including the characteristics of convertible bonds,a series of institutional provisions and relevant theoretical basis.The third part is the introduction of the background of CMBC’s convertible bond financing,the analysis of CMBC’s convertible bond financing motivation and the analysis of CMBC’s convertible bond financing program;The fourth part is the analysis of the financial performance of the convertible bonds of China Min Sheng bank.The event analysis method is used to analyze the short-term performance of the convertible bonds of China Min Sheng bank.The data analysis method is used to compare and analyze the changes in the financial performance of China Min Sheng bank in issuing convertible bonds.The fifth part is the suggestion of promoting the financing of convertible bonds of listed companies.The sixth part is the conclusion.Through the analysis of this paper,the following conclusions are drawn:1.For a period of time after the issuance of convertible bonds of China Min Sheng bank,they have a very favorable impact on the stock prices of enterprises,which can help many investors to obtain more excess profits and promote the continuous increase of stock market value.2.China Min Sheng bank made an in-depth study of the changes in its performance before and after the issuance.The performance of China Min Sheng bank did not change significantly for a period of time after the issuance of convertible bonds.The main reasons are as follows: firstly,while issuing convertible bonds,Min Sheng bank also tries to increase accounting income through a series of earnings management methods.The resulting performance growth will not be sustainable,resulting in a significant decrease in performance.Secondly,even with relatively large financial support,the investment project is not put in a good way,which leads to the frequent occurrence of idle funds and makes it difficult to be used efficiently,which directly limits the return on investment and significantly reduces the performance of the company.Finally,although a large amount of funds have been raised,they are used in the expansion process of a series of projects such as business outlets,making it difficult for the company to obtain greater economic returns and thus unable to create greater economic benefits in a short time.3.In order to promote the financing of convertible bonds of listed companies,the design of issuing terms of convertible bonds should be optimized;Optimize their own conditions to promote the normal realization of convertible bond financing. |
