| There are two main channels for banks to replenish capital,one is endogenous profit retention,and the other is exogenous equity financing.However,because the long-term valuation of bank stocks is low and the profitability of commercial banks is declining,the effect of endogenous profit retention and replenishment is declining,so banks focus on exogenous financing methods.Among many exogenous financing methods,preferred stock has attracted much attention as an emerging financing tool.In 2013,the preferred stock system began to emerge in China ’s financial market.The promulgation of the document "Preferred stock pilot management approach " has attached importance to preferred stock.As an innovative capital tool,preferred stock is the first financing method that can be approved for commercial banks to supplement other primary capital in China.Up to now,more than 30 listed companies have issued preferred stocks in China ’s capital market,including city commercial banks.This thesis mainly studies the case of Changsha Bank ’s successful issuance of preferred stock financing.Firstly,it briefly introduces the concept and advantages of preferred stock,and combs the development of preferred stock.Then it expounds the establishment and operation of Changsha Bank,and summarizes the process,basic terms and core terms of ’Changyinyou 1 ’.Then,it explores the motivation of Changsha Bank ’s preferred stock issuance,and uses a variety of research methods,combined with mathematical basis,to analyze the market effect and financial effect of Changsha Bank ’s preferred stock financing.The financial effect includes horizontal and vertical Horizontally,it includes important regulatory indicators such as Changsha Bank ’s capital adequacy ratio and non-performing loan ratio.Vertically,it is compared with other banks ’ issuance of preferred shares.Finally,the following conclusions are drawn : First,the motivation of Changsha Bank to issue preferred stocks is mainly to alleviate the pressure brought by supervision,optimize the capital structure,increase other primary capital,and supplement capital through equity financing to support the expansion and development of enterprises and further serve the real economy.Second,after the successful issuance of preferred shares,the capital scale of Bank of Changsha has been expanded,the capital structure has been fully improved,and the ability to make profits has been enhanced,but the asset quality has not changed significantly,and the overall competitiveness has only increased in the current period.Third,the impact of Changsha Bank issuing preferred stocks on the secondary market is positive,but the impact is not lasting enough.It may be because for the first time,investors cannot evaluate the final effect of preferred stock issuance,and preferred stocks have no management rights,which will affect the interests of investors to a certain extent. |
