毕业设计（论文）--四川长虹可转换债券融资决策影响因素的调查分析_精品.doc

毕业设计（论文）--四川长虹可转换债券融资决策影响因素的调查分析 Abstract Convertible bond has double identities of both bond and stock, and has become an important way of refinancing for companies. After more than ten years’ dreariness, Chinese convertible bond market has entered a period of rapid development, and reasonable utilization of convertible bond is propitious to achieve a win-win situation. Sichuan Changhong company has been listed in 1994 which formerly known as state-run Changhong factory which was one of the 156 key projects during the period of Chinese first five-year Plan, and it was the only airborne fire control radar production base at that time. Due to the investment of many projects such as plasma, the company had a need for numerous funds. What was worse, those projects were not engaged yet, which resulted the lack of profit and the difficulties on financing of the company. The funding plan of 2007 for 2.8 billion yuan had been announced failed in 2008, which was the disaster after what had been stated above. But the company had made a decision about issuing convertible bond of Changhong in 2008, and the validity of it was confirmed by the success on issuing the bond in 2009. This paper firstly introduces the basic theory of convertible bond including its attribute theory of value and issue environment. After that it introduces the background of Sichuan Changhong company. Then it analyses the influence factors of convertible bond which was issued by Sichuan Chonghong company from both favorable and unfavorable factors. Finally, it points out some enlightenments which were based on national policies, corporate governance structure and companies’ choices about convertible bonds by associating the issue convertible bond with Sichuan Changhong company. The success of Changhong’s financing event of issuing convertible bonds showed that we should not only pay attention to single requirement of financing. This paper argues that the company of having actual project investment and h