认股权和债券分离交易的可转换公司债券融资分析四川长虹电器股份有限公司案例研究.docVIP

认股权和债券分离交易的可转换公司债券融资分析--四川长虹电器股份有限公司案例研究 ? ABSTRACT Bond with attached warrant, which also referred to as Wbs.it’ a kind of financial production mixed by stock and bond. Bonds and warrants of Wbs can be traded separated from each other in the securities market. 21 Wbs were issued in China securities market from 2006 to 2009, and Changhong CWB1 was the last oneSichuan Changhong Electric Co., Ltd.stock code:600839had issued a total of 30 billion Wbs on July-31-2009.The warrants Changhong CWB1warrant code:580027 had delisted on August-18-2011.The proportion of Changhong CWB1 warrants exercised by investors up to 98.65%.It made Sichuan Changhong obtain another 2.949 billion Yuan of financing fundsThe total 5.949 billion Yuan of funds had greatly alleviated the financial pressures of Changhong. At the same time the funds had provided strong financial support to Changhong PDP TV project. Sichuan Changhong Wbs was the last one bond with attached warrant, and Changhong CWB1 also was the last one warrant. So if taking into account that Sichuan Changhong Wbs was One of the few successful Wbs issued companies. We can Conclud that this case is fairly representativeIn the case studies of Sichuan Changhong WBs, i will first make financing projects analysis. Concluded that Changhong’s financing was based on their own development needs and really demands for funds.Secondly, i will make use of some relevant empirical indicators to verify the Changhong refinancing motivations. Thirdly, I going to analysis debts and capital structure of Sichuan Changhong, compare WBs with others refinancing paths, Calculate the financing costs and contract risks of the different means of financing. The next, I will try to find out reasons of Changhong’s financing succession. The most important reasons of the succession may be that Changhongs fast development, good marketing performance, and bright prospects or PDP TV project,etc. Finally, I will summarize th