The Case Study on Private Placement of Convertible Bond for Tsingtao Brewery Co., Ltd
Convertible bond (CB) with debt and option attribute has the important position in company finances,it can content with financiers requirement of saving cost and investors requirement of income and risk. After issuing convertible bond and effectively using funds,listed company can raise companys financing efficiency and government efficiency. This paper utilizes the case analysis method,puts financing efficiency and government efficiency into an analysis frame to research,and has a comprehensive understanding to economic consequences of private placement of convertible bond for Tsingtao Brewery. The results show that through issuing private placement of convertible bond,on the one hand Tsingtao Brewery introduces funds,improves the companys financial position,and ultimately improves the efficiency of companys financing; the other hand,introduces strategic investors,improves companys capital structure,and ultimately improves the efficiency of corporate governance. This paper argues that Tsingtao Brewery serving private placement of convertible bond as a strategic financing approach has achieved good economic consequences.
Tsingtao Brewery Private Placements of Convertible Bond Financing Efficiency Government Efficiency
Dongnian Wang Kunru Tian
Tianjin University of Finance & Economics,P.R.China,Tianjin Hebei University of Economics & Business,P.R.China,Shi Jiazhuang
国际会议
The Tenth Wuhan International Conference on E-Business(第十届武汉电子商务国际会议)
成都
英文
901-906
2011-05-13（万方平台首次上网日期，不代表论文的发表时间）