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YDT Co. Preferred Stock Financing Feasibility Analysis

Author: YuTao
Tutor: LuoMeiJuan; ZhangMin
School: Yunnan University
Course: Business Administration
Keywords: enterprise financing preferred stocks feasibility
CLC: F279.2
Type: Master's thesis
Year: 2011
Downloads: 374
Quote: 0
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Abstract


Preferred stock is a financial tool widely applied in investment activities and financing activities in developed countries; but so far there is no corresponding legal reference in China where the forms of stocks remain undiversified. With the development of economics, preferred stock displays an ever-increasing role in improving capital adequacy ratios, enhancing corporate finance capabilities that safeguard the interests of stakeholders, and supplementing the cash reserves of enterprises. It is now only a matter of time until the preferred stock system is finally established in China.Due to the disadvantages of transportation, location and resources in Yunnan Province, it is not easy to absorb or attract international investment for large-scale projects. Moreover, due to the financial constraints and the new credit policy (i.e.; in the use of the credit fund) it has become more difficult for Yunnan Province State-owned enterprises. To overate this result in increased asset-liability ratios for enterprises decreased corporate credit ratings and constrained financial capabilities. Since 2010, monetary policy in China has been very prudent:reducing money creation and the supply of loanable funds and increasing the cost of bank and credit. In such circumstances, financing can only be realized in other ways for investment projects with a large capital demand but without guaranteed returns. In a market with rare financial tools, there is only a limited selection available for Chinese enterprises to finance. While the country is modifying its financial policy, financial institutions like banks are proactively exploring new financing methods such as investment in stocks. Due to the stable and long term cooperation between banks and enterprises, emerging financial services still bring banks a lot customers and income. The new finance business model creates profits for banks and provides as an additional option for enterprises to finance. Thus, it meets the financial demands from the enterprises under the tight monetary policy.This thesis explores the feasibility of preferred stocks as a new financing instrument and prioritizes these issues when setting up preferred stocks. The paper states that in the current economic situation, preferred stock is an acceptable financing instrument for enterprises. This method can be extended to similar enterprises to ensure the capital security and the interests of the original stakeholders.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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