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1、AbstractPreferredstockfinancinghasbeenwidelyusedinWesterncountries.In2014Chinaofficiallyallowedpreferredstockfinancing.Inordertorescuethemarket,TheUnitedStatesusedthewayoffinancingpreferencesharesalotafterthefinancialcrisisin2008.Companiescancontinuetolowerthedebtratioofenterpr
2、ises,butdoesnotaffectthecontrollingstakeofexistingshareholdersintheenterprisewhentheytakePreferredstockfinancingasthePreferredstockhasthefeaturesofbothdebtandstork.makingChina'sfinancialmarketalsohasbeengreatlyaffectedbyfinancialcrisisandunabletomeettheneedsofcompanies’financin
3、gthroughtraditionalwaysoffinancing.GuanghuiEnergyisthefirstcompanywhoissuedtotakepreferredsharesfollowedbysixcompanies,andChinaSecuritiesRegulatoryCommissionhadauthorizedtherequisition.Inthispaper,takingGuanghuienergyastheobject,analyzethereasonsforitsissuanceofpreferredstock,t
4、heexpectedeffectsandrisks.ThispaperaimstogiveotherlistedcompanieswhichmayissuepreferencesharesinthefuturesomerelatedconsultationsandmakingexplorationtoexpandfinancingchannelsforChineseenterprises.Thispaperfirstlysummarizestheresearchresultsofscholarsonpreferenceshares,listsitsd
5、efinition,characteristics,classification,functionandshortcomings,makesacomparisonbetweendifferentfinancingmethods,ThenCitesexpectedeffectsandriskswhicharegroundedonrealitiesofsituationandspeculativeknowledge.Guanghuienergycanimprovethecompany'scapitalstructureandmeettheneedsofa
6、largenumberoflong-termfundingforinvestmentbytakingPreferredstockfinancing.Itisnotsuitableforeverycompanycauseitwillincreasetheriskofcommonshareholders.InGuanghuiEnergy’scase,takingPreferredstockfinancingisarightdecision.Keyword:PreferredstockBailoutAffection目錄1緒論...............
7、.....................................................11.1論文研究背景及意義................................................11.1.1論文的研究背景..............................................11.1.2論文的研究意義..............................................11.2國(guó)內(nèi)外研究綜述...................................
8、.................21.2.1國(guó)外優(yōu)先股的研究.......................