This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.
In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.
Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.
Pre-Initial Public Offering(Pre-IPO) investment is an extremely important investment method in private equity investment. It invests in the latest stage of the company's listing time. In the context of Chinese stock issuance registration system reform, a large number of small and medium-sized enterprises with technological attributes and high growth potential…
Pre-Initial Public Offering(Pre-IPO) investment is an extremely important investment method in private equity investment. It invests in the latest stage of the company's listing time. In the context of Chinese stock issuance registration system reform, a large number of small and medium-sized enterprises with technological attributes and high growth potential have begun to conduct IPOs. As the last opportunity for companies to replenish their "ammunition" before going public, Pre-IPO investment has gradually become a hot topic in the practical and academic circles. This article collected four financial indicators that may affect the Pre-IPO investment income(including profitability, solvency, growth potential and governance structure) and used a multiple regression model to examine the mechanism. This article has three research conclusions: First, the Pre-IPO investment still has considerable returnsin the current market environment, but the rate of return is gradually decreasing. Secondly, most of the Pre-IPO return is brought about by the successful listing of the invested company, and the return on total assets, current ratio, and total asset growth rate have a significantly positive impact on primary market investment income, while the controlling shareholder's shareholding ratio has a negative impact. The income from secondary market is much less than primary market, and it is mainly related to the profitability and solvency of the invested company. Profitability has a negative impact on the stock price, while solvency has a positive impact; Thirdly, with the launch of the Science and Technology Innovation Board and the implementation of the Registration System, investment institutions need to conduct a comprehensive inspection of the invested companies, such as the company's growth and internal governance structure. Companies listed on the Science and Technology Innovation Board need to pay more attention to their profitability and growth,while others need to pay more attention to the debt solvency and governance structure.
Kungfu bonds are bonds denominated in dollars issued by mainland companies in overseas markets. In the past ten years, the issuance of Chinese dollar bonds has been in full swing. The Kungfu bond market is booming with China's economic development and the deepening of the capital market. Since 2019, the…
Kungfu bonds are bonds denominated in dollars issued by mainland companies in overseas markets. In the past ten years, the issuance of Chinese dollar bonds has been in full swing. The Kungfu bond market is booming with China's economic development and the deepening of the capital market. Since 2019, the regulatory policies for the domestic real estate industry have gradually become stricter. Developers led by Evergrande and Country Garden have extremely tight cash flow, and their domestic and overseas financing channels are greatly restricted. In addition, due to the repeated impact of the epidemic, the risk exposure of Chinese-funded US dollar bonds and real estate debts has intensified. Due to the wave of defaults induced by the forced deleveraging of domestic regulators, overseas credit bonds with poor credit quality have been sold by investors. This paper looks into the interest rate level of Kungfu bonds as the research object, and examines the information asymmetry as the research entry point to conduct an in-depth quantitative study of the additional costs that mainland real estate companies need to pay for new bonds issued in the international market, and what factors may exacerbate or alleviate information asymmetry.This study found that Mainland real estate companies need to pay an additional 1.2238% interest rate difference on average when issuing bonds in Hong Kong for the first time. In addition, Mainland real estate companies that have issued bonds in the international market pay a lower credit premium on average, which means that issuing bonds in the international market can significantly enhance the company's reputation and alleviate information asymmetry among institutional investors, thereby reducing financing costs.
To sum up, this paper analyzes in depth the pricing problem of Chinese dollar bonds issued in the international market through the method of quantitative regression, enriches the related research on bond issuance pricing, and provides information necessary for practitioners to make investment decisions and for listed companies to make financing arrangements. It provides valuable suggestions, which may be applied to other industries.