%0 Journal Article
%T Value Creation of Strategic Investors under Convertible Bond Investment¡ªA Case Study of Wharf (Holdings) Limited
%A Wei Huang
%J Open Journal of Business and Management
%P 275-291
%@ 2329-3292
%D 2019
%I Scientific Research Publishing
%R 10.4236/ojbm.2019.71019
%X This paper analyzes the case of Wharf¡¯s participation in Greentown China¡¯s
corporate governance under the investment of convertible bonds, and brings the
case of market value growth. It reveals that the strategic investors have
passed the three stages of ¡°value support</span></span><a name=\"OLE_LINK54\"></a><a name=\"OLE_LINK60\"></a><a name=\"OLE_LINK59\"></a><a name=\"OLE_LINK12\"></a><a name=\"OLE_LINK10\"></a><a name=\"OLE_LINK3\"></a><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\"><span style=\"font-family:Verdana;\">¡ª</span></span></span></span></span></span></span></span><span><span><span style=\"font-family:&quot;\"><span style=\"font-family:Verdana;\">value driven¡ªvalue realization¡±. The bond issuer realizes value creation
and achieves a win-win situation for both parties. The study found that
strategic investors and bond-issuing companies have complementary resources and
positioning strategies to provide strong value support for cooperation between
the two parties. The key processes driven by value include the investment phase
and the corporate governance phase. In the investment phase, choosing the right
financing method and designing the refined terms provide the basis for strategic
investors to participate in corporate governance. In the corporate governance
stage, </span><span style=\"font-family:Verdana;\">strategic investors can restrain
overinvestment by issuing sound financial policies bonds, and participate in
the investment decision-making of bond-issuing </span><span style=\"font-family:Verdana;\">enterprises to create
business synergies. The realization of value is reflected in the two aspects of
market value improvement and business improvement.
%K Strategic Investors
%K Convertible Bonds
%K Corporate Governance
%K Market Value Management
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=90049