[건설사 자금조달 진단] BS한양, 신종자본증권 스텝업 성큼

BS Han Young's case illustrates the liquidity trap facing construction firms: despite operating profit growth, negative cash flows from aggressive project investment strain the balance sheet. The perpetual bond's step-up mechanism—raising rates from 6.59% to 12%+ in September—creates urgent refinancing pressure that forces unconventional solutions like renewable energy diversification to address structural financing challenges.