基于风险效用视角的可转换债券融资研究

发布时间：2018-04-17 20:38

本文选题：可转换债券 + 风险偏好　；参考：《天津财经大学》2014年硕士论文

【摘要】：可转换债券在中国市场上日益受到投资者的重视,发行规模不断扩大,但是我国已发行可转换债券普遍存在条款设计雷同,收益率偏低的问题,发行公司基本上以转股为目的,实现间接股权融资。导致目前我国可转债市场投资品种单一,结构相似,无法为投资有效分担风险,制约了可转换债券的发展。目前国内对可转换债券的相关研究主要集中在可转换债券定价以及可转债发行对公司股票价格影响的实证分析等方面。从微观层面考虑可转换债券的作用还很少见。本文从发行公司和投资者的效用角度考虑,认为投资可转换债券可以降低投资的投资风险,提升效用。并得出以下观点和建议：风险较高,规模较小的公司更加倾向于发行可转换债券；可转债券单笔发行金额较普通债券和股票融资要大,因为投资金额越高,投资的风险规避性越强；投资可转债券,受投资情绪的影响,当投资者风险偏好增强时会减少对可转债券的投资,当投资者偏好风险规避时会增加对可转换债券的投资；发行公司应综合考虑市场上各类投资的风险偏好水平,合理设定发行条款,充分发挥可转债的减少投资风险的作用,而不是单纯的以转股为目的。本文的创新之处在于：(1)首次以风险效用的角度从微观层面对可转换债券投融资进行研究；(2)对我国发行可转债的条款设计上提出了一些新的建议。
[Abstract]:Convertible bonds are paid more and more attention to by investors in Chinese market, and the issuing scale is expanding. However, there are many problems in China, such as the same design of terms and low yield, so the purpose of issuing companies is basically to convert shares.Realize indirect equity financing.At present, the convertible bond market in China has a single investment variety and similar structure, which can not effectively share the risk for the investment, which restricts the development of convertible bonds.At present, domestic researches on convertible bonds mainly focus on the pricing of convertible bonds and the empirical analysis of the impact of convertible bond issuance on the stock prices of companies.The role of convertible bonds at the micro level is rare.From the point of view of the utility of the issuing company and the investors, this paper holds that the investment of convertible bonds can reduce the investment risk and enhance the utility.The conclusions and suggestions are as follows: higher risk, smaller companies are more inclined to issue convertible bonds; single convertible bonds issue more money than ordinary bonds and stocks, because the higher the amount of investment,The stronger the risk aversion of investment, the stronger the investment of convertible bonds, the less the investment of convertible bonds when investors' risk preference increases, and the more the investment of convertible bonds when investors prefer risk aversion.The issuing company should consider comprehensively the risk preference level of all kinds of investments in the market, set the issue terms reasonably, and give full play to the role of convertible bonds in reducing investment risk, instead of simply changing shares for the purpose.The innovation of this paper lies in the fact that: 1) for the first time, from the point of view of risk utility, a study on the investment and financing of convertible bonds is carried out on the micro level. (2) some new suggestions are put forward for the design of the terms of convertible bond issuance in China.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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