中国可转换债券的条款设计研究

发布时间：2018-03-15 09:58

本文选题：可转债　切入点：经济学性质　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：1990年代以来,可转换债券(以下简称可转债)在中国的发展已经历了近20年的曲折历史,现在可转债的发行仍属于蓬勃发展期。本文共分为五个部分,第一部分论述了可转债的基本概念,对可转债的定义、性质以及所包含的基本条款进行论述。第二部分论述了可转债在国内外的发展情况,由于美国的可转债市场规模最大,所以论述国外的可转债发展状况时将以美国的情况为主,之后论述可转债在中国的发展情况,可以发现中国的可转债市场发展和政策的引导密不可分。文章的第三部分将详细论述可转债的经济学性质,从构成角度和投资价值角度两方面将可转债的经济学性质细分为债性、股性、可转换性与收益性、风险性、流动性。并且在划分经济学性质的基础上对目前上市的可转债——巨轮转债2做了理论价格的实证分析,并与其市场价格相比较,发现巨轮转债2的市场价格存在高估的现象。文章的第四部分和第五部分将对我国的可转债发行条款进行全面而详细的论述。本国市场的发展情况对于可转债发行条款的制度规定仍不成熟,发行人的发行条款设计也多是千篇一律、互相抄袭,没有根据发行公司自身的情况来制定,比如募集资金所用的项目从投入到产出的时间,企业自身的发展规划等。于是本文在这一部分会利用之前对可转债经济学性质的研究结果分析可转债各项条款的设计内容和思路,之后提出这些条款设计中存在的问题,最后结合我国的实际情况,为可转债的条款设计提供合理的改进建议。本文的研究得出的结论是,可转债作为债券、股票以及期权三者合一的高级金融证券,对于平衡发行公司股东和债权人权益具有重要的作用；可转债所具有的收益性、风险性以及流动性可以为条款设计提供很好的思路,便于发行人制定出对投资者更有吸引力的条款；我国的可转债条款仍存在很多问题,发行人需要在了解自身资质的基础上参照市场环境以及投资者的需求来改进发行条款。
[Abstract]:Since the 1990s, the development of convertible bonds (hereinafter referred to as convertible bonds) in China has experienced a tortuous history of nearly 20 years, and the issuance of convertible bonds is still a period of vigorous development. The first part discusses the basic concept of convertible bonds, the definition, nature and basic clauses of convertible bonds. The second part discusses the development of convertible bonds at home and abroad, because the market size of convertible bonds in the United States is the largest. Therefore, the development of foreign convertible bonds will be based on the situation of the United States, and then the development of convertible bonds in China, we can find that China's convertible bond market development and policy guidance are inseparable. In the third part of the paper, the economic nature of convertible bonds is discussed in detail. The economic nature of convertible bonds is subdivided into debt, equity, convertibility and profitability, and risk from the angle of composition and investment value. Liquidity. And on the basis of dividing the nature of economics, the paper makes an empirical analysis of the theoretical price of the convertible bond, which is currently listed on the market, and compares it with its market price. It is found that the market price of the convertible bond 2 is overvalued. The 4th and 5th parts of the article will give a comprehensive and detailed discussion on the terms of convertible bond issuance in our country. The development of the domestic market for the issuance of convertible bonds. The institutional provisions of the executive clauses are still immature, The issuer's terms and conditions are also designed in a uniform manner, plagiarizing each other, not according to the circumstances of the issuing company itself, such as the time the project used to raise funds from input to output, In this part, the author will analyze the design content and thinking of each clause of convertible bond by using the research results of the economics nature of convertible bond before, and then put forward the problems existing in the design of these terms. Finally, according to the actual situation of our country, it provides reasonable suggestions for the clause design of convertible bonds. The conclusion of this paper is that convertible bonds, as an advanced financial security with the combination of bonds, stocks and options, play an important role in balancing the rights and interests of shareholders and creditors of issuing companies, and the profitability of convertible bonds. Risk and liquidity can provide a good way of thinking for clause design, so that issuers can formulate more attractive terms for investors; there are still many problems in China's convertible bond terms. Issuers need to improve the terms of issuance in the light of market conditions and investor needs on the basis of knowledge of their qualifications.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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