我国可转债条款与股性研究

发布时间：2018-04-09 17:46

本文选题：可转债条款设计　切入点：股权型可转债　出处：《复旦大学》2013年硕士论文

【摘要】：从1991年我国证券市场出现第一只可转债开始,我国可转债市场已经经历了20多年的发展,迄今已经发行了88只可转换债券。随着2008年金融危机带来的股市下滑,证券监管机构一方面控制新股发行,另一方面鼓励上市公司通过发行债券来融资。对于需要进行权益融资的上市公司来说,可转债这一既具有股权特性又具有债权特性的融资工具收到了欢迎。本文在这样的背景下,对可转债的条款所体现出来的股性特征强弱问题进行研究,并结合可转债的转股情况对可转债的股性进行了验证。本文选用2004年-2012年上半年我国发行的可转债为研究对象,首先用N（d)指标对其进行股性的综合性判断,并将我国市场的可转债划分成股权型、债权型、混合型三类,在此基础上对可转债的条款进行逐一分析,研究不同类型的可转债在其条款的设计上是否具有显著差异性,随后对样本中已经摘牌的可转债进行考察。得出以下结论：一、我国的可转债总体股性较强；二、我国可转债的条款设计同质性较强,即：可转债的股性差异并没有体现在其条款的设计上；三、我国可转债是一种“延迟的股权融资方式”。
[Abstract]:Since the emergence of the first convertible bond in China's securities market in 1991, China's convertible bond market has undergone more than 20 years of development and 88 convertible bonds have been issued so far.With the stock market slumping following the 2008 financial crisis, securities regulators are controlling new issues and encouraging listed companies to raise money by issuing bonds.For listed companies that need equity financing, convertible bonds, which have both equity and debt characteristics, have been welcomed.In this context, this paper studies the strong and weak characteristics of the convertible bonds, and verifies the equity characteristics of convertible bonds.In this paper, the convertible bonds issued in China from 2004 to the first half of 2012 are selected as the research object. Firstly, we use the Nbd index to make a comprehensive judgment on the equity nature of the convertible bonds, and divide the convertible bonds into three types: equity, creditor's rights and mixed bonds.On this basis, this paper analyzes the terms of convertible bonds one by one, studies whether different types of convertible bonds have significant differences in the design of their terms, and then investigates the convertible bonds that have been delisted in the sample.The conclusions are as follows: first, the equity of convertible bonds in China is relatively strong in general; second, the terms of convertible bonds in China are more homogeneous in design, that is, the differences of equity in convertible bonds are not reflected in the design of their terms; third,Convertible bonds in China is a kind of delayed equity financing.
【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】：F224;F832.51

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