上市公司可转债融资动机理论述评

A Theoretical Review of Convertible Financing Incentive for Listed Companies

随资本市场以及公司财务理论的发展,公司融资的渠道也在不断拓宽,不再局限于以往传统的权益融资与债务融资,出现了通过发行以可转债为代表的一系列创新型衍生金融工具来为公司投资项目融资。对公司融资动机(特别是使用衍生金融工具)的研究无论在理论上,还是实践上都有着非常重大的意义,而国内学者在该领域研究较少。对国内外学者在上市公司转债融资动机方面的研究从理论假说和实证分析两方面做一个较为全面、系统的梳理,旨在为以后对公司转债融资进行的相关分析奠定一定的理论基础。

As the development of capital market and corporate financing theory, financing channel for firms has been widened constantly. So the firm＇ s financing methods are not limited to the traditional ones. Firms are able to issue derivative securities such as convertible bonds for financing the investment projects in the security market. The research on firm＇ s financial incentive is very important and significant both from academic view and practical one. So, the paper mainly wants to sum up roundly and systematically the research by both foreign and domestic scholars （mainly the foreign research） with the purpose to establish the academic base for the further study on the firm＇ s financing by convertible bonds.