连续融资假说与可转换债券赎回条款设计初探——兼析中美与我国台湾赎回条款设计差异及原因

Probe into the Aspect of Sequential Finance and Design of Convertible Bond of Call Provisions

赎回条款是一个重要的可转换债券条款。从公司连续融资的视角看,赎回条款有利于有真实投资期权价值的未来融资。通常具有不久到期的投资期权的公司发行弱赎回保护,并提供短的保护期;具有较晚到期的投资期权的公司发行强赎回保护,且保护期较长。美国发行的可转换债券与此规律相符,中国大陆和台湾地区发行的可转换债券与此规律不相符。中美台可转换债券赎回条款设计的差异,与三地可转换债券融资的相关规定和可转换债券市场的发育程度有关。

Call provision is one of important provision of convertible debt security design. By Design of Strength of call protection and length of call protection period, we can find the purpose and function of corporate finance of convertible bond. Firms with investment options expected to expire sooner （later） will offer weaker （stronger） call protection and shorter（longer） call protection period. United States issued convertible bond in accord with this rule. While China and Taiwan region issued convertible bond disaccord with this rule. The difference among United States. China and Taiwan region relate to correlative provision of convertible bond financing and development of convertible bond market.