中国上市公司可转债融资特征:债券性还是期权性?

Characteristic of Convertible Bond Financing in China's Listed Companies: Debt Property or Option Property?

中国上市公司可转债融资表现出了较强的债券性特征,因此,上市公司可依其来选择可转换债券融资。这与Essige(1992)美国公司利用可转债融资表现出期权性特征,重视可转债在降低企业风险方面发挥作用的研究结果不同。

The convertible bond financing in China＇s listed companies take on relatively strong features of bond and as a result the listed companies can resort to convertible bond financing. This is different from the research results by Essige （1992）, who utilizes the option property of convertible bond financing and stresses the role of convertible bond financing in lowering the enterprise＇s risks.