摘要
可转换债券(简称可转债)有双重属性,即债券性和期权性,因而关于可转债双重属性的理论研究也分为两类:强调可转债债券性的研究和强调可转债期权性的研究。可转债的双重属性使公司利用可转债融资也表现出两种特征,即可转债融资的债券性特征和可转债融资的期权性特征。通过从资产规模、资产结构、负债水平、偿债能力、公司成长性、公司风险、过度投资等7个方面对可转债双重属性的特征进行分析,揭示了可转债双重属性与公司可转债融资特征之间的关系。
Convertible bonds have double properties, i. e. , debt and option. So the theoretical study of the double properties of convertible bonds can be classified into two： the study focuses on debt convertibility and option convertibility. The double properties have an impact on different factors： the debt property of financing and the option property of financing. From such aspects as assets size, assets structure, liability level, payment ability, growth of company, corporate risks, and over-investment, we make an analysis on the features of the double properties and reveal the relationship between the debt convertibility and the convertible debt financing.
出处
《审计与经济研究》
CSSCI
北大核心
2009年第5期83-86,共4页
Journal of Audit & Economics
关键词
可转换债券
双重属性
债券性
期权性
convertible bonds
double properties
debt property
option property
