我国上市公司可转换债券融资研究——基于契约设计的视角

A Research into Convertible Bonds Financing of Chinese Listed Companies——From the Perspective of Contract Design

作为一种兼具股性和债性的混合型融资工具,可转债的契约条款设计可使其更偏向于股性或债性,本文通过对我国上市公司2002-2008年发行的可转债的主要条款,如发行期限、票面利率、转股期、转股价格、转股溢价率、赎回条款、回售条款、特别向下修正条款等进行分析,发现绝大多数可转债契约设计更偏向于股性,这既有发行人的主观原因,也有监管当局制度约束的客观原因。

Convertible bond is a hybrid financing tool with both stock property and bond property. The design of the articles of the contracts of convertible bonds can make them predisposed to stock property or bond property. The authors analyze the main articles of the convertible bonds issued by the listed companies of our country in the years between 2002 and 2008 such as their maturity, interest rates, conversion duration, conversion price, conversion premium rate, call provision, put provision and special downward revision provision, and find that the majority of convertible bonds are biased to stock property, which is attributable to both the issuers＇ subjective factors and the objective factors of supervising authorities＇ institutional restriction.