可转换债券融资动因综述

可转换债券作为一种重要的融资方式,是介于股票和债券之间的一种债券。可转换债券具有期权的性质,企业采用可转换债券融资的原因主要包括代理成本、信息不对称、税收优惠与条款设计。通过对可转换债券融资动因的文献进行简单的梳理,得出我国应该借鉴国际上可转换债券的研究结论,重点从可转换债券的条款设计入手,来防止代理成本、信息不对称等一系列的问题,从而使可转换债券市场得到稳定、持续的发展。

As an important way of financing,convertible bonds is a kind of bond between the stock and bond.Convertible bonds have the nature of options.Corporates use convertible bonds financing in the reasons of agency costs,asymmetric information,tax incentives and provisions designed.Through a simple sort of convertible bond financing motivation literature,it comes to the conclusion that China should draw on the convertible bonds,strengthen the design of convertible bonds to prevent agency costs,asymmetric information and a series of problems.