摘要
通过对中国和美国的可转换债券市场的规模、条款、风险收益特征和套利机会进行对比分析,结果表明中国可转债市场规模仍远不及美国,尤其对创新性中小企业融资需求的支持上差距更大。中国可转债的条款设计更多替发行人考虑,而较少关注投资者的需求,具有明显的扩股融资动机。从风险收益特征和套利机会来看,发现美国可转换债券市场的债性凸显,股性较弱,而中国可转换债券市场具有偏股性。
Comparing the market capitalization,risk and return,provision and arbitrage between the Chinese and United States convertible bond market,the results show that China＇s convertible bond market is much smaller than the one of the United States.Furthermore,Chinese convertible bond market is short of supporting the financial needs of innovative small and medium-sized companies.The provisions of Chinese convertible bonds consider more for issuer,but pay less attention to investor,which clearly reflects the stock financing motivation.According to the analysis of arbitrage,risk and return,the convertible bonds of the United States have strong characteristics of bond and less characteristics of stock,while the Chinese convertible bonds demonstrate more characteristics of stock.
出处
《财经理论与实践》
CSSCI
北大核心
2013年第2期49-52,共4页
The Theory and Practice of Finance and Economics
基金
国家杰出青年科学基金(70825006)
教育部创新团队资助(IRT0916)
教育部归国留学基金(521294015)
关键词
可转换债券
市场规模
条款
风险收益
套利
Convertible bonds
Market capitalization
Provision
Risk and return
Arbitrage
