期刊文献+

对可转换公司债券财务特性的研究 被引量:3

The Financial Feature of Company Convertible Bonds
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摘要 在对可转换公司债券本质属性分析的基础上 ,运用期权定价方法对可转换债券的“可赎回性”价值特征进行深入解析 ;提出了可转换债券融资的资金成本是由筹资费用、票面利息和隐性成本三项构成 ,并给出了成本计量的方法 ;阐述了可转换债券的运作在企业内部可形成调节资本结构的内生机制 。 Based on the analysis of the natural attributes of company convertible bonds,the option price fixing method is used to analyse the features of 'callable value' of the convertible bonds. This paper suggests that the financing cost of the convertible bond financing consists of fund raising cost,face interest and conceal cost. Also,it presents the method of the cost calculation and describes that the convertible bond operation can formulate the endogenous mechanism of regulating capital structure within the enterprise being helpful to improving the company's controlling structures.
作者 李秉祥
出处 《西安理工大学学报》 CAS 2002年第1期88-92,共5页 Journal of Xi'an University of Technology
关键词 可转换公司债券 财务特性 期权 融资成本 资本结构 convertible bonds financial feature option financing cost capital structure
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参考文献5

  • 1[1]Asquith P.Convertible bonds the not called late[J].Journal of Finance,1995,50:1 275~1 289.
  • 2[2]Billingsley.Explaining yield savings on new convertible bond issues[J].Journal of Business and Economics,Summer,1985.92~104.
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  • 4[4]Brennan M J,Schwartz E S.Convertible bonds: Valuation and optimal strategies for call and conversion[J].Journal of Finance,1977,17:1 699~1 715.
  • 5[5]Stein J.Convertible bonds as backdoor equity financing[J].Journal of Financial Economics,1992,32:3~21.

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