可交换债券的相关问题探讨

Discussion on Related Issues of Exchangeable Bonds

可交换债做为一种付换股权的创新债券品种出现在中国市场的时间很短。2014年底,首只公募可交换债"14宝钢EB"以票息区间下限发行,并在二级市场大受追捧,价格一度突破200元。之后随着付赎回和回售条款的"15天集EB"成功发行标志着该品种逐步走向成熟。本文第一部分简要介绍可交换债的基本条款和特点。第二部分梳理了中国金融市场上的可交换债券额发展历程和法律法规体系。第三部分对可交换债券与可转换债券的区别进行了论述,并对可交换会计属性进行了分析,最后结合实践案例选择具体入账科目。第四部分总结可交换债的特点与未来在中国金融市场上发展展望。

As a kind of convertible bonds, exchangeable bonds appear in the Chinese market in a short time. By the end of 2014, the first public offering of exchangeable bonds issued by the ＂14 Baosteel EB＂ coupon range limit, and in the two grade market popular, prices topped 200 yuan. With the payment of the redemption and sale of the provisions of the 15 days set EB successful release marks the gradual maturity of the species. The first part of this article briefly introduces the basic clauses and characteristics of exchangeable debt. The second part reviews the development history and legal system of exchangeable bonds in China＇s financial market. The third part discusses the exchange of bonds between convertible bonds, and the exchange of accounting attributes are analyzed, finally combining the practice of case selection accounted for specific subjects. The fourth part summarizes the characteristics of exchangeable bonds and the prospect of future development in China＇s financial market.