上市公司可转换债券融资研究——以航天信息可转换债券融资案为例

Research on Convertible Bond Financing of Listed Companies——A Case of the Convertible Bonds Financing of Space Information

可转换债券兼具股票和债券两种属性,是一种相对灵活的融资工具。本文选取航天信息可转换债券融资案为研究对象,对其可转债融资背后的动机进行探究。研究发现,案例公司选择采用可转债融资,主要基于以下方面的考虑:一是利用可转债较低的票息节约融资成本,再通过转股的方式避免归还本金;二是在牛市中企业估值偏高,通过可转债融资可以避免非公开发行股票的投资者参与度不高的问题,实现"后门权益融资";三是通过可转债融资灵活的条款设计,为项目投资提供时机选择,并维持资本结构的稳定;四是可转换债券的发行与认购可以为大股东提供无风险套利的机会。

Convertible bonds have two kinds of properties,which are stock and bond,and it is a relatively flexible financing tool.In this paper,the convertible bond financing case is selected as the research object,and the motivation of convertible bond financing is explored. The study found that the company chose the convertible bond financing,mainly based on the following considerations: one is the use of convertible bonds lower coupon save financing costs,followed by conversion of the way to avoid the repayment of the principal;two is in the bull market in enterprise valuation is high,through the convertible bond financing can avoid the non-public offering of stock investors participation is not high,the realization of 'back door equity financing';three is through the provision design of convertible bond financing can be flexible,to provide investment timing for the project,and maintain a stable capital structure;the four is the issue and subscription of bonds for the conversion of large shareholders to provide risk-free arbitrage opportunities.