摘要
当前,中国债券市场发展迅速,已稳居世界三大债券市场之一,国家对债务市场的监管也日趋严格。2017年10月10日,国务院法制办公室发布关于修订《证券发行与承销管理办法》的决定,对可转债和可交换债发行方式进行调整,避免大额资金冻结。可交换债券（EB）是指持有上市公司股份的股东发行的在一定期限内依据约定条件可以交换成该股东所持有上市公司股份的公司债券。由于对股价冲击小、融资成本低、更具灵活性、能够激励员工、
After convertible bonds, the exchangeable bond became another popular financial product because it has these advantages: small impacts on stock prices,low financing costs, greater flexibility, able to inspire employees, easy to avoid risks. So, as an innovative corporate bond, the exchangeable bond provides a more convenient and low-cost financing method for Non-listed companies, especially for Non-listed companies holding large stakes in listed-companies.
