可转换公司债券的杠杆效应研究

Leverage Effect of Convertible Corporate Bonds

对于运用可转换公司债券进行理财的公司而言,充分了解可转换公司债券的杠杆效应是极其必要的。可转换公司债券在给发行公司带来财务杠杆效应的同时,也对发行公司的每股赢余产生稀释效应,但这一稀释效应要比股权融资对每股收益的影响低;可转换公司债券的价值与其股票的价值虽具有联动效应,但其间的关系较为复杂;可转换公司债券在为发行公司提供预防被收购的有利武器的同时,也为其持有者提供了间接购买股票的手段;可转换公司债券可缓解股东与债权人之间的代理问题、管理层和股东之间的利益冲突,有利于公司治理的结构完善。

To those who are managing money matters in the big corporations or enterprises, it is essential to have a good command of leverage effect of convertible corporate bonds. While the issuing house takes advantage of leverage effect of bonds, it may cause equity dilution to the corporation's equity preference shares (EPS). The average value of convertible corporate bonds is still far lower than that of issuing stocks, though the former being dynamically bundled with the latter. There remains a complicated relationship between the two: the aim of the issuer is to protect its own interest and stave off hostile merging action, but it also offers bonds holders a privilege to purchase listed stocks. It can avoid the conflict of interest between stocks holders and debtors, between stocks holders and corporate management, thus building a solid and efficient organizational structure.