论可转换公司债券

On Convertible Company Bonds

对于运用可转换公司债券进行理财的公司而言,可转换公司债券是把双刃剑。论述了可转换公司债券既有它的魅力——可将发行公司的每股盈余稀释且这种稀释效应比股权融资对每股收益的影响低,同时它又有其本身的缺陷。对我国资本市场中可转换公司债券进行了深入的分析。

The authors put forward a theory that it is a double bladed sword to those enterprises which are financing with the convertible company bonds. The advantage of it is that the convertible company bonds may cause equity dilution to the corporation's equity preference shares (EPS). And the average value of convertible company bonds is still far lower than that of issuing stocks, while bonds holders have the privilege to purchase listed stocks. At the same time, convertible company bonds have also defects.