联系我们

论文查询结果	返回搜索

论文编号：	1519
作者编号：	031721
上传时间：	2010/5/20 16:08:40
中文题目：	中国上市公司可转换债券发行动机及契约条款研究
英文题目：	The Research on Convertible Bonds Issuing Motives and Provisions of Listed Companies in China
指导老师：	李莉
中文关键字：	上市公司 可转换债券 发行动机 契约条款
英文关键字：	Listed Company, Convertible Bonds, Issuing Motives, Provisions
中文摘要：	可转换债券作为一种金融衍生工具，近年来在我国呈现出快速发展态势，已经成为上市公司主要的再融资工具。虽然中国可转换债券发展很快，但是由于历史不长，因此并不成熟。与西方国家相比，我国对可转换债券的研究起步较晚，在研究的广度和深度也有所欠缺。在这种背景下，本研究结合中国特殊的融资制度背景，对中国可转换债券发行动机和条款设计进行研究，以发现其特点和问题，并提出相应完善意见。 本文首先对相关理论进行回顾，以此为全文的研究做好理论上的铺垫。然后从融资制度视角出发开始对中国可转换债券发行动机进行分析，发现中国特殊的融资制度背景，造成了上市公司具有很强的股权融资偏好，这导致了目前上市公司利用可转换债券进行融资，主要将其作为股权融资的一种替代。随后本文运用实证方法验证了上述结论，并进一步对发行可转换债券公司的特征进行研究，实证结果显示：发行可转换债券的公司具有规模大、融资规模大、信息不对称程度高；财务松弛度低；市净率低等特征。从更深层次探究其发行动机，发现上市公司选择可转换债券作为股权融资的替代，是为了回避逆选择成本或期望未来股价上升时可以获得比当前更高的融资收入。在对可转换债券发行动机研究的基础上，本文接着对中国可转换债券的条款进行了更有针对性地分析，发现了其特点和存在的问题：具有较强的股权性；忽视流通股东利益；条款设计受到政策限制并存在雷同现象。这些特点和不足的形成可以从我国特殊的融资制度背景和可转换债券单一的发行动机中找到原因。针对中国可转换债券条款设计上的问题和不足，结合目前中国资本市场的积极变革，本文对中国可转换债券融资方式进行了重新定位：可转换债券作为企业非常重要的一种融资方式，不应该仅仅被当作变相股权融资的工具，而应该发挥更大的作用；并在此基础上，对中国可转换债券的条款的完善提出建议：丰富可转换债券类型；平衡原有股东和可转债投资者双方利益；适当放宽可转债条款的政策限制；创新个性化设计。最后，对全文论点进行了总结，并阐述本文研究的局限性以及今后进一步的研究方向。
英文摘要：	Convertible bonds is a kind of financial derivatives. In recent years, it has entered a period of rapid development in China and has become the major refinancing tool of listed companies. Although convertible bonds in China has developed rapidly, but because of the relatively short history, it is not mature. Compared with Western countries, the research on convertible bonds in China started later, but also lacks in the breadth and depth. In this background, I do the research on the issuing motives and provisions of Chinese convertible bonds in the background of Chinese special financing system, in order to discover its features and problems, and give corresponding suggestions. At first, I provide an overview of the relevant theories, paving way for next research. Then I begin the analysis of Chinese convertible bonds issuing motives from the perspective of financing system. I find that special financing system background lead listed companies to have strong equity financing bias. In such circumstances, listed companies issued convertible bonds for financing to make it as the substitutes of stocks. After that, I use empirical methods to certify the aforementioned conclusion and further to find features of issuing convertible bonds companies. The empirical results show that the companies issuing convertible bonds have the characteristics of larger scale, larger financing scale, high degree of information asymmetry; lower financial slack; lower market-book ration. Explored the issuing motives from a deeper level, I find that companies issue convertible bonds as the substitutes of stocks in order to reduce adverse selection costs, or to get more financing incomes when the price of stock will rise. On the basis of convertible bonds issuing motives research, the paper proceeded to make a more focused analysis of Chinese convertible bonds provisions. I find its characteristics and problems: with stronger equity property; ignoring the interests of negotiable shareholders; provisions design being limited by policy and existing the phenomenon of duplication. The special financing system and the single issuing motive of convertible bonds in China can explain these characteristics and problems. To counter the problems and shortcomings of convertible bonds provisions design in China, I re-position convertible bonds in the light of the positive change of Chinese capital market: as a very important financing tool, convertible bonds should not only be regarded as the substitutes of stocks, but should play a greater role. And on this basis, I make proposals for perfecting convertible bonds provisions design: to rich convertible bonds type; to balance the interests of both shareholders and investors; to relax the policy limits to convertible bonds provisions appropriately; to innovate personalized provisions design. Finally, I summarize the whole article and expound the limitations of this study and future research directions.
查看全文：	预览  下载(下载需要进行登录)