论文部分内容阅读
可转换债券近年来在国际资本市场上发展十分迅速。仅以韩国为例,可转换债券发行量1987年仅为218亿韩元,而到1994年,已达2000亿韩元,占全部债券发行量的16%。在我国,可转换债券的运用目前尚处于试点阶段,迄今只有上海中纺机、深圳南玻集团和深圳宝安等为数不多的几家公司进行了尝试,但实际结果并不理想。1992年“宝安转券”的市场到期转换率只有2.7%,成为一种只有可转换债券虚名的低息债券。对我国公司而言,发行可转换债券究竟要符合哪些市场要求?可转换债券对公司资本结构等会产生什么影响?公司将面临哪些风险?这些都是公司在发行和转换债券时必须予以考虑的问题。本文着重从财务的角度对这些问题进行探讨。
Convertible bonds have developed rapidly in international capital markets in recent years. In South Korea alone, the convertible bond issuance was only 21.8 billion won in 1987, and by 1994 it had reached 200 billion won, accounting for 16% of the total bond issuance. In China, the application of convertible bonds is still in the pilot phase. So far, only a handful of companies, such as Shanghai Textile Machinery Co., Ltd., Shenzhen CSG Group Co., Ltd. and Shenzhen Baoan Co., Ltd. have been tried. However, the actual results are not satisfactory. In 1992, the market conversion rate of “Baoan Transfer Bonds” was only 2.7%, making it a low-yield bond with the fame of convertible bonds. For Chinese companies, what are the market requirements for issuing convertible bonds? What are the effects of convertible bonds on the company’s capital structure, etc. What are the risks the company will face? These are all the issues companies must consider when issuing and converting bonds problem. This article focuses on these issues from a financial point of view.