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一、可转换公司债券的基本知识及发行程序(一)可转换公司债券的涵义及一般特征。《中华人民共和国公司法》(以下简称《公司法》)规定,“上市公司经股东大会决议可以发行可转换为股票的公司债券”。可转换为公司股票的债券在《股份有限公司会计制度》(以下简称《会计制度》)中称为可转换公司债券(以下简称可转换债券),其他经济类书籍上也称可调换债券,它是指公司发行的可在某一特定时期,按发行时约定的调换价格转换为公司股票的债券。为了增强可转换债券的市场竞争力,该债券印制时即附上可转换特征,利用这些特征,公司可向投资者发行低利率少限制条件的债券,筹集成本相对节约的资金。这些特征包括:①可选择性。可转换债券的持有人可以在规定时期(一般为若干年)内,按券面上约定价格任选时机将债券转换为股票;也可不选择转换股票,而由发行者按约定价格收兑或届期按普通债券还本付息。②债券投资和股票投资的双重性。可转换债券发行后,发行者为投资者提供固定利息,相当投资于债券;当发行债券的公司股票价格坚定上升时,可转换债券又可以按预定价格自由转换为股票,这又相当于投资于股票,因此无疑对投资者十分有利。此外,可转换债券还应附上可强制转换的特征,这一点我们将在以下内容中介绍。
I. Basic knowledge of convertible corporate bonds and issuance procedures (I) Connotations and general characteristics of convertible corporate bonds. The Company Law of the People’s Republic of China (hereinafter referred to as the “Company Law”) stipulates that “a listed company may issue corporate bonds convertible into shares after resolution of a general meeting of shareholders”. Bonds convertible into shares of the Company are called Convertible Bonds (hereinafter referred to as Convertible Bonds) in the Accounting System for Joint Stock Limited Company (hereinafter referred to as “Accounting System”). Other types of economic books are also called exchangeable bonds. Refers to the company issued in a particular period, according to the exchange price agreed at the time of conversion into shares of the company’s bonds. In order to enhance the market competitiveness of convertible bonds, the bonds are printed with convertible features. With these characteristics, the Company can issue bonds with low interest rates and less restrictive conditions to investors and raise relatively capital-saving funds. These features include: ① Optional. Holders of convertible bonds may convert the bonds into stocks at a fixed price at the agreed price of the bonds within a prescribed period of time (usually for several years), or may convert the bonds into shares without the option of converting the shares, and the issuer shall, at the agreed price, redeem Ordinary debt repayment of bonds. ② bond investment and equity investment duality. After the issuance of the convertible bonds, the issuer provides investors with fixed interest, which is rather invested in the bonds. When the price of the company issuing the bonds rises steadily, the convertible bonds can be freely converted into stocks at a predetermined price, which in turn is equivalent to investing in Stock, so undoubtedly very beneficial to investors. In addition, convertible bonds should also be accompanied by the characteristics of the mandatory conversion, which we will introduce the following.