【作者】 刘夫；

【导师】 龚光明；

【作者基本信息】 湖南大学 ， 会计学， 2004， 硕士

【摘要】 以可转换债券为金融中介工具而形成的可转换债券市场，是资本市场的一个重要组成部分。可转换债券作为一种兼具股权和债权特点的金融工具，经过150年的发展和数次大的创新，已经成为全球资本市场上相当成熟普遍的投融资工具。我国可转换债券市场起步于20世纪90年代初期，在相当长时间内发展基本处于停滞状态。2001年4月28日，《上市公司发行可转换公司债券实施办法》及其三个配套文件正式出台，标志着可转换公司债券成为我国资本市场一种常规的投融资金融工具。近一年多来，我国可转换债券市场呈现出高速发展态势，可转换债券融资总额超过同期增发和配股的融资总和，首次成为我国证券市场再融资的主要工具。 本文通过研究发现，我国可转换债券市场的风险收益特征等投资效应和考虑发行人资金成本等融资效应，与传统理论以及国外成熟市场现状基本相符。并且由于更优惠的发行条款以及与其它投资工具相关性更低，使得我国可转换债券市场具有更高的投资价值。据此，本文提出了对我国可转换债券在投资组合管理中的应用加强理论研究和实践操作的建议。然而，在我国资本市场股权严重分割的现实情况下，可转换债券融资在我国具有很强的股权融资特征，流通股股东利益受到侵害的现象依然存在。据此，本文又提出了建立流通股股东类别表决机制及加大流通股股东可转换债券配售比例的政策建议。更多还原

【Abstract】 Convertible bond, along with the gradual development of the convertibles market, had come to be a significant part of modern financial market. Being an innovative financing instrument that combines the characteristics of both equity and bond, and through the evolution of 150 years, convertible bond is now one of the prevailing financing approaches for listed firms all around the world.The convertible bond market of modern China emerged in early 1990s. After several years of stagnation, Regulations of Offering Convertible Bond and other three relevant official regulation papers were brought out in April 2001, indicating that convertible bond is officially recognized as an ordinary financing approach. Since then, China convertible bond market was on the rail of rapid development and expansion. In recent years, issuing convertible bond was the dominant approach when China listed firms considered refinancing.Through empirical research, the author argues that, after considering the effects such as risk-return features and the cost of financing, China convertible bond market has similar characteristics with mature market, and is reasonably in accord with the classic theories of financial market and instruments. Due to the prevalent favorable clauses embedded, as well as low correlation with other financial instruments, China convertible bonds provide superior value to enhance portfolio efficiency.Nevertheless, the inherent separation of equity of shareholders results in some serious market anomaly. Consequently, issuing convertible bond is still deemed as equity financing in China capital market. At times conflicts of interest is induced and the interest of shareholders of circulating shares is damaged in many cases. The author hereby suggests that, the regulatory authorities should support the shareholders of circulating shares to have more purchasing priority when the firm issuing convertible bond, and eventually promote the establishment of separation vote system as soon as possible.更多还原