【作者】 罗维英；

【导师】 王伟；

【作者基本信息】 贵州大学 ， 法律， 2009， 硕士

【摘要】 本文从法学的角度对可转换公司债券的利益平衡机制进行研究,在此过程中主要运用了比较分析、理论联系实际和法律经济学等方法,较详细分析了可转换公司债券利益平衡机制的法理基础,各主体的利益,以及平衡机制的具体体现。本文正文部分除前言之外,共分为五章。前言部分介绍了可转换公司债券的概念和特征,为全文做铺垫。第一章可转换公司债券利益平衡之概述本章先介绍了利益平衡的概念,接着对利益平衡机制进行法律分析,同时指出了利益平衡机制的特性。第二章可转换公司债券各主体的利益与风险分析可转换债券主要涉及发行公司、债券持有人和发行公司原股东等三方的利益。从发行公司来看,可转换公司债券可以以较低的筹资成本获取资金,稳定每股收益和股票市价,有利于改善资本结构。同时,也可能带来转换失败,利率等风险。从债券持有人来看,可转换公司债券是一种理想的投资品种,既具有债券的稳健性,又兼具股票的投机性,尤其是在股票行情波动较大时,投资可转换公司债券不失为一种明智的选择。投资可转换公司债券,带来稳定的利息收益,存在股票升值的潜在利益,同时可转换债券有良好的抗跌性。从发行公司原股东来看,发行公司原股东一方面希望公司能够充分利用负债资本进行经营,利用财务杠杆的作用,以获取更高的收益,另一方面又不希望公司增加权益资本,以免分散对公司的控制权,稀释每股收益。第三章发行公司的利益平衡机制分析本文主要从两个层面分析利益平衡机制:首先对各主体正当的利益予以充分的保护,这是大的平衡,又可称之为宏观上的平衡;同时在保护某一主体利益的具体法律制度中还应兼顾其他主体的利益,这是小的平衡,又可称之为微观上的平衡。发行人发行可转换公司债券,在达到融资目的的同时,也担负起巨大的风险。为了降低风险,并进而使利益和风险达到均衡状态,就必须建立相应的法律制度,一则保护利益;二则控制风险。对于利率下降风险和股价大幅上涨风险,在立法和实践中出现了可转换公司债的赎回制度;针对转换失败风险也有强制性转股制度予以防范。但是,这些针对发行公司利益保护的具体制度也兼顾到其他主体的利益,这也是可转换公司债利益平衡机制微观上的平衡体现。第四章债券持有人的利益平衡机制分析在可转换公司债券中,转换权是其核心所在,也是投资者关注的焦点。因此,必须注意对可转换公司债券持有人转换权的保护。保护债券持有人的利益应采取反稀薄化措施,确立回售制度。同时,本章探讨了可转换公司债券持有人的整体保护制度。第五章发行公司原股东的利益平衡机制分析股东作为公司资产的最终所有者,相对于可转换公司债债权人来说又是发行公司的既得利益者,发行公司债会影响到其既得利益。保护发行公司原股东的利益事实上就是保护公司既得利益者的利益。发行公司原股东享有对可转换公司债券的优先认购权和发行可转换公司债券的知情权,有利于平衡机制的实现。更多还原

【Abstract】 The interests of balancing mechanism of convertible bonds are studied from the legal perspective in this thesis. The legal foundation of the interests of balancing mechanism of convertible bonds, the benefit of interest parties as well as a concrete manifestation of the balance mechanism are analyzed in detail with methods of comparative analysis, integrating theory with practice and the law of economics and so on. The body of this thesis, in addition to the foreword, is divided into five chapters.The concept and characteristics of convertible bonds are introduced in the foreword.Chapter 1 Overview of the interests balance of convertible bonds This chapter first introduced the concept of balance of interests, and then discussed its legal analysis and characteristics.Chapter 2 Benefit and risk analysis of convertible bonds involved partiesConvertible bonds mainly related to the tripartite interests such as the issuing company, bondholders and original shareholders of the issuing company. Judging from the issuer, the convertible bonds can finance with lower cost, stabilize earnings per share and stock market prices, which is conducive to improve the capital structure. At the same time, it may pose conversion fail and interest rate risk. Judging from the bond holders, convertible bonds are ideal investment varieties, with stability of bond and speculation of stocks. Especially in the volatile stock market, the investment in convertible bonds may be a wise choice. Investment in convertible bonds brings a stable interest income, with potential benefits of stock appreciation and good resilience. From the original shareholders of the issuing company, on the one hand, the original shareholders hope that the company be able to take full advantage of the operating liabilities, using financial leverage to obtain higher returns. On the other hand, they do not want to increase their equity capital in order to avoid dispersion of the company’s control and dilution of earnings per share.Chapter 3 The analysis of interests balancing mechanism of the issuing companyThis thesis analyzed the interests balancing mechanism from two aspects. Firstly, the legitimate interest of interest parties is protected adequately, which is called large balance or macrocosmic balance. Then other parties’ interest should be protected in the specific legal system when one specific interest parties is protected, which is called small balance or microcosmic balance.Convertible bonds issue not only achieves the purpose of finance, but also takes enormous risks. In order to reduce the risks and balance the benefits and risks, it is necessary to establish the legal system to protect the interests and control risk. There is redemption system to protect it from rates decline risk and significant rise risk in shares and mandatorily convertible to protect from conversion fail risk.Chapter4 The analysis of interests balancing mechanism of bondholders.Conversion rights are the core of convertible bond and also the focus of investors, so it’s crucial to protect conversion rights of bondholders. The anti-thin measure should be taken and the system back on sale should be established to protect the interests of bondholders. At the same time, this chapter discusses the convertible bondholder protection system as a whole.Chapter 5 The analysis of interests balancing mechanism of the original shareholders of the issuing company.Shareholders are the ultimate owner of the assets of the company and the vested stakeholder of issuing company. To protect the interests of the original shareholders is actually to protect the interests of vested stakeholder. The enjoyment of the priority subscription rights and the right to know of convertible bonds issue of the original shareholders is conducive to achieve a balance mechanism.更多还原