本文選題：可轉(zhuǎn)債　切入點(diǎn)：經(jīng)濟(jì)學(xué)性質(zhì)　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：1990年代以來,可轉(zhuǎn)換債券(以下簡稱可轉(zhuǎn)債)在中國的發(fā)展已經(jīng)歷了近20年的曲折歷史,現(xiàn)在可轉(zhuǎn)債的發(fā)行仍屬于蓬勃發(fā)展期。本文共分為五個(gè)部分,第一部分論述了可轉(zhuǎn)債的基本概念,對可轉(zhuǎn)債的定義、性質(zhì)以及所包含的基本條款進(jìn)行論述。第二部分論述了可轉(zhuǎn)債在國內(nèi)外的發(fā)展情況,由于美國的可轉(zhuǎn)債市場規(guī)模最大,所以論述國外的可轉(zhuǎn)債發(fā)展?fàn)顩r時(shí)將以美國的情況為主,之后論述可轉(zhuǎn)債在中國的發(fā)展情況,可以發(fā)現(xiàn)中國的可轉(zhuǎn)債市場發(fā)展和政策的引導(dǎo)密不可分。 文章的第三部分將詳細(xì)論述可轉(zhuǎn)債的經(jīng)濟(jì)學(xué)性質(zhì),從構(gòu)成角度和投資價(jià)值角度兩方面將可轉(zhuǎn)債的經(jīng)濟(jì)學(xué)性質(zhì)細(xì)分為債性、股性、可轉(zhuǎn)換性與收益性、風(fēng)險(xiǎn)性、流動性。并且在劃分經(jīng)濟(jì)學(xué)性質(zhì)的基礎(chǔ)上對目前上市的可轉(zhuǎn)債——巨輪轉(zhuǎn)債2做了理論價(jià)格的實(shí)證分析,并與其市場價(jià)格相比較,發(fā)現(xiàn)巨輪轉(zhuǎn)債2的市場價(jià)格存在高估的現(xiàn)象。文章的第四部分和第五部分將對我國的可轉(zhuǎn)債發(fā)行條款進(jìn)行全面而詳細(xì)的論述。本國市場的發(fā)展情況對于可轉(zhuǎn)債發(fā)行條款的制度規(guī)定仍不成熟,發(fā)行人的發(fā)行條款設(shè)計(jì)也多是千篇一律、互相抄襲,沒有根據(jù)發(fā)行公司自身的情況來制定,比如募集資金所用的項(xiàng)目從投入到產(chǎn)出的時(shí)間,企業(yè)自身的發(fā)展規(guī)劃等。于是本文在這一部分會利用之前對可轉(zhuǎn)債經(jīng)濟(jì)學(xué)性質(zhì)的研究結(jié)果分析可轉(zhuǎn)債各項(xiàng)條款的設(shè)計(jì)內(nèi)容和思路,之后提出這些條款設(shè)計(jì)中存在的問題,最后結(jié)合我國的實(shí)際情況,為可轉(zhuǎn)債的條款設(shè)計(jì)提供合理的改進(jìn)建議。 本文的研究得出的結(jié)論是,可轉(zhuǎn)債作為債券、股票以及期權(quán)三者合一的高級金融證券,對于平衡發(fā)行公司股東和債權(quán)人權(quán)益具有重要的作用；可轉(zhuǎn)債所具有的收益性、風(fēng)險(xiǎn)性以及流動性可以為條款設(shè)計(jì)提供很好的思路,便于發(fā)行人制定出對投資者更有吸引力的條款；我國的可轉(zhuǎn)債條款仍存在很多問題,發(fā)行人需要在了解自身資質(zhì)的基礎(chǔ)上參照市場環(huán)境以及投資者的需求來改進(jìn)發(fā)行條款。
[Abstract]:Since the 1990s, the development of convertible bonds (hereinafter referred to as convertible bonds) in China has experienced a tortuous history of nearly 20 years, and the issuance of convertible bonds is still a period of vigorous development. The first part discusses the basic concept of convertible bonds, the definition, nature and basic clauses of convertible bonds. The second part discusses the development of convertible bonds at home and abroad, because the market size of convertible bonds in the United States is the largest. Therefore, the development of foreign convertible bonds will be based on the situation of the United States, and then the development of convertible bonds in China, we can find that China's convertible bond market development and policy guidance are inseparable. In the third part of the paper, the economic nature of convertible bonds is discussed in detail. The economic nature of convertible bonds is subdivided into debt, equity, convertibility and profitability, and risk from the angle of composition and investment value. Liquidity. And on the basis of dividing the nature of economics, the paper makes an empirical analysis of the theoretical price of the convertible bond, which is currently listed on the market, and compares it with its market price. It is found that the market price of the convertible bond 2 is overvalued. The 4th and 5th parts of the article will give a comprehensive and detailed discussion on the terms of convertible bond issuance in our country. The development of the domestic market for the issuance of convertible bonds. The institutional provisions of the executive clauses are still immature, The issuer's terms and conditions are also designed in a uniform manner, plagiarizing each other, not according to the circumstances of the issuing company itself, such as the time the project used to raise funds from input to output, In this part, the author will analyze the design content and thinking of each clause of convertible bond by using the research results of the economics nature of convertible bond before, and then put forward the problems existing in the design of these terms. Finally, according to the actual situation of our country, it provides reasonable suggestions for the clause design of convertible bonds. The conclusion of this paper is that convertible bonds, as an advanced financial security with the combination of bonds, stocks and options, play an important role in balancing the rights and interests of shareholders and creditors of issuing companies, and the profitability of convertible bonds. Risk and liquidity can provide a good way of thinking for clause design, so that issuers can formulate more attractive terms for investors; there are still many problems in China's convertible bond terms. Issuers need to improve the terms of issuance in the light of market conditions and investor needs on the basis of knowledge of their qualifications.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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本文編號：1615531