经济经纬
經濟經緯
경제경위
Economic Survey
2010年
2期
147~151
,共null页
可转换债券 契约 股性 债性
可轉換債券 契約 股性 債性
가전환채권 계약 고성 채성
convertible bonds ; contract ; stock property ; bond property
作为一种兼具股性和债性的混合型融资工具，可转债的契约条款设计可使其更偏向于股性或债性，本文通过对我国上市公司2002—2008年发行的可转债的主要条款，如发行期限、票面利率、转股期、转股价格、转股溢价率、赎回条款、回售条款、特别向下修正条款等进行分析，发现绝大多数可转债契约设计更偏向于股性，这既有发行人的主观原因，也有监管当局制度约束的客观原因。
作為一種兼具股性和債性的混閤型融資工具，可轉債的契約條款設計可使其更偏嚮于股性或債性，本文通過對我國上市公司2002—2008年髮行的可轉債的主要條款，如髮行期限、票麵利率、轉股期、轉股價格、轉股溢價率、贖迴條款、迴售條款、特彆嚮下脩正條款等進行分析，髮現絕大多數可轉債契約設計更偏嚮于股性，這既有髮行人的主觀原因，也有鑑管噹跼製度約束的客觀原因。
작위일충겸구고성화채성적혼합형융자공구，가전채적계약조관설계가사기경편향우고성혹채성，본문통과대아국상시공사2002—2008년발행적가전채적주요조관，여발행기한、표면리솔、전고기、전고개격、전고일개솔、속회조관、회수조관、특별향하수정조관등진행분석，발현절대다수가전채계약설계경편향우고성，저기유발행인적주관원인，야유감관당국제도약속적객관원인。
Convertible bond is a hybrid financing tool with both stock property and bond property. The design of the articles of the contracts of convertible bonds can make them predisposed to stock property or bond property. The authors analyze the main articles of the convertible bonds issued by the listed companies of our country in the years between 2002 and 2008 such as their maturity, interest rates, conversion duration, conversion price, conversion premium rate, call provision, put provision and special downward revision provision, and find that the majority of convertible bonds are biased to stock property, which is attributable to both the issuers＇ subjective factors and the objective factors of supervising authorities＇ institutional restriction.
