从融资视角探讨可转换债券问题  

Gaining an Insight into Convertible Bonds from the Perspective of Financing

作　　者：张洁[1] 

机构地区：[1]中国人民银行郑州培训学院,河南郑州450011

出　　处：《金融理论与实践》2007年第4期70-73,共4页Financial Theory and Practice

摘　　要：2006年5月8日,中国证监会发布了《上市公司证券发行管理办法》,其中对可转换债券的规定更合理、更完善,明确规定了上市公司可以公开发行可分离交易的可转换公司债券,改变了可转债品种的单一性。可转债市场在经历股改带来的转股冲击之后,将再度迎来扩容高潮。毫无疑问,可转换债券现已成为我国资本市场不可或缺的投融资工具,但从实践来看,上市公司利用可转换债券融资中仍存在的一些问题严重阻碍了证券市场的发展。因此,从上市公司融资的角度通过对可转换债券快速发展及在发展中存在的相关问题的研究、提出完善可转换债券融资方式的一些建议与对策很有必要。On May 8, 2006,China Securities Regulatory Commission issued ＂Regulations for Securities Issue of Listed Companies＂,in which more reasonable and perfect stipulations for convertible bond are presented. It stipulates that listed companies can publicly issue separably- traded convertible corporate bonds, which completely changes the singleness of convertible bond. Thus, convertible bond market will greet the new high tide of volume enlargement after experiencing the shock of debt-to-equity swap. In fact, convertible bond has become an indispensable investment and financing tool. However, in practice, the existing problems in listed companies＇ convertible bond financing seriously hinders the development of securities market. Therefore, it is imperative for us to study the current problems in the rapid development of convertible bond and propose some suggestions for improving its financing methods.

关 键 词：资本市场 上市公司 可转换债券 再融资 分离交易式可转债 

分 类 号：F830.91[经济管理—金融学]