基于减持动机的可交换债券研究  

Research on Exchangeable Bonds Based on Reduction Motivation

作　　者：林兢 黄敬华 LIN Jing;HUANG Jing-hua(School of Economics and Management,Fuzhou University,Fuzhou 350108,China)

机构地区：[1]福州大学经济与管理学院,福州350108

出　　处：《管理案例研究与评论》2020年第2期246-259,共14页Journal of Management Case Studies

基　　金：福建省自然科学基金项目“融资融券风险防范与控制研究”(2016J01762);福建省社科规划项目“基于三道防线的债券代持风险防范体系研究”(FJ2017B091)。

摘　　要：由于可交换债券进行交换的股权是发行方持有的存量股,这就使得可交换债券可以运用到股权减持方面。随着减持的监管趋严,很多大股东通过发行可交换债券实现减持目的。本文结合17兖01EB,深入分析了发行方如何通过发行可交换债券实现减持,同时分析了发行方在利用可交换债券减持时面临的风险,并提出风险防范措施。Because the exchangeable shares of the exchangeable bonds are the stocks held by the issuer,this makes the exchangeable bonds able to be applied in the reduction of equity holdings.With the stricter regulation in the reduction,many major shareholders achieve the reduction by issuing exchangeable bonds.This paper takes 17 YAN01 EB as an example to analyze how issuers can reduce their holdings by issuing exchangeable bonds.At the same time,it also analyses the risks faced by issuers when using exchangeable bonds to reduce their holdings,and puts forward risk prevention measures.

关 键 词：可交换债券 股权减持 定价 发行方角度 

分 类 号：F275[经济管理—企业管理]