基于上市公司可转债转股动机的投资策略研究  

Research on Investment Strategies Based on the Motivation of Convertible Debt-to-equity Swaps of Listed Companies

作　　者：余浩源[1] Yu Haoyuan(Shantou Vocational and Technical College,Shantou 515078,Guangdong)

机构地区：[1]汕头职业技术学院,广东汕头515078

出　　处：《江苏商论》2020年第8期113-116,共4页Jiangsu Commercial Forum

基　　金：汕头职业技术学院科研基金资助(SZK2018Y08)。

摘　　要：转股价的下修可以视为是上市公司促进可转债转股的信号,通过对可转债发行人的下修行为进行研究,可以发现,财务状况紧张、股票估值过高等是发行人促进可转债转股的主要动机之一。此外,对于以补充核心资产为主要目的而发行可转债的银行,其有更强的动机促进可转债转股。本文通过对上述行为进行研究,并在此基础上提出具有现实操作意义的投资建议。The revision of the conversion price can be regarded as a signal for listed companies to promote the conversion of convertible bonds. Through the study of the downward revision of the issuers of convertible bonds, it can be found that the tight financial situation and the high stock valuation are the One of the main motivations for people to convert convertible bonds into stocks. In addition, banks that issue convertible bonds with the primary purpose of replenishing core assets have a stronger incentive to promote the conversion of convertible bonds. This paper studies the above behaviors, and on this basis, puts forward practical investment suggestions.

关 键 词：可转债 转股动机 投资 转股价 

分 类 号：F832.48[经济管理—金融学]