可转债投资决策分析  

Analysis of Investment Decision of Convertible Bonds

作　　者：尚晓勇 SHANG Xiao-yong(Zhengzhou Shengda University,Zhengzhou 451191,China)

机构地区：[1]郑州升达经贸管理学院,郑州451191

出　　处：《中小企业管理与科技》2022年第4期98-100,共3页Management & Technology of SME

摘　　要：与欧美发达国家相比,我国可转债市场起步较晚,自2017年证监会对《上市公司非公开发行股票实施细则》部分条文进行了修订之后,发展尤其迅猛。可转债投资的财富效应不断显现,让投资者趋之若鹜,但不断的上涨就会累积相应的投资风险,如果盲目投资亦可造成较大亏损。论文通过深入剖析可转债投资属性,分解其风险特征,尤其通过对可转债的自身价值进行合理估值与评价,并举例进行对比分析,不同的可转债采用不同的交易策略,最终形成较为理性的投资决策,对可转债理论研究具有一定借鉴意义。Compared with developed countries in Europe and the United States,China's convertible bond market started late.Since 2017,when the CSRC revised some provisions of"the Implementation Rules for Non-Public Offering of Shares of Listed Companies",it has developed especially rapidly.The wealth effect of convertible bond investment is constantly emerging,which makes investors eager to invest in it.However,the continuous rise will accumulate corresponding investment risks,and blind investing can also cause large losses.Through in-depth analysis of the convertible bond investment properties,the paper decomposes the risk characteristics,carries out reasonable valuation and evaluation of the value of convertible bonds,and makes comparative analysis with examples.Different convertible bonds adopt different trading strategies,and eventually form a more rational investment decision,which has a certain reference significance for the theoretical study of convertible bonds.

关 键 词：可转债 投资 决策 

分 类 号：F832.5[经济管理—金融学]