公司债券回售条款的设置与执行——基于发行人与投资者博弈视角  

The Setting and Exercise of Put Provision of Corporate Bond:from the Perspective of Game between Issuers and Investors

作　　者：张戡[1] 刘锦[2] 王素泽 Zhang Kan;Liu Jin;Wang Suze

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073 [2]中南财经政法大学金融科技研究院,湖北武汉430073

出　　处：《证券市场导报》2023年第6期67-79,共13页Securities Market Herald

基　　金：国家级一流专业建设(金融工程)项目(31412010504);中南财经政法大学研究生教学教改项目(KCJS202206)。

摘　　要：本文基于发行人与投资者博弈视角,研究了公司债券回售条款的设置与执行。研究表明:(1)公司债券回售条款的设置与执行,是发行人与投资者以各自利益最大化为目标进行博弈后的结果。(2)在债券发行阶段,发行人设置回售条款的根本目的并非主动给投资者提供一个规避利率风险的工具,而是为了降低票面利率,控制融资成本;投资者寻求回售条款的目的是为了获得回售的权利以防范市场利率上行风险。(3)进入回售期,发行人是否上调票面利率主要依据自身财务状况而定,偿债能力弱的发行人一般会上调票面利率,避免投资者行使回售权,从而减轻公司面临的现实偿付压力;投资者是否行使回售权的首要决定因素则是公司的信用风险,而不是票面利率是否低于同期的市场利率。Based on the perspective of the game between issuers and investors,this paper studies the setting and exercise of the put provision of the corporate bonds.The results show that:(1)The setting and exercise of the put provision of the corporate bonds are the results of the game between issuers and investors with the aim of maximizing their own interests.(2)In the stage of bond issuance,the fundamental purpose of the issuer’s setting of the put provision is not to actively provide investors with a tool to avoid interest rate risk,but to reduce the coupon rate and control financing cost.The purpose for investors seeking the put provision is to obtain the right to sell the bonds back to the issuers in order to prevent the upside risk of the market interest rate.(3)When entering the selling back date,whether the issuer increases the coupon rate is mainly determined by its own financial situation.Issuers with weak solvency will generally raise the coupon rate to avoid investors exercising the put option,thereby reducing the repayment pressure faced by the company at that time.The primary determinant of whether an investor exercises the put option is the company’s credit risk,rather than whether the coupon rate is lower than the market interest rate for the same period.

关 键 词：可回售债券 回售条款 调整票面利率条款 博弈均衡 

分 类 号：F830.91[经济管理—金融学]