对我国大型石油公司使用境外可转债工具的思考与建议  

Thoughts and Suggestions on the Issuance of Overseas Convertible Bonds by Chinese Large Oil Companies

作　　者：杨玉斌[1] 张帅[1] 黄文生 Yang Yubin;Zhang Shuai;Huang Wensheng(SINOPEC Corp.Board Secretariat,Beijing 100728,China)

机构地区：[1]中国石油化工股份有限公司董事会办公室,北京100728

出　　处：《当代石油石化》2025年第4期24-28,共5页Petroleum & Petrochemical Today

摘　　要：可转债是普通公司债与股票期权的组合,同时具备债权和股权的性质,因此在使用可转债工具时需要综合考量资金用途、上市公司估值水平及股本、债券的融资环境等多种因素。在国内大型石油公司有迫切的海外资金需求、上市公司估值较高且债务融资成本较高的情况下,可考虑使用可转债工具进行融资,以满足发展需求。Convertible bonds are combination of common corporate bonds and stock options,which have the characteristics of both debt and equity.When using convertible bond instruments,it is necessary to comprehensively consider various factors such as the use of proceeds,the valuation level of listed companies and the financing environment of equity and bonds.In the case of large domestic oil companies with urgent overseas capital needs,high valuation of listed companies and high debt financing costs,the use of convertible bond instruments for financing can be considered to meet development needs.

关 键 词：境外可转债 大型石油公司 资金用途 估值水平 融资环境 

分 类 号：F832.5[经济管理—金融学]