本文選題：可轉(zhuǎn)債 + 時(shí)機(jī)選擇��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：可轉(zhuǎn)換公司債券是指在一段時(shí)間內(nèi),持有人可按約定的價(jià)格或比例將持有的債券轉(zhuǎn)換為發(fā)行人或第三方股票的一種債券。它是一種兼具債性和股性的融資工具,其偏債性還是偏股性取決于標(biāo)的股票價(jià)格與當(dāng)期轉(zhuǎn)股價(jià)格的差別,若標(biāo)的股票價(jià)格遠(yuǎn)低于同期轉(zhuǎn)股價(jià),則可轉(zhuǎn)債可以被認(rèn)為是一種債務(wù)融資工具；若標(biāo)的股票價(jià)格遠(yuǎn)高于同期轉(zhuǎn)股價(jià),則可轉(zhuǎn)債實(shí)質(zhì)是一種權(quán)益融資工具。 從1992年第一只可轉(zhuǎn)債發(fā)行,可轉(zhuǎn)債在我國(guó)的實(shí)踐已有20年,學(xué)術(shù)界對(duì)可轉(zhuǎn)債也進(jìn)行了理論研究,主要包括可轉(zhuǎn)債發(fā)行動(dòng)機(jī)研究、可轉(zhuǎn)債定價(jià)、可轉(zhuǎn)債條款研究及可轉(zhuǎn)債宣告效應(yīng)研究等。但總的來說,可轉(zhuǎn)債在我國(guó)還不是一種成熟的融資工具,對(duì)可轉(zhuǎn)債的理論研究也具有繼續(xù)深入的空間。 本文對(duì)可轉(zhuǎn)債的研究采用案例分析法,選取的案例為唐鋼轉(zhuǎn)債。本文對(duì)唐鋼轉(zhuǎn)債的分析及結(jié)論如下： 1、發(fā)行人河北鋼鐵選擇可轉(zhuǎn)債的主要?jiǎng)訖C(jī)：可轉(zhuǎn)債融資成本高于債券低于權(quán)益,而且為每股凈利潤(rùn)帶來了緩沖時(shí)間；較低的票面利率可以緩解發(fā)行人短期現(xiàn)金流壓力：調(diào)整發(fā)行人長(zhǎng)短期負(fù)債結(jié)構(gòu)。 2、發(fā)行人河北鋼鐵存在募集說明書公告日的時(shí)機(jī)選擇行為,其動(dòng)機(jī)包括：向市場(chǎng)傳遞公司股票價(jià)值被市場(chǎng)低估的積極消息和降低發(fā)行風(fēng)險(xiǎn)。 3、唐鋼轉(zhuǎn)債存在抑價(jià)現(xiàn)象,其發(fā)行價(jià)格低于其理論價(jià)值,而在上市交易首日轉(zhuǎn)債價(jià)格有大幅上漲。唐鋼轉(zhuǎn)債抑價(jià)發(fā)行的原因在于：可轉(zhuǎn)債的條款設(shè)計(jì)傾向于保護(hù)發(fā)行人權(quán)益,因此向投資者作出讓步；降低發(fā)行風(fēng)險(xiǎn)。 4、唐鋼轉(zhuǎn)債初始轉(zhuǎn)股價(jià)的確定以歷史數(shù)據(jù)為基礎(chǔ),在發(fā)行人存在募集說明書公告日時(shí)機(jī)選擇行為的情況下,初始轉(zhuǎn)股價(jià)低于理論轉(zhuǎn)股價(jià)。 5、發(fā)行人河北鋼鐵放棄向下修正轉(zhuǎn)股權(quán)的原因在于：持有人雖擁有回售轉(zhuǎn)債的權(quán)利,但在可轉(zhuǎn)債市場(chǎng)價(jià)格高于回售價(jià)格時(shí),回售可能性微乎其微；向下修正轉(zhuǎn)股價(jià)可能向市場(chǎng)傳遞管理層認(rèn)為股價(jià)下跌并非暫時(shí)現(xiàn)象的消極信息。 本文在對(duì)唐鋼轉(zhuǎn)債的案例分析的基礎(chǔ)上,對(duì)我國(guó)可轉(zhuǎn)債市場(chǎng)的整體情況進(jìn)行了一些探索：在可轉(zhuǎn)債市場(chǎng)上募集說明書公告日時(shí)機(jī)選擇行為是否普遍存在；可轉(zhuǎn)債市場(chǎng)上的抑價(jià)現(xiàn)象是否普遍存在。本文選取了不同的樣本對(duì)以上兩個(gè)問題進(jìn)行了分析,分析結(jié)果表明,在初始轉(zhuǎn)股價(jià)以歷史價(jià)格為基礎(chǔ)確定的條件下,可轉(zhuǎn)債市場(chǎng)上發(fā)行人的募集說明書公告日時(shí)機(jī)選擇行為是普遍存在的,但沒有足夠證據(jù)表明可轉(zhuǎn)債的抑價(jià)現(xiàn)象是普遍存在的。
[Abstract]:Convertible corporate bonds refer to a bond that can be converted to an issuer or a third party stock at an agreed price or ratio over a period of time . It is a debt - and - equity financing tool , which is contingent on the difference between the underlying stock price and the current share price , and the convertible bond may be considered a debt financing tool if the underlying stock price is far below the same period .
If the target stock price is much higher than the same period of share price , then the convertible debt is essentially an equity financing tool .

Since 1992 , the first convertible bond issue and the convertible debt have been in our country ' s practice for 20 years , the academic circle has carried on the theoretical research on the convertible debt , mainly including the convertible bond issue motive research , the convertible debt pricing , the convertible debt clause research and the convertible bond announcement effect research , etc . But in general , the convertible debt is not a mature financing tool in our country , and the theoretical research on the convertible bond has also continued into the deep space .

In this paper , a case analysis method is applied to the study of convertible bonds , and the case is the revolving debt of Tangshan steel . The analysis and conclusion of the paper on the revolving debt of Tangshan Iron and Steel Co . , Ltd . are as follows :

1 . The main motive for the choice of convertible bonds in Hebei steel in the Issuer is that the financing cost of convertible bonds is higher than that of the bonds , and the buffer time is brought to the net profit per share ;
A lower coupon rate can ease the issuer ' s short - term cash flow pressure : adjust the issuer ' s long - term debt structure .

2 . The Issuer Hebei Iron and Steel Co . , Ltd . has the opportunity to choose the behavior of the announcement date of the prospectus , and its motivation includes the positive news that the company ' s stock value is undervalued by the market and the reduction of the issuance risk to the market .

3 . There is a pricing phenomenon in the revolving debt of Tangshan Iron and Steel Co . , Ltd . , and its issuing price is lower than its theoretical value , but there is a sharp increase in the price of the first day of the listing transaction . The reason for the issuance of the anti - bond issuance is that the provisions of the convertible debt tend to protect the issuer ' s rights and interests , thus making concessions to investors ;
Reduce the risk of issuance .

4 . The determination of the initial transfer price of the revolving debt of the Tang Steel is based on the historical data , and the initial transfer price is lower than the theoretical transfer price in the case where the issuer selects the behavior at the time of the announcement day of the prospectus .

5 . The reason that the issuer Hebei Iron and Steel abandoned the right to change the equity downward is that , although the holder has the right to sell the revolving debt , the possibility of the resale is negligible when the price of the convertible bond market is higher than the resale price ;
The downward revision of the share price may send management to the market that the decline in share prices is not a negative message for the temporary phenomenon .

On the basis of the case study on the revolving debt of Tangshan Iron & Steel Co . , this paper probes into the overall situation of China ' s convertible bond market .
The paper selects different samples to analyze the above two problems . The analysis results show that , under the condition that the initial price is determined on the basis of historical price , the choice of the timing of the issuance of the issuer ' s prospectus in the convertible bond market is ubiquitous , but there is not enough evidence to suggest that the phenomenon of debt suppression is ubiquitous .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F426.31

【參考文獻(xiàn)】

相關(guān)期刊論文 前2條

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2 顏琪忠;;中國(guó)可轉(zhuǎn)債市場(chǎng)發(fā)展問題分析與展望[J];中國(guó)金融;2011年03期

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本文編號(hào)：1797873