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可转换债券(简称可转债)是一种附有约定条件的公司债券,是在普通公司债券基础上附加一个选择权。如果可转债投资人行使这个选择权,就可以在未来一定时间内以事先约定的转股价格将债券转换成股票.从而获取股票价差。当然.可转债投资人也可以选择不转股,而将可转债持有至到期.获得债券的利息收入。约定条件的实质就是期权,与股票认股权证类似。因此我们可以把可转债视做债券与认股权证相互融合的一种创新型金融工具。
Convertible bonds (referred to as convertible bonds) is a conditional corporate bonds, is in addition to an ordinary corporate bonds an option. If convertible bond investors exercise this option, they will be able to convert the bond into stock at a pre-agreed conversion price within a certain period of time in the future, thus obtaining a stock spread. Of course, convertible bond investors can also choose not to convertible shares, while the convertible bonds will be held until the maturity of the bond interest income. The essence of the agreed conditions is the option, similar to the stock warrants. So we can think of convertible bonds as an innovative financial instrument that bonds and warrants are intertwined.