或有可转换债券(Contingent Convertible Bonds,简称Coco Bonds)是一种混合资本债券,具有股本资本和债务工具的双重特性,可在特定的触发条件下转换为股权。Coco Bonds具有强大的危机救助功效,可以通过市场手段解决金融机构“大而不倒”的问题,可减少政府对危机企业的大规模救助。此外,Coco Bonds对公司治理还具有正向激励作用等。鉴于Coco Bonds的独特性以及对于 Or Contingent Convertible Bonds (Coco Bonds) is a hybrid capital bond that has the dual nature of equity capital and debt instruments that can be converted into equity under certain trigger conditions. Coco Bonds has a powerful crisis relief function, can solve the financial institutions “big without fail ” problem by the market, can reduce the government’s large-scale relief to the crisis enterprises. In addition, Coco Bonds has a positive incentive to corporate governance. Given the uniqueness of Coco Bonds and for it