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随着国务院证券委员会颁布《可转换公司债券管理暂行办法》,中国证监会将在国家确定的500家重点国有企业中,选择若干家发行40亿元可转换公司债券进行试点,这意味着国有企业融资又有了一条新的渠道.一、可转换债券的基本内涵可转换债券是“可转换为股票的公司债券”的简称.这种债券在规定的期限内的任何时候可以(但不是必须)按照发行合同的条件转换成发行企业的股票.在转换成股票之前,它按照合同中规定的利息率生息,因此具有一般债券可以带来利息收入的特点.如果股票价格上涨,可转换债券的持有者可以将其转换为股票,从股市上涨中获得好处;在股市下跌或上涨幅度不足以从转换中获利的情况下,这种债券的持有者保留债券并取得利息收入从而避免股市不景气造成的损失,因此这种债券又具有股票买权的特点.可转换债券的持有人有四种选择:(1)持有可转换债券直至到期日还本付息;(2)将可转换债券在二级市场上出售;(3)将可转换债券转换成普通股并定期领取股息红利;(4)将可转换债券转换成普通股后在股票二级市场上出售.可转换债券的发行人则有权赎回债券,也就是说他可以在一定的时期内,以事先约定的价格从债券持有人那儿购回债券,从而免去到期还本付息的义务.但是,债券持有人始终有权利在债券被赎回之前将债券转换
With the promulgation by the Securities Commission of the State Council of Interim Measures for the Administration of Convertible Corporate Bonds, the CSRC will select a number of 4 billion convertible bonds issued by the state for pilot implementation among the 500 key state-owned enterprises identified by the state, which means that the state-owned enterprises Financing has a new channel.A, the basic connotation of convertible bonds convertible bonds is “convertible into shares of corporate bonds,” the abbreviation of such bonds at any time within the required period (but not required) In accordance with the conditions of the issue of the contract issued into the issuing company’s stock before conversion into stock interest rates set forth in the contract interest rates, it has the general bond can bring interest income characteristics.If the stock prices, holders of convertible bonds Someone can convert it into stocks, benefiting from the stock market rally; in the case of a stock market decline or increase is not enough to profit from the conversion, the bond holders to retain the bond and interest income to avoid the stock market is not The loss caused by the boom, so the bonds have the characteristics of stock options convertible bond holders have four options: (1 ) Holds convertible bonds until the maturity date, repayments of principal and interest; (2) the sale of convertible bonds on the secondary market; (3) conversion of convertible bonds into ordinary shares and regular dividend payouts; (4) Convertible bonds are converted into common shares and sold on the secondary market, and the issuers of convertible bonds have the right to redeem the bonds, that is to say, he can, within a certain period of time, sell the bond at a pre-agreed price from the bondholders Bonds are repurchased there, eliminating the obligation to repay principal and interest due, but bondholders are always entitled to convert the bond before it is redeemed