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国务院证券委决定选择一部分未上市的国有企业发行可转换债券,以解决国有企业资本金不足的困难。可转换债券是指发行人依照法定程序发行,在一定期间依据约定的条件可转换成股票的债券,是公司发行的一种混合型的融资工具,同时兼有债券和权益资本的特点。现就其融资的基本特征、价值的确定及其融资的优缺点作些介绍,以供参考。一、可转换债券的基本特征
The Securities Commission of the State Council decided to choose a portion of the unlisted state-owned enterprises to issue convertible bonds in order to solve the difficulties of insufficient capital funds of state-owned enterprises. Convertible bonds refer to bonds issued by the issuer in accordance with legal procedures and convertible into shares for a certain period according to the agreed conditions. They are a hybrid financing instrument issued by the company and have the characteristics of both bonds and equity capital. Now on the basic characteristics of its financing, the value of the advantages and disadvantages of their financing to make some introduction for reference. First, the basic characteristics of convertible bonds