一、我国可转换公司债券条款设计存在的问题(一)特别向下修正条款不能保护投资者利益。相对于增发,可转换公司债券融资的优势在于它使公司的财务压力增大。因为如果投资回报没有达到募集说明书中的预期,可转换公司债券的投资人将不会行使转股权,公司将不得不到期还本付息。所以 First, China’s convertible corporate bond terms of the design problems (a) special downward revision of the provisions can not protect the interests of investors. The advantage of convertible corporate debt financing over issuance is that it increases the company’s financial pressure. Because if the return on investment does not meet the expectation in the prospectus, investors in the convertible bonds will not exercise the conversion rights and the company will have to repay the principal and interest due. and so