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可转变换债券转换条款的合理设计对于其顺利发行有着非常重要的作用。本文对选取的我国53只可转换债券的条款进行了系统的统计性描述,在此基础上探讨了我国可转换债券条款设计上所存在的问题,并根据税收抵减假说、财务危机假说、风险转移假说及风险评估假说原理设计了合理实证研究模型,对这53只可转换债券的条款进行了实证研究。研究结果发现大公司、信誉较好的公司、获取经营现金能力较强的公司倾向于设计较高的转股价格;成立期限较长的公司以及未来收益较不稳定的公司有同样的设计倾向;公司股本结构和外部制度性因素也对可转债条款有明显的影响。
The reasonable design of the convertible bond conversion clause has a very important effect on its smooth issuance. This article systematically describes the clauses of the 53 convertible bonds in China, and discusses the problems in the design of convertible bonds in China. Based on the tax deduction hypothesis, the financial crisis hypothesis, the risk Transfer hypothesis and risk assessment hypothesis theory to design a reasonable empirical research model, the 53 convertible bonds provisions of the empirical study. The study found that large companies, better-reputable companies and those with stronger cash management ability tend to design higher conversion prices. Companies with longer maturities and companies with less-than-steady returns have the same design bias. Corporate equity structure and external institutional factors also have a significant impact on the terms of convertible bonds.