财务管理专业—毕业论文 我国上市公司可转换债券融资问题的研究[精品].docVIP

我国上市公司可转换债券融资问题的研究 指导老师 XX 中文摘要：可转换债券是一种被赋予了股票转换权的从可转换债券的特征着手，分析了可转换债券融资方式的利弊，我国上市公司可转换债券存在的问题提出对策。Convertible bonds have been given a right to convert the stock of corporate bonds , is also a conventional mode of Refinancing of listed companies .The convertible bonds as a intermediate financing tool are very conducive to the prosperity and development of Chinas capital market. Today, after the share restructuring brought the impact of conversion of stock, the convertible bond market will once again usher the expansion in the climax. There is no doubt that the convertible bonds today has become an indispensable investment and financing tool for Chinas capital market. However, because of Chinas listed companies to issue convertible bonds relatively late starting, the research of convertible bonds needs to explore and improve continuously, to truly become Chinas capital market allocation of resources on the important financial instruments. Ago, many scholars had directed this way of Chinas listed companies refinance convertible bonds a series of studies, at the same time, also made a lot of recommendations. This paper proceed with convertible bonds from the origin, characteristics, scope of application, development and present situation, analysis of convertible bonds that can be advantages and disadvantages of the mode of financing, discussion of Chinas listed companies may be the question of the existence of convertible bonds. Finally, in response to these issues advanced the development and perfection of our convertible bonds of listed companies financing strategies. Key words: Listed Companies Convertible bonds Financing 一、可转换债券 （一）可转换债券的起源 自1843年美国纽约Erie Railway公司发行世界上第一只可转换债券开始，可转换债券融资已有一百多年的历史,在资本市场上发挥着重要的作用。而中国可转债融资历史较短，进入20世纪90年代以后，随着股票市场的建立才开始出现。1992年11月深保安集团发行了我国首例可转换债券，这揭开了我国可转债市场发展的序幕，但由于深保安可转换债券转股的失败，中国可转换债券的发展几乎处于停滞状态。直到1997年3月《可转换公司债券管理暂行办法》出台，三家非上市公司(南宁化工、吴江丝绸和茂名石化)先后发行可转换债券，中国的可转换债券市场重现生机。2001年4月，中国证监会颁布了《上市公司发行可转换公司债券实施办法》和3个配套的相关文件，正式将可转换