不同目标下可交债券的条款优化设计.doc

不同目标下可交换债券的条款优化设计 培养单位 ：经济管理学院 申请人 ：论文作者姓名 指导教师 ：导师姓名导师职称 二〇一五年一月 The terms of the design is exchangeable bonds under different target Thesis Submitted to Tsinghua University in partial fulfillment of the requirement for the professional degree of Master of Business Administration by 单击此处输入姓名拼音，如 MA Tao Thesis Supervisor : 此处输入导师姓名, 如Associate Professor Ma Tao 单击此处输入日期,如January,2015 摘要 2014 年 12 月，宝钢集团可交换公司债券成功完成发行，成为境内首单公开发行的可交换公司债券，可交换债在我国终于进入公开发行阶。可交换债作为一种新型的融资工具，具备着得天独厚的自身优势，对扩大上市公司股东融资渠道、完善我国债券市场有着十分重要的意义。在我国，可交换债的产生主要是为了解决因股权分置改革而产生的限售股解禁问题，这使得可交换债在我国出现之初就被寄予了“市场缓冲器”的深切期望。但由于发行门槛高，发行成本大，发行程序复杂等原因，限售股股东并没有被可交换公司债券所吸引，限售股解禁潮有增无减。若用市场融资工具的创新角度来看待可交换公司债券，我国可交换债在制度上仍存在着一些问题，其中最根本的问题是在制度设计上债券发行人的风险与利益不对称、债券持有人的风险与利益不对称以及债券发行人与债券持有人在一些具体情形中的利益不均衡。本文试图从我国可交换债现存问题的出发，分析可交换债理论基础，并结合案例探讨其操作条款，为现存的问题提出可行性建议。本文并没有仅从债权人角度或者债务人角度分析，是站在一个客观的立场去探究可交换债这个产品，力图达到该产品的债权人和债务人利益的均衡。 关键词：不同目标；可交换债券；条款设计；比较； Abstract In December 2014, baosteel group, successful completion of the exchangeable corporate bonds issued, become the domestic first public offering of exchangeable corporate bonds, exchangeable bonds in our country, finally entered the public order. Exchangeable bonds as a new financing tool, has unique advantages, to expand the financing channels of shareholders of listed companies, perfect our country bond market has very important significance. In our country, the generation of exchangeable bonds mainly to solve due to reform of non-tradable shares of restricted stock release problem, which makes the exchangeable bonds in our country is expected at the beginning of the market buffer deepest hopes. Issuance but due to the high threshold, the cost is big, release procedure complex reasons, such as restricted stock shareholders have not attracted by exchangeable corporate bonds, restricted stock ban chao unabated. If use market financing tool innovation Angle to view exchangeable corporate bonds, exchangeable bonds in our country there are still some problems in the system, on