上市公司可转债价值分析-金融学专业论文.docxVIP

impact of non-tradable share reform on the value of convertible bonds could be helpful for the domestic convertible bond market to realize stable development in the long run. This thesis is composed of five parts, focusing on the value of convertible bonds in the domestic market: The first chapter is preface, which presents the background and the objectives of the study, reviews the literature research on the theories of convertible bond pricing and empirical studies on the pricing in the domestic convertible bond market and finally indicates the insufficiency in domestic empirical studies on the pricing of convertible bond. The second chapter analyzes the characteristics of the key terms of convertible bonds issued by domestic companies. By conducting statistics analysis of the key terms of convertible bonds traded in the domestic capital market and comparing that with the convertible bonds issued by foreign companies, we find out that the convertible bonds in domestic market are more preferable to investors. The third chapter analyzes the undervaluation phenomenon in our convertible bond market and find out the fundamental reasons beneath by doing empirical study on the whole convertible bond market and Minsheng convertible bond. These findings also help to explain the preference to convertible bond investors in our market mentioned in the second chapter. The forth chapter studies the impact of non-tradable share reform on the value of convertible bonds and conducts empirical study on the change of their time value during the reform. Furthermore, different compensation schemes adopted in the share reform are considered to analyze their influence on the value of convertible bond terms, which could be used to explain the speedup of conversion of convertible bonds during the share reform. The last chapter summarizes the thesis, proposes suggestions for the further development of our convertible bond market and points out other issues for further study. KEY WORDS: con