论文部分内容阅读
可转换公司债券赋予持有人在发债后一定时间内,选择是否依约定的条件将持有的债券转换为发行公司的股票或者另外一家公司股票的权利。可转债包含了债券价值和股票期权价值,因此具有“下跌风险有界,上涨收益巨大”的投资优势。本文重点从宏观经济周期、转债发行条款、纯债溢价率及转股溢价率、发行公司基本面等方面分析影响可转债价格的因素,并结合国内市场探讨可转债投资策略。
Convertible bonds allow the holder within a certain period of time after the bond issuance, the choice of whether the agreed terms will be held bonds converted into shares of the company issued or another company shares the right. Convertible bonds contain the value of the bond and the value of the stock option, and therefore have the investment advantage of “a risk of falling risk, a huge gain in return”. This article focuses on the analysis of the factors affecting the price of convertible bonds from the aspects of the macroeconomic cycle, the terms of bonds issuance, the pure debt premium rate and the share premium rate, the issuance company fundamentals, etc., and discusses the convertible bonds investment strategy based on the domestic market.