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近一个时期以来,中国证券市场上发行(或准备发行)可转换债券(Convertible Bonds)的上市公司数量迅速增加,转债的发行(预期)规模也迅速扩大。这是否标志着可转换公司债券通过三年多的试点将成为上市公司的一种新的常规再融资方式和可供投资者选择的证券品种,抑或仅仅是在配股无门,增发受限情况下上市公司为追求资金的盲目行为?本文试图从可转换债券的定义及其融资的经济分析着眼,对中国上市公司可转换债券融资的优势、作用以及误区作一分析。
In recent years, the number of listed companies that issue (or prepare for) convertible bonds in China’s securities market has rapidly increased, and the scale of issuance (expected) of convertible bonds has also rapidly expanded. Does this signify that after more than three years of pilot projects, convertible bonds will become a new routine refinancing method for listed companies and the types of securities that investors can choose from, or simply that there is no rationing issue and no additional issuance of convertible bonds Listed companies are blind pursuit of capital? This paper tries to analyze the advantages, functions and misunderstandings of convertible bond financing of Chinese listed companies from the definition of convertible bonds and the economic analysis of their financing.