文档介绍：可转换公司债券融资及其风险防范
摘要:可转换公司债券由于同时具有债务与权益筹资两大特征,因此通过可转债进行融资越来越受到上市公司的肯定和使用,尤其在上市公司直接股权筹资陷入困境时,可转换债券已成为有效的替代筹资工具,可谓是一种混合性金融工具。可转换公司债券已成为我国上市公司进行再融资的主要渠道之一。本文从可转债融资规模、可转债市场发展、可转债相关法律法规的完善三方面介绍了我国可转换公司债券发展的现状;分析了上市公司进行可转债融资过程中所可能出现的发行风险、转股失败风险、股权稀释股价下降风险、利率风险的表现并对其风险发生的原因进行分析;最后提出了可转债发行前通过明确可转债发行动机、选择正确的可转债发行时机、设计合理有效的发行条款和可转债发行后通过提升企业自身价值、提高企业自身素质来更好避免、降低可转债融资风险的防范措施。
关键词:可转债,融资,风险,风险防范
Abstract: As convertible bonds have the characteristics of debt and equity financing at the same time, more and more panies agree and use convertible bonds to finance, especially when the direct equity financing of a pany run into trouble, convertible bonds has e an effective alternative financing tool. It can be said that convertible bond is a kind of mixed financial instrument. Convertible bond has e one of the main channels of financing used by the panies to refinance in our country. This paper will analyze the current development situation of convertible bonds from three perspectives: the scale, market development and related laws and regulations of convertible bonds in China. Then, this paper will analyze the possible issuing falling risk, converting failing risk, ownership right dilution risk, interest rate risk and the reasons of the risk. Finally, according to the problems, the author will put forward some suggestions and measures. Before the issue of convertible bonds, panies should clear the convertible bonds issuing motivation, choose the right time to issue convertible bonds and design reasonable and effective issue terms. After the issuing of convertible bonds, companies should enhance their own value, improve their own quality to better avoid and reduce the risk of convertible bond financing.
Key words: Convertible bond financing risk risk prevention
目录
一、我国可转换公司债券融资的发展现状 3
(一)我国可转换公司债券的规模 3
(二)我国证券市场中可转债市场的发展 3
(三)我国可转债融资相关法律法规的不断完善 3
二、可转债融资存在的风险及其原因分析 3
(一)发行风险其原因分析 3
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(二)转股失败风险及其原因分析 4
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