我国可转换公司债券市场问题与监管思路

【作者】 王琦；

【导师】 倪峻；

【作者基本信息】 华东师范大学 ， 世界经济， 2004， 硕士

【摘要】 可转换公司债券最早出现在一些西方国家，在西方已有一百多年的发展历史。可转换公司债券是一种复合金融产品，不仅具有债权性，而且具有股权性。发行方偏爱它低廉的融资成本；对投资者来说，用它投资、避险两相宜；对于老股东而言，可转债还可以避免股权的即期稀释，因此可转换公司债券较单纯的债券和股票有独到的优势。近二十年来全球可转债市场飞速发展，2003年上半年，全球可转债融资已占到所有股权融资的25％；许多跨国公司发行了大量的可转换公司债券，募集了数千亿美元的资金，大投资银行，如美林、高盛等承销的可转换公司债券已经超过了股票IPO的规模。综合而言，可转债已不再是一个边缘性的金融产品，而是作为一种成熟的金融产品和投融资工具日益成为资本市场的主流。 可转换债券引入我国的时间还很短，它在我国的规范运作也只是近几年才刚刚开始，仍存在很多不尽人意的地方：发行主体偏重可转债的股权性，弱化其债权性，以达到变相股权融资的目的；可转债品种单一，投资者选择余地较小；可转债的发行主体不适当，主要是大型上市国有企业，使可转债这种金融品种的融资优势无法充分发挥。由此导致市场制度的有效性降低，社会互信减少，增加交易成本。 通过对现有问题的分析，笔者认为现阶段我国可转债市场的监管思路不当是导致这一系列问题的根源。弄清导致这些问题的根源对于可转债市场的健康发展，对我国资本市场的结构改善，对充分挖掘民间的投资潜力，保护市场参与者利益，以及提高发行主体自身素质都有着重要的意义。本文的目的就在于，通过指出目前我国可转债市场存在的问题，探讨其制度性根源，提出政策思路应转变为以促进市场竞争为导向，更多依靠可转债市场内在制度的自发机制来解决现有问题。 本文的研究思路和篇章结构如下： 第一章，介绍研究对象，对可转换公司债券有关概念加以综述，主要包括可转换公司债券的基本概念、构成要素及其兼具债权性和股权性的特有性质。 第二章，发展可转换公司债券的必要性。利用可转债兼具债权性和股权性的特性，首先从可转债的价格构成原理入手，讨论了可转债对于投资主体的好处；随后，从代理成本的角度说明了可转债对于老股东的价值；最后，利用现代融资理论分析了可转债对于发行主体的优势所在。 第三章，我国可转债市场现状及存在的问题。首先回顾了国内外可转债的发展历史；然后，对国外可转债市场特点加以分析和总结；接下来利用国外可转债的特点和经验与我国现状作比较，指出我国可转债市场目前存在的主要问题。华东师范大学硕士学位论文我国可转换公司债券市场问题与监管思路 第四章，从制度的角度对我国可转债市场现存问题加以分析，根据外在制度要与内在制度相匹配的原则，提出转变政策思路的建议，倡导政策应鼓励竞争，更多利用可转债市场内在制度的自发机制解决我国可转债市场的问题。 本文的主要研究成果: 1.论证了可转债的债权性和股权性对于发行主体、投资主体和老股东的优势所在。 2.通过国内外比较，分析了我国可转换市场发展现状，指出我国可转债市场中可转债品种单一、发行主体不适当、可转债设计偏重股权性等问题。 3.利用制度经济学的观点分析了上述问题产生的根源，指出目前不适当的监管思路是造成以上问题的根源。 4.提出转变政策导向的建议一一以市场竞争来促进可转债市场内在制度的演化。更多还原

【Abstract】 Convertible bond as a financing instrument has a history of more than 100 years. It has the combined character of a stock and a bond. When condition permits, it can be transferred from a bond to a stock. It has low financing cost to the issuers; Investors can use it to avoid investment risk. Therefore, convertible bond has advantages over a pure bond or a stock. In a word, convertible bond has become an indispensable financing instrument in the capital market.Convertible bond came to China in the early 1990s. It is only in the recent years that convertible bond market is regulated by our government. Therefore, there are still a lot of problems in the developing process. Issuers tend to strengthen its character as a stock in order not to return the capital; the type and volume of convertibles are so small that investors do not have many alternatives to make investment decision; the issuers are mostly listed companies in the traditional business, which shadows the advantage of a convertible bond. Thus the efficiency of the capital market is deteriorated, the mutual trust is destroyed, and transaction cost flies up.The author intends to point out that the improper policies in the convertible bond market are liable for the existing problems. To find out the root of these problems is very important to the restructuring of our capital market, to the protection of the investors, and to upgrading the quality of the issuers. The purpose of this thesis is to find out the institutional root of the existing problems in our convertible bond market and make suggestions to the revision of current policies.The structure of this thesis:Chapter 1. Introduction of the basic concepts concerning convertible bonds, including the combined character of a bond and a stock.Chapter 2. The necessity of developing convertible bond as a financing instrument. Firstly, from convertible bond valuation theory, we discussed the advantage to invest in a convertible bond for the investors; Secondly, we argued the strength of the convertible bond to the shareholders from an agency cost point of view. Lastly, we analyzed the benefit of a convertible bond to the issuers through financing theory.Chapter 3. The current situation and existing problems of our convertible bond market. Firstly, we reviewed the history of the convertible bond. Then, we analyzed the characters of overseas convertible bond markets. Lastly, we made comparison between out convertible bond market and the overseas markets, and pointed out the existing issues in our market.Chapter 4. Analysis and suggestions. The institutional malpractices was pointed out,and proved not matching the inner institutions in convertible bond. Achievements:1 Argued the bond character and stock character of a convertible bond had many advantages to the issuers, investors, and shareholders.2 Analyzed the current situation of our convertible bond market. Pointed out the existing issues like improper issuers, the imbalance of the bond character and the stock character of the issuance of convertible bonds.3 From institutions’ point of view, I found out the institutional roots of the above issues, and argued that the improper policies and regulations are liable for the existing issues in convertible bond market.4 To encourage competition as a suggestion was made to solve the problems.更多还原