我国上市公司可转换债券融资偏好与其实证.研究——基于可转换债券设计条款的分析

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1、FinancingPreferenceandEmpiricalStudyofChina‘slistedcompanies‘convertibledebt—-AnalysisBasedOntheDesigntermsofconvertiblebondsthetesthasbeenthedevelopmentofconvertiblebondmarket，buttheentireoperationanddevelopmentarenotverysmooth．Fromthebeginningof90yearsofthetwentiethcentu

2、ry,Chinabegantoissueconvertiblebondstotrytosolvethefinancingproblemsofenterprises．However，asourcountryinaspecialeconomicsystemarisinginthecontextofthesecuritiesmarket，listedcompaniesinthesameflowoftheexistenceoftwotypesofequityandnon-negotiableset，ahighconcentrafionofcompa

3、nystock，thecompanymarkedtendencytoover-financing，smallandmedium-sizedpredatoryshareholderinterestsoftheshareholdersisverysignificant，andSOon．China’Slistedcompaniesinthefinancepractice，evenifthereisenoughinternalfunds，thecompanycontinuestoraisethroughtheissuanceofsecurities

4、investmentfundsneeded．Atpresent，thedomesticconvertiblebondsonthetermsofthedesignstudyisstillrelativelysmall，someoftheexistingliteratureonthemainprovisionsoftheconvertiblebondsanddescriptiveanalysisoftheconvertiblebondsonthetermsofthedesignfeaturesofthepreliminarystudy．Howe

5、ver,thesesmallersamples，butalsototheotherprovisionsoftheconvertiblebondsofthelackofanin—depthanalysisandevidence．InthechapteronChina’Stermsofthecharacteristicsofconvertiblebondscarryoutafulldescriptionofthestatisticalanalysisbasedonthefinancingofconvertiblebondsunderthethe

6、oryofempiricalmeaningofthehypothesis，designamoresystematicempiricalanalysis，focusingonthedesignofconvertiblebondstocarryouttheprovisionsmorestringentPositivetestsense．，nlemaincontributionofthischapterandinnovationinclude：(1)ChinatSmainprovisionsoftheconvertiblebondsheldsys

7、temismoreexploratoryanalysisoftheevidence，combinedwithChinaMerchantsBank’Sconvertiblebondscase。theconclusionofthestudywillcontributetoamorehigherlevelstudyAndourunderstandingofthemotivesofconvertiblebondsfinancingoptionsandbroadenthecurrentdomesticconvertiblebondsonthestud

8、yofperspective；(2)tofinddomesticconvertiblebondsinthefinancingprovisionsoftheSecuritiesan