可转债融资

第二章，揭开可转债融资神秘的理论面纱。

The second section , uncover the theory of convertible bonds .

上市公司可转债融资动机理论述评

A Theoretical Review of Convertible Financing Incentive for Listed Companies

分离交易可转债融资模式与投资者套期保值研究

Research on the Financial Model of Warrant Bonds and Hedge Strategy of Investor

第六章上市企业可转债融资案例分析也是本文的核心章节；

The sixth chapter is also the core .

合理利用可转债融资

Financing through Proper Use of Transferable Bonds

融资方式：自由资本约束和资产替代行为&对可转债融资方式的分析

Financing Method : Capital Constraint and Asset Substitution & Through Analyzing Convertible Bonds ' Case

可转债融资与机构投资者侵占行为&基于华菱管线可转债案例研究

Convertible Bonds Financing and Tunneling Behavior of Institutional Investors : A Case Study of HuaLing GuanXian

可转债融资与公司股价长期表现实证研究

Empirical Study on the Long Run Performance of Share of Listed Company after Offering Convertible Debt

基于契约成本的我国上市公司可转债融资选择的实证研究

An Empirical Study on Convertible Bonds Financing Choice of China Listed Companies Based on Contracting Costs

由此表明，我国可转债融资选择的动机是实现间接股票融资。

Therefore we can unveil the real motives of convertible bond financing-chosen strategy & realize indirect equity financing .

因此，对我国上市公司可转债融资问题探析具有较强的理论研究和现实指导意义。

Therefore , exploring the financing problems of convertible bonds of listed companies in China is of great theoretical research and practical guiding significance .

因此，内部经理人员控制和非流通股股东控制都会导致中国上市公司偏好增配，而当公司有较好的前景时则发行可转债融资。

Therefore , the controllers have prejudice on the equity refinancing since the firms are usually controlled by the managers or the non-tradable shareholders .

本文将重点集中于股权结构这一方面，详细分析股权结构各指标对可转债融资的影响并进行实证检验。

This paper ⅰ will focus on the equity structure and analyze the effect of the indexes of equity structure on convertible bond financing in detail , then make empirical test .

可转债融资后的股价优越表现并不是源于公司业绩改善，或许是股票市场操纵的结果。

The favorable change in stock market after issue of convertible bond is not result of the operation performance improvement of the company but may be the result of manipulation of stock market .

实证检验了我国上市公司可转债融资后的股价长期表现，结果发现，可转债融资后的公司股价并未如配股和增发再融资后的长期表现欠佳，而是有一定的优越表现。

This paper investigates the long run performance of shares of listed companies after offering convertible debt , and the empirical result show the long run performance is not as underperformance as after righting and SEO , but good performance .

然后，文章分析了影响可转债融资决策的各种宏微观因素，以及可转债融资成功需考虑的重要因素。其中，融资成本决定了融资行为的成败，是融资决策时主要考虑的问题。

Thirdly , the thesis assays the macro and micro factors which affect the financing via CB , and also emphasizes the crucial factors after deciding to finance via CB . The financing cost is the key point which decides the success in financing .

研究结果表明：我国上市公司应用可转债融资效果不佳，除了企业方面的原因外，我国公司治理结构和中国证券监管部门监管力度也是重要原因。

Foundation : Indicated our country goes on the market the company to apply may transfer the debt financing effect not good besides the enterprise aspect reason , our country company governs the structure and Chinese securities supervising and managing department dynamics also is the important reason .

其次，金融扩张政策导致股价上升，刺激资金需求者通过发行新股和可转债进行融资。

Secondly , it made a fake boom in stock prices , stimulate the demanders to issue new shares and convertible bonds to collect money .

然而，我国可转换债券市场发展还不成熟，上市公司可转债融资行为具有一定的盲目性。

Convertible bonds market is not mature in China , and it is often occurred that listed companies blindly issue convertible bonds .

但是通过数据分析发现，发行可转债的公司集中于制造业，由此可见，制造业在可转债融资方面具有代表性。

But through the data analysis , I find companies that make convertible bonds issuance plan announcement are mainly belong to manufacturing business .

第五章是本文的核心章节之一，在可转债定价层面，利用Black-Scholes模型和二叉树模型理论工具定量分析了可转债融资实施的可行性；

The fifth chapter is the core of the thesis , analyzing the feasibility of convertible bonds employing Black-Scholes model and binomial trees model .

第四章是实施可转换债券融资的SWOT矩阵和IFE评价矩阵分析，从战略的角度定性分析了我国上市企业可转债融资的可操作性；

The fourth chapter makes SWOT analysis and IFE appraisal , analyzing the feasibility of convertible bonds in listed companies strategically and qualitatively .