可转换证券

风险投资中道德风险和可转换证券关系的分析

Analysis of the Relationship between Moral Risk and Convertible Securities in Venture Investment

可转换证券在风险投资中发挥着多种作用。

Convertible securities play several roles in venture investment .

大多数可转换证券依赖于ipo退出机制，但随着今年市场状况恶化，许多发行方被迫回到谈判桌上。

Most converts relied on an IPO Exit , but with markets seizing up this year , a number of issuers has been forced back to the negotiating table .

这些首次公开发行（IPO）前可转换证券（pre-IPOconvertibles）的许多最大用户都身处目前陷入困境的行业，特别是亚洲房地产行业。

Many of the biggest users of these pre-IPO convertibles were in sectors that are now reeling , particularly Asian real estate .

风险投资中基于不同退出方式的可转换证券应用研究

The Application Research on Convertible Securities Based on Different Quit Channels

可转换证券与风险投资的最优退出决策

Convertible Securities and the Optimal Exit Decisions of Venture Capital

可转换证券与风险投资&可转换债券的信号传递机制

Convertible Securities and Venture Capital & A Study on the Signaling Mechanism of Convertible Debt

发行可转换证券（稀释当前股东）或额外的普通股；

Issuance of convertible securities ( dilutive to current stockholders ) or additional common stock ;

通用汽车还将发行将在三年后转变为普通股的可转换证券。

GM will also issue convertible securities that convert to common stock after three years .

可以转换成普通股的优先股或可转换证券或认股权证。

Preferred stock or convertible bonds or stock warrants that can be converted into common stock .

指因标的股票的市价跌至转换价下方，转换权的价值接近零的可转换证券。

A convertible issue of litte value because the underlying stock has fallen below the conversion price .

如果机构破产，可转换证券将“根据需要”转换为股权。

If they fail , convertible securities will be turned into equity on an " as-needed basis " .

通过分析发现可转换证券可以减少代理风险，对双方产生有效的激励作用。

It discovers the convertible stock can lower acting risk and give the valid stimulation to the both side .

可转换证券是指由股份公司发行的，可以按一定条件转换为一定数量的公司普通股股票的债券。

In China , the first convertible bond is issued by the listed company in Shanghai Security Exchange Zhong Fang Ji .

阐述了风险投资中使用可转换证券的原因并且给出了简单的建议。

And last he expounds reasons for the use of convertible securities in venture investment and puts forward a simple proposal .

在成熟的风险资本市场中，风险投资者使用最多的投资形式是可转换证券，主要包括可转换债券和可转换优先股。

Convertible securities , including convertible debts and convertible preferred stocks , are the most familiar investing instruments in developed venture capital markets .

在风险企业的融资初期，可转换证券是投融资双方最易接受的融资方式，可考虑重点运用。

At the early stage of financing , convertible securities is the most acceptable way for both So they can be considered to use frequently .

股东对发行可转换证券拥有投票权，因为当转换（转换为普通股）时会稀释当前股东的所有权比例。

Stockholders have the right to vote on the issuance of convertible securities because they will dilute current stockholders'proportionate ownership when converted ( changed into share of common ) .

因为此次经历，中国和中东的其他投资者都已想方设法将其投资设计成可转换证券的形式，使账面损失更加难以察觉。

Since that experience , other investors both in China and the Middle East have taken pains to structure their investments as convertible securities , making any paper losses harder to discern .

在对我国创业板建设以及风险投资行业发展的推动方面，本文建议我国建立更全面地政策支持可转换证券的发行，尤其是可转换优先股融资的发行。

As to the launch of growth enterprise market in China and development of venture capitals in China , this paper suggests formulating policies to approve the issuance of convertible securities and preferred stock in China .

另外，通过设计可转换证券合同激励机制，解决了风险投资家和风险企业家之间状态依存的资产控制权和剩余索取权和剩余控制权，实现了资产与剩余的优化配置。

Otherwise , It will be solved optimal allocation about state-contingent control right of capital , and residual claim right and residual control right between venture capitalist and venture entrepreneur by incentive contract mechanism of marketable bonds and stocks .

在很多公司融资活动以及投资决策中，都包含着期权的特征。因此，对于具有或有选择权特点的认股权证、可转换证券的定价等都可以引入期权定价理论。

Motivation of Share Warrants on Senior Managers In many corporate finance and investment decision activities , it contains the essence of option , so we can apply option pricing theory to warrants and convertible securities which have the essence of contingent claim .

零息票可转换担保证券

Zero-Coupon Convertible Collateralized Securities

去年年底，花旗已从阿布扎比筹得75亿美元资金。该行表示，将通过发售可转换优先证券，再筹集125亿美元资金。

Citi , which late last year raised $ 7.5bn from Abu Dhabi , said it would raise another $ 12.5bn through the sale of convertible preferred securities .

需要更多资金的机构将向财政部发行足够数量的可转换优先证券，同时有不超过6个月的时间来募集私人资金。

Institutions needing more capital will issue a convertible preferred security to the Treasury in a sufficient amount and will have up to six months to raise private capital .

为解决契约的不完备，风险投资主要采用的金融工具是可转换公司证券（可转债及优先股），并形成了创业企业独特的公司治理机制。

For the existence of contracts ' incompleteness , convertible securities , convertible bonds and convertible preferred stocks , are frequently used , accompanying with the unique corporate governance of the VC backed companies .

作为一种金融衍生工具，可转换债券是证券市场不可缺少的一部分，对证券市场的繁荣起到了重要的作用。

Convertible bonds play the important role in the flourish of the securities market .

可转换债券是证券市场推出的一种金融衍生产品，它已成一种重要投资工具。

Convertible bond is a derivative financial product that appeared in recent years . It has become an important investment tool .

这些问题极大地制约了可转换债券在证券市场上的投资价值和融资功能，影响了可转债市场的运行效率和健康发展。

These problems largely restrict the investing worth and financing function of convertible bond in securities market , affect running efficiency and health development of convertible market .

第五部分专门讨论了可转换创业投资中运用可转换证券投资工具进行投资时的反稀释保护；

Part V analyzes the anti-dilution protection for the investment by convertible securities ;