摘要
可转债是兼有股票期权和债券性质的复合型金融衍生品。为促使投资者尽快将可转债转换为股票,上市公司的常见做法是向下调整转股价格。因此,研究上市公司调整转股价格的行为及其影响十分必要。本文首先分析了现有可转债上市公司近五年调整转股价格的行为及其原因,并将其行为分为自然调整和主动向下修正两类;然后着重研究上市公司主动向下修正转股价格的行为对转股比例、股票价格、可转债价格三者的影响,最后得出相应结论。
Convertible bond is a complex financial derivative with properties of stock options and bonds. In order to impel the investors to convert convertible bonds into shares as soon as possible, the common practice of listed com- panies is the downward adjustment of conversion price. Thus, it is necessary to study the listed companies＇ behavior of adjusting conversion price and its impact. This paper first analyzes the existing listed companies＇ behavior of adjust- ing conversion price in nearly five years and its causes. The behaviors are divided into natural adjustment and active downward revision. Then, it focuses on the impact of listed companies＇ active downward revision of conversion price on the conversion ratio, stock price, the convertible bond price. Finally, it draws the corresoondin~ conclu^inn~
出处
《金融发展研究》
2014年第2期74-77,共4页
Journal Of Financial Development Research
基金
江苏省"青蓝工程"项目资助
项目编号为4003001101
关键词
可转债
转股价格
上市公司
向下修正条款
convertible bond, conversion price, listed company, downward revision clauses
