| Convertible bonds is convertible company bonds, is a kind of between stocks and bonds, itgives bondholders in within the financial products a period of time at a particular price convert acertain amount of the underlying stocks. As a kind of financial products complex bothcharacteristics of stocks and bonds, nearly 20 years, convertible bonds has rapid development andbecome a global an important tool of financing. China issued convertible bonds began in the early1990s, since 2001, the convertible bond market is showing the high-speed development of thesituation. China's capital market development needs the innovation of financial tools, and let theconvertible bond market has become an important and beneficial supplement of China's capitalmarket, that is the position which finance management to convertible bonds. Due to theconvertible bonds in China still belongs to the new tools, so regulators, finance companies andinvestors to its understanding is not enough, and we need to actively research and focused. Thisarticle is by "convertible bonds theory" for financing, and theoretically the convertible bonds ofinternal financing contract economic characteristics and corporate governance mechanism analysis,and in combination with the convertible bond market research, development in order to achievepurpose as follows: From the micro perspective, we hope to list companies as a financing body ofconvertible bonds to the economic features of financing tool, and to have a correct understandingand reasonable play the convertible bond financing function, effectively use the convertible bondfinancing to improve their corporate governance structure, change the status of the current Chineselisted companies issuing convertible bonds blindly; From the macroscopic Angle, this articlebased on the special market environment,the ownership structure and institutional constraints ofthe listed company, the analysis of current use convertible bonds of financing motivation forcomprehensive explanation, for accurate administration in the convertible bond financing,promote the convertible bond market development.The development of the theory of economics has a revolutionary change. It's also in theinheritance and development of the traditional economics breakthrough in the basic assumptionprecondition and analytical paradigm, It makes some of the application of economic analysis, anda qualitative leap in more close to reality, the study of social affairs of treatment with the wide application of space. The convertible bonds in China's interests are involved in many subjects,their target function is not complete same. They have their own interests and requirements ofpursuit, in some areas, and then the conflict in convertible bonds operation performance for aseries of interactive game, but the existing policy both in theory and in practice cannot guaranteethe realization of optimal equilibrium. The convertible bonds in China have a lot of differentabroad in targets, the starting point, the implementation and environment etc, and more complexand difficult. In fact, the process of convertible bonds is gambling process about interest groupsaround the financial resources of enterprises and dominion over conflicts of interest and thepursuit of their own interests'utility maximization. Therefore, the implementation of theconvertible bonds bring various interest sparked game and behavior of conflict and cooperation,and form a series of game.(1)To transfer the risk hypothesis as the starting point of this article, to company notes on risktransfer claims are common substitutes. Study on option pricing model,enterprise under theenvironment of reputation limited act taken by the pursuit of corporate wealth maximization. Tothis end will fall by failure model-derived the right to buy, build common shareholders under thedebt financing and pricing model of convertible bond pricing model under shareholders ' equity,discussion on the choice of enterprise risk in maximizing shareholders ' rights.(2)This article through research of the shareholders to creditor's internal loss risk and transferwealth at the cost of implementation and creditors of convertible bonds into stock options betweengames, further analysis of shareholder risk transfer behavior. This article presented a gameequilibrium pricing model, to shareholders and holders of convertible bonds as the point of thegame relationship between constructed a model to analyze the value and optimal strategies ofconvertible bonds, redemption, voluntary equity and insolvency were allowed in the bond at anyone time period. Models not only reflects the stock holders to maximize its common stock underthe premise of internal decision of redemption and the optimal strategy, but also the holders ofconvertible bonds in maximizing its premise of convertible bonds to determine their optimalvoluntary equity strategies.(3) This model also further consider the insolvency costs, tax benefits, and capital structure ofthe issuer, as well as the reimbursement of costs and the redemption notice period. Through thisresearch helps enterprise operations execution of terms, redemption and dividend distribution decisions also help investors perform conversion benefit decisions.This article to the holders ofconvertible bonds and analysis of game relationship between shareholders as the core, on thewhole is divided into three parts.(4)The first part, literature review section through the analysis of existing research, indicatedthat they consider the lack of investors on the game theory; the second, to transfer the riskhypothesis as a starting point to discuss on the premise of maximizing shareholders, holders ofconvertible bonds between shareholders and game relations. First discuss maximizing undershareholders ' equity, convertible bond to replace an ordinary bond financing to reduce the effectsof risk transfer, at the same time takes into account the General debt holders of convertible bondsin the presence of strategic action, and the impact of redemption strategy and dividend policy,shareholders and holders of convertible bonds between the game considered, analyses the possiblebalance. Third part is the game equilibrium pricing model of convertible bonds and applicationpart, careful analysis of game relationship between investors and some based on game model offinance theory, considering the tax benefits, bankruptcy costs, reimbursement of costs, debtstructure and the redemption notice period and other factors, and further on the convertible bondredemption terms on both sides of the optimal strategy of investment and financing, datinginspection on its accuracy and comparing static analysis. By empirical data to verify the accuracyof the model, summed up the effect relationship between parameters in the model. According tothe data analysis can be seen in the past redemption and to share always occurs before theexpiration of the far, this will also make the model more streamlined. Finally, we apply the modelto convertible bonds market in China, after analysis the most underestimated of convertible bondsin China, in the early margin of policy implementation, this underestimated and has not beenalleviated.
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