| In the early 1990's (?) companies began their firsttry in collecting money by issuing convertible bonds (CB) in the open market. In 2001 April, China Securities Regulatory Commission issued "Rules on Issuance of CB by Listed Companies". That was the distinguishing market showing that China' s CB market has stepped into a new stage. Chinese government, enterprises and investors have paid much attention to this new financial tool, but many listed companies issue CB blindly. Is it suitable for all listed companies to finance via CB? How to finance via CB? The questions are worth probing.The thesis begins with the theoretical foundation and the main characteristic of the CB. And the advantage of the CB is examined through financial comparison. By introducing the finance structure theory and the finance structure situation of domestic and foreign country, it' s known that issuing CB is an important method to ameliorate the finance structure of our listed companies. And other meanings of its development in China are mentioned.Secondly,we introduce the developing situation of foreign CB market, and gain the precious experience of developing our CB market.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.Then we analyze the constitution of the financing cost and its decisive factors—issuing terms and the future price of the stock. And we probe deeply the impact of the design of the issuing terms to the financing cost.Through the main chapter of the thesis analyzing the bond and stock characteristic of the terms, we can utilize the pricing model to measure if the financing cost is high. We can propose the technical suggestions in designing the terms of CB.At last,we conclude with the questions apt to appear in issuing CB. Given the goal, it proposes cogitation and policy suggestions. |
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