| Convertible bond is a very important financing tool which has characteristics both of bond and stock. It has long history in foreign capital market. Because of its special characteristics, convertible bond has received high attention from many listed companies and investors, and convertible bond financing have found wide application in foreign capital market. In the capital market of China convertible bond has a relatively short history, but some companies in China have issued convertible bonds from the 1990s. They increasingly realize the financing vantage of convertible bond. With the development of China's capital market and economic globalization, convertible bond will have a more widely practice in China. So study on convertible bond financing has a high significance both in theory and practice.At first, this article discussed the definition of convertible bond, and it briefly analyzed the history in both foreign market and China's market. This article also analyzed the economic characteristics of convertible bond. Then, the author made an analysis on provisions, and discussed the provision design of convertible bond. The author analyzed the characteristics of provisions of issued convertible bond by combining with practical situation in China, and gave us an example. In the following, according to above analyses this article pointed out some problems in convertible bond provisions, and deeply analyzed the mentioned problems. Then, the author analyzed the equity warrant bonds which are innovative products and have some financing differences with common convertible bonds, and the author also analyzed its financing vantage and risk. At last, according to above analyses this article gave some suggestions to the problems appeared in convertible bond financing. At the same time, through the analysis on the convertible bond development and innovation in foreign capital market, the author discussed the innovation of convertible bond in China's capital market. |
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