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Convertible Corporate Bonds Conversion Rights Of Holders Of Conservation Research,

Posted on:2011-08-13Degree:MasterType:Thesis
Country:ChinaCandidate:F CaoFull Text:PDF
GTID:2206360305968035Subject:Economic Law
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The conversion right of convertiblebond, which is different from the ordinary corporate bonds, making the conversion right as the connection point of interests between the convertiblebondholders and the company, owing to being given the conversion right to convertiblebondholders. As the convertiblebondholders relative to the issuer are the disadvantaged group, protecting the conversion right of convertiblebond based is transformed into the most important legal issues of operational mechanism of convertible bonds on the balance of interests.Improving disadvantaged status of convertiblebondholders relative to the issuer and the shareholders,and strengthening the protection of the conversion right of convertiblebond,can cause to the balance of interests among the issuer,the shareholders and convertiblebondholders.Ultimately encourage investors to invest in convertible bonds, and make the convertible bonds to perform its proper function.This article is imported by the case of convertiblebonds of Maolian, after a brief analysis of the problems about the exercising conversion rights of convertible bonds I explain clearly the reasons for writing this article.Firstly, the theoretical basis of protecting conversion right of the convertiblebondholders in this article are described. On the question of the legal nature of conversion rights, the current academic point is being challenged,I proposed that the conversion right should be vested in the contingent right, and I think this view is more reasonable. When I analysis the theory of protection of the conversion right, I elaborated it from the legal relationship of subject and object, and I considered that the exercising subject of conversion right belongs to disadvantaged group while the object of the legal relations belongs to socio-economic behavior, thus I sumed up that the it was needed for the appropriate intervention by the state.The second part of the article around the exercising of the conversion right to spread, I explained the exercising elements of conversion right, the reality of the situation during the exercising process, I holded that the problem is maily about following aspects。Firstly,the right of participation and the right of information can not be protected. Secondly, the value of conversion of convertiblebond were diluted.Finally, the necessary of protection about the conversion right was analysised.Ⅰexpatiated it from two factors:On the one hand,it is propitious to prevent the diluting of the conversion right; On the other hand,it is benefit to the balance of the interests among the issuer, the shareholders and the convertiblebondholdersIn the last section,the article discussed the legal measure of protection about conversion right. How to protect conversion right were elaborated when the convertion right were diluted the company's capital or organization were changed. I agreed with the opinion of legal protection that the contingent right was the legal protection during process of obtaining the acquired right.Therefore, I considered that given the right of participation to the convertiblebondholders can protect them before they exercise the conversion right. In addition, given the right of initiating derivative action to the convertiblebondholders, so as to form a full mechanisms to protect the convertiblebondholders.
Keywords/Search Tags:Convertiblebond, convertiblebondholders, the conversion right, protection of the law, contingent right
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