A Research On Chinese Exchangeable Bonds

Exchangeable bonds(Exchangeable Bond,referred to as EB)called "stock exchange for his bonds,exchangeable bonds is a kind of financial derivatives embedded options,refers to the listed company's shares holders of its shares held by the mortgage to the trustee and then issuing corporate bonds,the holders of the bonds in a certain period of time in the future,can share bonds in accordance with the contract conditions for the bond holdings in exchange for mortgage issuers of listed companies.Since the trial of the issue of exchangeable bonds issued by shareholders of Listed Companies in 2008,the market for exchangeable bonds in China has experienced five years' gestation,two years' dormancy and a year's growth.From 2013 the first success since the issuance of exchangeable bonds,followed by two years altogether only successfully issued 6 exchangeable bonds.Until the beginning of 2015,issuance of exchangeable bonds began to surge,in 2015 a total of 31 successfully issued convertible debt,as of the end of November 2016 there are 87 on the market may exchange the debt issue of success,and this figure continues to grow with each passing day.In our country,because may exchange the debt financing cost is low,the pledge rate is high,the low threshold of many obvious advantages,has gradually become the main way of financing companies in China,especially in recent years,the capital market can be said to be China "Xiangbobo" is not excessive.But in practice,there are still many serious problems in the process of issuing exchangeable bonds,which affect the smooth release of exchangeable bonds.This paper analyzes the issue of exchangeable bonds on the case first expounded the Carson group,group of exchangeable bonds issued by the Carson group motivation,the issue of exchangeable bonds appear during the exchange amount is less than expected,the financing efficiency is not high,the relatively high cost of financing,short-term stock price weakness,and combined with the actual the capital market in China and analyzes the causes of these problems,it is classified into four aspects: term design,company management,timing and market participants and finally put forward the corresponding provisions on exchangeable bonds design,the timing of the issue and to promote the long-term healthy development of exchangeable debt advice.In view of the issue of exchangeable bonds Carson group case is representative,to study this case summary for our companies to issue exchangeable debt problem not only has general applicability,then choose the issue of exchangeable capital provide a reference,but also to provide some theoretical references for future empirical research on the exchangeable bonds scholars.