共查询到19条相似文献,搜索用时 125 毫秒
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本文基于我国公司债券现状,对公司债券的价值进行分析,提出了新的公司债券参考模型,为公司债券的发行和交易提供参考,以利于繁荣公司债券市场. 相似文献
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本文根据可转换公司债券的性能,分析了可转换公司债券在发行条款设计、偿还和回售等方面存在的风险,并基于此提出了防范可转换公司债券融资风险的对策。 相似文献
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刘西友 《北京市经济管理干部学院学报》2014,(3):41-44
随着投融资平台公司发行企业债券的速度逐渐加快,规模逐渐扩大,该类型企业债券的风险也日益受到广泛关注。本文着重探讨了投融资平台公司通过债券市场直接融资的趋势和特点,投融资平台公司债券融资风险的成因及其表现,以及防范投融资平台公司债券融资风险的措施。 相似文献
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院我国公司债券发行制度构成的多元化、发行制度的不统一和市场化程度低,使得我国公司债券发展缓慢,市场效率低下,难以实现资源优化配置.其中,公司债券发行制度设计不合理,是影响我国公司债券市场发展的源头性和决定性因素,公司债券信用文化基础欠缺、制度建设理念偏差、监管部门的利益冲突等也是重要原因.我国公司债券发行制度改革,可以采用诱致性改革与强制性改革相结合的改革路径.我国公司债券发行制度改革应统一现行的公司债券发行审核制度和资信评级制度,贯彻市场化导向,放松管制,建立市场化的公司债券注册发行制度. 相似文献
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蔡思美 《中国乡镇企业会计》2010,(5):62-63
<正>可转换公司债券指发行人依照法定程序发行,在一定期限内依照约定的条件可以转换为股票的公司债券。它与一公司债券的区别在于:一般公司债券的购买人在债券到期后只能要求债券发行人按约定条件还本付息,而可转换公司债券购买在债券到期后拥有选择权:既可 相似文献
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一、可转换公司债券的概念及基本要素可转换公司债券是指在发行时标明发行价格、利率、偿还或转换期限,持有人有权到期赎回或按规定的期限和价格将其转换为普通股票的债务性证券。可转换公司债券归入负债工具一类,属于债权人求偿权,一旦它转换为股票,则就归入直接权益求偿权,即属于混合型金融工具。根据发行地和定值货币的不同,可转换公司债券分为国内可转换公司债券、境外可转换公司债券。可转换公司债券除具备普通公司债券定期偿还本金、定期支付利息的一般特性外,还具有较普通公司债券低的固定利息、投资者买入期权与卖出期权、发行人赎… 相似文献
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尹新巧 《中国高新技术企业评价》2010,(4):77-78
可转换公司债券是指公司依照法定程序发行,投资者在一定时期内有权按照一定条件转换成公司股票的公司债券。文章首先分析了在当前市场环境下,可转换公司债券的特点,以及如何确定可转换公司债券是否具有投资的价值,进而在对可转换公司债券的投资价值分析的基础上,探讨了如何把握可转换时机确定投资策略。 相似文献
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尹新巧 《中国高新技术企业评价》2010,(6)
可转换公司债券是指公司依照法定程序发行,投资者在一定时期内有权按照一定条件转换成公司股票的公司债券。文章首先分析了在当前市场环境下,可转换公司债券的特点,以及如何确定可转换公司债券是否具有投资的价值,进而在对可转换公司债券的投资价值分析的基础上,探讨了如何把握可转换时机确定投资策略。 相似文献
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欧债危机对金融市场产生了显著的冲击,引发了巨大的风险。本文通过构建二元GARCH-BEKK模型,实证检验了欧债危机背景下欧洲股票市场、我国股票市场、国债市场与企业债市场之间的波动溢出效应,揭示了欧债危机冲击我国股票市场、国债市场与企业债市场的风险传染路径。实证表明,欧债危机冲击我国股票市场与债券市场的风险传导路径为:欧债危机引发的风险通过欧洲股票市场传导到我国股票市场,然后传导到企业债市场,最后传导到国债市场。 相似文献
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We investigate whether shareholder-friendliness of corporate governance mechanisms is related to the insolvency risk of financial institutions. Using a large sample of U.S. financial institutions over the period 2005–2010, we find that corporate governance is positively related to the insolvency risk of financial institutions as proxied by Merton’s distance to default measure and credit default swap (CDS) spread. We also find that “stronger” corporate governance increases insolvency risk relatively more for larger financial institutions and during the period of the financial crisis. Lastly, our results suggest that shareholder-friendliness of corporate governance mechanisms is viewed unfavorably in the bond market. 相似文献
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Yiannos A. Pierides 《Journal of Economic Dynamics and Control》1997,21(10):1579-1611
This paper considers the pricing of derivatives that protect holders of corporate bonds from a reduction in their value because of a deterioration in their credit quality. These derivatives are structured as either puts on the bond price or calls on the bond spread (above the risk free rate) in the context of models developed by Merton (1974) and Black and Cox (1976). The pricing properties of these options are derived using both analytical and numerical methods. 相似文献
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We study interest rate sensitivities of U.S. investment grade BBB-rated and high yield corporate bonds over the period of 2001–2016. Our methodology assesses the capital gains of corporate bond portfolios and risk-free government bond portfolios, using average coupon and blended yield indices for the U.S. market. For both, U.S. BBB and high yield corporate bonds, we evidence the switching, from positive to negative interest rate sensitivity, occurring over the transition from the normal economic conditions to the periods of economic distress and vice-versa. The proposed theoretical explanation of such binary behavior posits an interrelation between interest rate and creditworthiness of issuers, which varies according to the phases of the business cycle. This research advances an economic understanding of interest rate risk management and sheds light on how financial institutions may develop strategies that hedge against downside risk. 相似文献
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以2010—2021年沪深A股上市公司发行的公司债为样本,实证检验了自愿披露客户信息对债券违约风险的影响。研究发现,自愿披露客户信息产生的额外风险加剧了债券违约风险,这种影响在高专有成本和高融资约束的企业中表现更为显著,但企业发行的绿色债券并未受到影响。机制检验表明,经营风险增加和机构投资者持股降低是自愿披露客户信息影响债券违约风险的重要途径。研究表明,企业需要慎重考虑披露客户信息带来的风险,审慎制定信息披露策略。 相似文献
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This study utilizes the nonlinear ARDL (NARDL) model proposed by Shin, Yu, and Greenwood-Nimmo (2014) to quantify the potentially asymmetric transmission of positive and negative changes in each of the possible determinants of industry-level corporate bond credit spreads in China. The determinants we consider include the corresponding industry stock price, China’s stock market volatility, the level and slope of the yield curve (i.e., the interest rate), the industrial production growth rate, and the inflation rate. The empirical results suggest substantial asymmetric effects of these determinants on credit spreads, with the positive changes in the determinants showing larger impacts than the negative changes for most industries we consider. Moreover, the corresponding industry stock prices, the interest rate, and the industrial production growth rate negatively drive the industry credit spreads for many industries. In turn, China’s stock market volatility and the inflation rate positively affect the credit spreads at each industry level. These findings may be helpful to investors, bond issuers and policymakers in understanding the dynamics of credit risks and corporate bond rates at the industry level. 相似文献
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Jonathan A. Batten Karren Lee‐Hwei Khaw Martin R. Young 《Journal of economic surveys》2014,28(5):775-803
Convertible bonds are an important segment of the corporate bond market, with worldwide outstandings approaching US$235 billion. Simple pricing models value a convertible bond as being equivalent to a straight bond with an embedded option that enables the bond holder to convert to a specific amount of common stock. The straight bond is subject to both interest rate and credit risk, whereas the option to convert is dependent on the underlying stock price, which exposes the convertible bond holder to equity risk. The complexity of these features means that convertible bonds tend to be treated casually in major derivatives and corporate finance textbooks. This paper presents a survey of the theoretical and empirical aspects of convertible bond pricing. The limitations of these studies are highlighted to identify those areas of research that may improve the valuation process and facilitate the application of these securities for corporate financing. 相似文献
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流动性风险对我国公司债券信用利差的影响——基于次贷危机背景的研究 总被引:1,自引:0,他引:1
基于2007年4月至2009年9月的周数据,就次贷危机时期流动性风险对我国公司债券信用利差的变化进行了实证研究。结果表明,公司债券信用利差的变化与非流动性指标之间存在稳定的正相关关系,且在控制其他变量之后该结果依然是稳健的,说明流动性风险已融入我国公司债券信用利差中。尤其是在次贷危机背景下,流动性风险对信用利差的影响显著增强了。 相似文献
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Sheen Liu Jian Shi Junbo Wang Chunchi Wu 《The Quarterly Review of Economics and Finance》2009,49(1):85-109
Previous studies have found that common factors explain a high proportion of corporate bond yields. In this paper, we test whether there is a systematic risk premium beyond that implied by a risk-neutral term structure model. We propose a reduced-form term structure model that incorporates both default and tax effects. After controlling the effects of personal taxes and default risk, empirical tests show that at least two of the Fama–French factors are important for corporate bond yields. Our results suggest that term structure models should incorporate aggregate common risk factors in order to better explain the dynamics of corporate bond yields. 相似文献