可转换债券:融资工具还是制度安排——基于贝恩资本投资国美电器可转换债券的案例研究

本文通过梳理可转换债券的理论研究文献,并结合机构投资者投资可转换债券的实践,提出了基于机构投资者视角的可转换债券理论分析框架。本文以贝恩资本投资国美电器可转换债券案例为研究对象,对上述理论框架进行了检验。研究发现,可转换债券不仅是一种融资工具,更是一种制度安排,具备公司治理功能,使得机构投资者能够参与发行企业的公司治理实践。而且,机构投资者投资可转换债券使发行企业不仅面临价值变动风险,还面临控制权转移风险。本文拓展了可转换债券研究的理论框架,也为企业设计和发行可转换债券提供了现实启示。

Convertible Bond:Financing Tool or Institutional Arrangement——A Case Study of Bain Capital Investing in Gome

Based on combining the current theoretical literature on convertible bond,and the practices of institutional investors investing in convertible bonds,this paper puts forward theoretical framework of convertible bond from the perspective of institutional investors.Through case study of Bain Capital’s investment in Gome’s convertible bonds,this paper tests the validity of the framework.The findings indicate that convertible bond is not only an important financing tool,but also an institutional arrangement,which,with its corporate governance function,entitles institutional investors to participating in the corporate governance decisions of the issuing company.We also find that the issue of convertible bonds to institutional investors makes the issuing company suffer from the risks of value variation and loss of control rights.This paper expands the existing literature on convertible bond,and provides practical implications for the issuing companies.