可转换公司债券会计处理浅析

一、可转换公司债券的概念可转换公司债券是一种兼具债券和股票性质的混合型融资工具。债券持有人有权在规定的期限内,将所持有债券转换为确定数量的发行公司的普通股票,这样债券持有人就由公司的债权人变成了公司的股东,可参与公司的决策和红利分配。而在转换之前,债券持有人可以获得利息收入。如果债券持有人没有实施转换权利,     

可转换公司债券融资方式简析

可转换公司债券（以下简称可转债)是一种兼具债券和股票性质的混合型融资工具．债券持有人有权在规定的期限内．将所持有债券转换为确定数量的发行公司的普通股票,这样债券持有人就由公司的债权人变成了公司的股东,可参与公司的决策和红利分配．而在转换之前．债券持有人可以获得利息收入。如果债券持有人没有实施转换权利．     

可转换公司债券的分拆与转换

可转换公司债券是指企业发行的、债券持有人可按规定转换成发行公司的普通股票的债券。企业发行该种债券时,首先要将其中的负债和权益成份进行分拆,分别记入应付债券和资本公积科目。当持券人将可转换公司债券转换为股票时,债权人变成了企业的股东,企业应按股票面值记作股本,将可转换债券的账面价值与股票面值之间的差额记作资本公积,同时,注销发行债券时计入资本公积科目的余额。     

可转换债券资本成本分析

与普通债券相比,可转换债券的息票利率较低,所以可转换债券被认为是一种低成本的融资方式。本文通过对资本成本概念的辨析发现,由于可转换债券的期权特性,用可转换债券融资并不一定能降低资本成本。发行公司可以通过设定适当的条款、选择合适的发行时机、使融资与投资相匹配等手段,尽可能地降低可转换债券的资本成本。一、资本成本概念辨析按照西方财务管理理论,“资本成本是商业资产的投资者要求获得的预期收益率。以价值最大化为目标的企业经理把资本成本作为评价投资项目的贴现率或最低回报率。”因此,可以从两方面来理解资本成本:一方面…     

可转换公司债券的分拆与转换

可转换公司债券是指企业发行的、债券持有人可按规定转换成发行公司的普通股票的债券.企业发行该种债券时,首先要将其中的负债和权益成份进行分拆,分别记入"应付债券"和"资本公积"科目.当持券人将可转换公司债券转换为股票时,债权人变成了企业的股东,企业应按股票面值记作"股本".将可转换债券的账面价值与股票面值之间的差额记作"资本公积",同时,注销发行债券时计入"资本公积"科目的余额.     

我国债券市场发展现状分析及政策建议——基于债权人权益保护视角

一、引言债券融资是指公司通过发行公司债券来筹集资金,而公司债券通常又称企业债券,是指公司依照法定程序发行、约定在一年以上期限内还本付息的有价证券。债券融资由于其自身特点,具有很多优势。相对权益融资来讲,债券融资的融资成本较低,主要体现在筹资费和节税效应上,有利于降低公司的加权平均资本成本;同时对于股东来讲,发行公司债券也不会稀释其股权,有利于保持股东对公司的控制力。相对银行贷款来讲,融资成本也更低,主要体现在中介费和谈判成本上。另外,发行公司债券,企业可以     

我国可转换债券有限差分定价的实证分析

可转换债券是根据事先的约定,债券持有者可以在将来某个规定的期限内按约定条件转换为公司的普通股票,也可以一直拥有该债券一直到期。由于这种特殊的“转换”期权特性,使得可转换债券得以兼具债券、股票和期权三个方面的部分特征。可转换债券兼具股票与债券的优点,深受发行人和投资者的欢迎。公司需要制定正确的筹资决策,以保证债券的顺利发行与转换成功,而投资者需要制定正确的投资决策,以规避风险并获得预期收益,而定价是否合理则关系到可转换债券发行和转换的成败,因此可转换债券的科学定价就成了关键。     

绿色债券发行能缓解企业债务违约风险吗？——基于多期DID模型的研究

运用理论模型对企业发行不同债券时的差异性情景进行分析,提出企业的绿色债券发行对自身债务违约风险存在抑制效应,并选取2016—2020年1604家上市非金融公司的年度面板数据,基于多期DID模型进行实证检验。研究表明：企业发行绿色债券可以显著降低自身债务违约风险;企业发行绿色债券可以通过缓解融资约束、降低债务融资成本、提高股票流动性和增强绿色声誉这四个渠道降低自身的债务违约风险;外部融资依赖度高、研发支出占比低、信息披露程度高和管理者短视程度低的企业发行绿色债券可以更显著地降低自身债务违约风险。政策上应该进一步引导企业合理发行绿色债券,推动绿色金融的发展。     

基于代理成本的可转换债券融资

国外学者的研究发现，可转换债券作为一种混合型的衍生金融工具．在一定程度上可以缓解股东与债权人之间、股东与管理者之间的利益冲突。本文从代理成本角度对可转换债券融资进行研究。     

谈可转换债券能否提高企业融资效率

一、企业融资效率的一般性分析 经济学中的“效率”主要是指成本与收益的关系，以低成本获取高收益是经济行为高效率的表现。判断一个企业融资效率的高低一般有两个标准：一是融资所得资金成本的高低；二是融资所得资金收益的大小。企业筹措资金可以选择不同的筹资渠道和筹资方式，在筹资决策中。资金成本是一个重要的考虑因素。发行股票和债券是企业最常用的筹资方式，股票的资金成本主要表现为支付给股东的股利，债券的资金成本则主要表现为支付给债券持有人的利息。而可转换债券兼具股票和债券的双重特征，其资金成本的计算不同于单一的股票和债券。发行可转换债券能否提高企业的融资效率，取决于发行可转换债券能否降低企业的资金成本。     

The Market Perception of Convertible Debt Versus Straight Debt: some Empirical Evidence from U.S. Firms and Non-U.S. Firms Listed in the U.S.

Accounting for convertible debt has long been a source of controversy in the accounting profession in the U.S. Current U.S. accounting rules require classifying convertible debt at date of issuance as "entirely debt" until conversion, despite numerous studies that assert that convertible debt is not "entirely debt", but is a blend of debt and equity. Convertible debt has taken on international interest because of the issuance of International Accounting Standard (IAS) 32, Financial Instruments; Disclosure and Presentation, which prescribes reporting separate debt and equity components for convertible debt. This study examines convertible debt issued by U.S. firms and non-U.S. firms listed in the U.S. using a levels approach. Specifically, convertible debt is compared to straight debt and contrary to ex ante expectation, convertible debt was not found to be perceived as being significantly different than straight debt for U.S. firms for any years and is statistically different in only two of the six years tested for non-U.S. firms. The validity of this study's findings is underscored by its research design, which compares convertible debt and straight debt issued by the same firms. The findings suggest that investors regard reported amounts of convertible debt similar to straight debt in their assessment of firm value.     

可转换债务发行动机研究综述

长期以来,从事财务实务工作的人员一直认为,企业发行可转换债务的主要动机是可转换债务相比直接债务或普通权益,其筹资成本更为低廉。然而,Brennan和Schwartz指出,这是一种错误的想法。由于可转换债务附有转换权,因此其成本事实上可能并不低廉。这就意味着企业之所以发行可转换债务一定还有其他的理由,可转换债务发行动机的理论研究证实了这一点。     

Catering to investors through capital expenditures: Testing assets substitution problem around financing

We test the catering theory, which describes how investor preferences might influence individual firms' investment financing decisions. To the best of our knowledge, our study may well be the first that directly connects catering with asset substitution to contrast the magnitude of catering by bondholders and shareholders. And indeed, it is interesting to find that although catering behavior is found to exist among both corporate bond and seasoned equity offering (SEO) managers, the coexistence of both appears to offset the abnormal investment phenomena of either underinvestment or overinvestment. The study results further reveal that firms engage in overinvestment when catering to conversion holders of existing convertible bonds. Taken together, we find that support for the asset substitution and abnormal investment argument is strong from a stockholder–bondholder conflict.     

CONVERTIBLE BOND PRICING MODELS

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.     

政治联系、市场化进程与权益资本成本——来自中国民营上市公司的经验证据

以中国民营上市公司为样本,文章实证检验不同市场环境下政治联系对企业权益资本成本的影响,研究发现:政治联系对权益资本成本的影响在不同地区是有差异的;在市场化程度较低地区,由于政府干预导致企业经营业绩有较高的不确定性,有政治联系企业承担着较高的权益资本成本;在市场化程度较高地区,政府干预相对较少,政治联系更多地体现为一种荣誉或良好的政商关系,此时有政治联系企业享有较低的权益资本成本;当上市公司存在控股股东利益输送时,投资者预期到无法共享政治联系为企业带来的利益,此时有政治联系企业要承担较高的权益资本成本。本研究为厘清政治联系对企业和投资者的利弊影响提供了一个有益的视角。     

上市公司可转债发行动机分析——基于控制权收益视角的实证研究

为了探讨股东控制权收益对上市公司可转债融资行为的影响,本文以2006-2011年我国发行可转债上市公司和增发上市公司为研究样本,运用logistic回归分析方法分析所选变量对可转债发行动机的影响。研究发现:第一大股东持股比例、每股净资产和每股收益三大指标分别与是否发行可转债显著正相关。     

Predictability and Regional Integration of Pacific Basin Equity Markets

Between 1986 and 1990, returns on equity indices in Pacific Basin markets can be partially predicted by a set of information variables whose time series coefficients reveal at most one latent variable in the four-market system. A single-factor model implies that the reward for bearing a unit of common covariance risk is the same across markets which, in turn, implies that the markets are integrated. Total sample evidence, however, is driven by price movements in the first two subperiods and is also sensitive to other seemingly trivial adjustments to forecasting specifications. Thus, the predictability of Pacific Basin equity returns is inconsistent. To the extent such inconsistencies suggest imperfect regional integration, the costs to non-Asian firms of providing indirect diversification for their shareholders by investing in real assets in Pacific Rim countries will be high.     

Dividends and leverage: How to optimally exploit a non-renewable investment

In this paper we model the situation where a non-renewable investment is given, for instance a resource reservoir, and show how to optimally trade-off between dividends and leverage, in order to maximize a performance indicator for shareholders, up to the bankruptcy time. We then study the way market risk (the volatility of the market price of the resource) impacts the optimal policies and the default risk of the company. The moments when the policies are rebalanced are analyzed and we give a measure of the agency costs which appear between the shareholders and the debt-holders.     

考虑违约风险的可转换债券定价新模型

随着近几年我国证券市场可转换债券的发展,对其进行定价成为学界的一个热门课题。利用期权定价方法对可转换债券进行定价,并得到了一个考虑违约风险的可转换债券定价新模型。     

中美可转换债券融资差异分析

近年来在全球范围利用可转换债券融资发展极为迅速,本文通过对中美可转换债券融资差异的分析,发现我国利用可转换债券融资表现出非理性的特征。希望拟采取可转换债券方式进行融资的企业能引以为鉴,以期提高我国可转换债券市场融资的效率。