可转换债券发行条款的设计:基于控制权利益的视角

从控股股东角度出发考察在有控制权利益的情形下我国可转换债券发行条款的设计，分析了可转换债券的债券条款、转股条款以及回售、赎回和转股价格向下修正条款等5个主要条款，发现我国可转换债券发行条款的设计本意是，维护控股股东（非流通股股东）的利益，迎合投资人的需求，损害流通股股东的利益，并没有实现流通股股东、非流通股股东与投资人之间利益的平等保护。

Design of Issuing Provisions of Convertible Bonds: Basing on Private Benefits of Control

From viewpoint of shareholders,this paper explores the provision designing for issuing convertible bonds in China on the condition of private benefits control,five main provisions for issuing convertible bonds are analyzed,which include bond provision,conversion,resell,redemption and downward adjustment of convertible price.It is indicated that objective provision designation for issuing convertible bonds is to protect the benefit of stockholder(non-circulating shareholders),cater to the demand of investor,but impairing the benefit of circulating stockholders.It does not achieve the equal benefit protection among circulating stockholders,non-circulating sharehold and investor.