可转债分拆交易研究——台湾经验借鉴与国内创新

本文旨在对可转债分拆交易的理论研究和台湾实践经验进行梳理的基础上,为国内可转债分拆的交易框架和定价设计提供借鉴。本文的结构安排如下:首先,对可转债分拆交易的相关文献进行综述;其次,阐述可转债分拆的交易结构与理论定价;再次,介绍台湾可转债分拆交易的现实定价与法律框架;最后,结合国内的发展现状,提出国内可转债分拆交易的相关制度设计框架,并给出了进一步的政策建议。

A Study of Convertible Bond Stripping

This paper aims to give some suggestion on trading structure and pricing of domestic convertible bond stripping, based on a study of both theory in general and practice in Taiwan. The structure of the paper is as below. The first section is a literature survey of convertible bond stripping. In the second section, we illustrate the trading structure and pricing theory. Furthermore, pricing practice and regulation framework of Taiwan's convertible bond stripping trading is introduced. Finally, we offer a systemic framework for domestic convertible bond suitable for China's current situation, and give further policy suggestion.