Comparison Of The Characteristics And The Return On Investment Of Convertible Bonds And Straight Bonds Issued In Conjunction With Warrants

This thesis focuses on the differences of the characteristics, the composition of value and the practical return on investment between convertible bonds (CBs) and straight bonds Issued with warrants (WBs). The research sample is 19 CBs and 14 WBs which issued after the equity division reform by the listed companies. Firstly, according to the basics principles of corporate finance put forward the differences of the characteristics between CBs and WBs, and do t-test with the related variables. Secondly, considering the differences of interest rates and time limits, use the principle of financial engineering to found a model to compare the composition of the value of CBs with that of WBs. Thirdly, compare the practical return on investment between CBs and WBs, put forward the possible influence factors and establish multiple regression models to study the influence factors.