| In 1843, the Erie Railway Company in the New York , USD, issued the first convertible bond in the world. From then on, the convertible bonds have formed a huge family with many species and extensive use. With the new financial tools created, a large number of new convertible bonds will appear. Compared with this, the capital market in China is still young and childish, and the convertible bonds are only introduced in not long before. whether from the aspect to optimize the structure of capital market or from the aspect to develop enterprise's financing channels, it's necessary to develop convertible bonds in effort.Many years Chinese state-owned enterprises had faced the conflict between the shortage of capital and the singleness of financing channel. With the reform process of Chinese market economy and the intensity of competition, one of the most important task for the enterprises is financing with multiply channels and low cost. This article stands the view of enterprises' financing. It analyzes the convertible bonds as one of the enterprises' financing channels, have made some positive research in combination with the practice of PSV Company's convertible bonds issuing, and discuss the problem that how could an enterprise to grasp the means of convertible bonds and practice wisely..The preface introduces the background of this article and the basic ideas shortly. The body consists of five parts: developing status of convertible bonds, general theoretical analysis of the convertible bonds, s valuable analysis, positive analysis about PSV Company's convertible bonds, and analysis about the problems of public companies' convertible bonds.In the first part, the origins and developing status of convertible bonds are introduced. From the policy and regulations background and developing status, the growing process of convertible bonds in china canbe compartmentalized into four stages. In the fourth stage after 2003, the convertible bonds get the first peak period. But in the point of bonds scale and level, we can make a conclusion that there is still great demand and potential to more develop.The second part concentrates on the interior of convertible bonds, from the choice of enterprises' financing channels and the optimum capital structure, the financing pattern of convertible bonds are elaborated and analyzed . This part analyze the character of stock and the character of bonds It arms to explain the convertible bonds' characters and essence. It will be use providing a guide to enterprise issuers and designing issue items. It's still one of the foundation to evaluate the convertible bonds.The third part provides an overview of evaluation theory of convertible bonds, the Black-Scholes model was selected for evaluation, PSV Company's convertible bonds was chosen as a sample for practice calculating. At last, this part debate the question from the angle of pricing, to the effect that enterprise issuers can grasp essence of evaluation theory and use as guidance for establishment of the issue items and policies.The fourth part discusses the PSV Company's convertible bonds especially. This part evaluated performance of the company's bonds issuing based on the analysis of the issuing background, issue items, the process and reaction in the market, and maintenance measures of the market. The PSV Company has adopt methods of promoting interest rate and making innovation in issue items to increase the value of the convertible bonds, and has achieved the financing objectives smoothly, all of these provide useful experience to later issuers. In the fifth part, some issues at present about convertible bonds financing were summarized and brought forward, include some misunderstanding in the public and the system. And in this part some existing opinions about innovation and research of exercise were quoted, it was expected that more correlative consideration and survey beintroduced. Through the studies for this subject, some primary conclusions were drawn as follows:1.Companies wi... |
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