| Convertible bond is a fresh new tool in refinancing in China, which contains the nature of both bonds and stocks. It is been about 20 years since the first convertible bond in China, and although it has made some visible progress, there are still a lot of problems in the market, such as the financing scale and the performance issue. In 2010, BC and ICBC have issued convertible bond of 65 billion Yuan, which contributed the majority part of the whole year's issue scale. It symbols that the demand for the financing of convertible bonds are much greater. It is the most important issues in the capital market to figure out how to make the convertible bonds the most effective tool in financing. It makes that of great theoretical and practical significance to embarked a more comprehensive study in the convertible bonds.This paper firstly discussed the definition and the features of convertible bond by comparing it with the bond and the stock. Secondly it analyzed the subjects and the policy of China's convertible bonds market. Thirdly it analyzed deeply on the three years'financial indicators of the "Beidahuang" and the provisions. At last, it summarized the above analyses and gave some suggestion both on the provisions designing and the policy to be improved in the market.This paper avoided the problem of lacking samples in regression model and aimed at the particular features of China's Convertible Bonds Market to make some suggestion, which is the most valuable part. |
