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Benefits of Convertible Bonds Balancing Mechanism Legal Studies

Author: LuoWeiYing
Tutor: WangWei
School: Guizhou University
Course: Legal
Keywords: Convertible bonds Balance the interests of mechanisms Issuing company Bondholders The original shareholders of the issuing company
CLC: D922.287
Type: Master's thesis
Year: 2009
Downloads: 22
Quote: 1
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Abstract


Interest balancing mechanism of convertible bonds from the point of view of law, in this process, the main use of the comparative analysis of the theory with the actual law and economics, and a more detailed analysis of the jurisprudence of the convertible bonds benefit balancing mechanism the basis of the main interests, as well as a concrete manifestation of the balancing mechanism. Body part of this article in addition to preface, is divided into five chapters. The preface section describes the concepts and features of convertible bonds, laying the groundwork for the full text. Overview of Chapter convertible bond balance the interests of this chapter first introduces the concept of balance of interests and legal analysis, then the interests of balancing mechanism, also pointed out that the characteristics of the balance of interests mechanisms. Benefits and risk analysis of each of the main body of the second chapter of convertible bonds convertible bonds mainly related to the interests of the three parties of the issuing company, bondholders and the issuing company of the original shareholders. Convertible bonds from the issuing company can obtain funds to lower funding costs, stable earnings per share and stock market prices, will help to improve the capital structure. The same time, it is possible to bring the conversion failed, the interest rate risks. View from bondholders, convertible bonds is an ideal investment products, has both the soundness of the bonds, both speculative stock and convertible bonds of the large investment, especially in the stock market fluctuations after all, a wise choice. Investment in convertible corporate bonds, stable interest income, the potential benefits of the appreciation of the stock, convertible bonds have a good defensive. From the original shareholders of the issuing company, the issue of the original shareholders of the Company on the one hand want companies to take full advantage of the liabilities capital operating role in the use of financial leverage to obtain higher returns, on the other hand you do not want the company to increase equity capital, in order to avoid dispersion control of the company, diluted earnings per share. The interests of the third chapter of the issuing company balance mechanism of the article from the analysis of the balance of interests mechanism on two levels: first to be adequate protection of the legitimate interests of different subjects, which is a large balance, but also called macro balance; should also take into account the interests of other subjects in the specific legal regime to protect the interests of a main, this is a small balance, but also called micro balance. Issuers of convertible bonds, while achieving financing purposes, assume huge risks. Reach equilibrium in order to reduce risk, thereby benefits and risks, it is necessary to establish the appropriate legal regime, a protected interest; two control risk. Risk of falling interest rates and stock prices rose sharply risks in legislation and practice in the redemption of convertible bonds system; mandatory conversion system be prevention for conversion failure risk. However, these specific systems for the protection of the interests of the issuing company to take into account the interests of other subjects, which is convertible bonds interest balancing mechanism micro balance embodies. The fourth chapter of the interests of bondholders balancing mechanism analysis of convertible bonds, the conversion rights is at its core, is the focus of investor attention. Therefore, we must pay attention to the protection of the conversion rights of the convertible bondholders. Anti-lean measures should be taken to establish the sell-back system to protect the interests of bondholders. This chapter explores the the convertible bondholders overall protection system. Balance the interests of the original shareholders of the fifth chapter of the issuing company mechanism analysis shareholders as the ultimate owners of the assets of the company with respect to the creditors of convertible bonds are issued by the vested interests of the company, the issuance of corporate bonds will affect its vested interests. To protect the interests of the original shareholders of the issuing company in fact is to protect the interests of the vested interests of the Company. Right to know, the original shareholders of the issuing company enjoys preferential subscription rights and the issue of convertible bonds convertible bonds is conducive to the realization of the balancing mechanism.

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CLC: > Political, legal > Legal > Chinese law > Financial Law > Securities and Management Act
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