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Study on Developing China’s Convertible Bond

Author: WangXiaoLong
Tutor: LiYongHui；GuoShiPing
School: Xiangtan University
Course: Regional Economics
Keywords: Listed companies Convertible bonds Refinancing Option Pricing Model
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 713
Quote: 0
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Abstract


The convertible bonds are corporate bonds with conversion options attached, a hybrid type of derivative financial instruments, both a common bond characteristics, but also contains the company stock characteristics. Convertible bonds as an intermediate investment and financing tools, prosperity and development of the market system will be very conducive to China's capital markets mature and defuse financial risks. With China formally joined the WTO and the further opening up of the capital markets, and how to learn from overseas convertible bond market development experience to build our convertible bond market system has become an urgent issue. From the concept of the convertible bonds, the type and characteristics of its course of development at home and abroad to start, the terms of the convertible bonds in China, the convertible bond financing to carry out a comparative study on the value of the convertible bonds analyzed, followed by the use of a convertible bond option pricing model case, on this basis, to explore a system of convertible bonds to build and improve our market system strategy, which undoubtedly our convertible bond market development and capital market improvement has important theoretical and practical significance. This paper is divided into six chapters. The first chapter deals with the concept of convertible bonds, the type and characteristics of its domestic and international development course. The second chapter analyzes the terms of the convertible bonds in China, combined with the specific circumstances in 2003, the shares included in the terms of the convertible bonds and debt analysis, problems exist in terms of the analysis of the convertible bond design , based on the proposed terms of design recommendations. Chapter III on the basis of a comparative study on convertible bonds and other refinancing of our 2003 convertible bond market hot deep-seated reasons. The fourth chapter analyzes the value of the convertible bonds, the analysis of the value of the convertible bonds constitute the ordinary value of the bonds and the value of the option component of the convertible bonds, convertible bonds have investment in convertible bonds, system analysis after strategy. The fifth chapter discusses BS option pricing model for convertible bonds, the use of convertible bonds of the BS model 2003 issue of representation pricing analysis, and analysis of the limitations of the BS pricing method. Chapter VI discusses the convertible bond market in China to build and improve the system, in the analysis of the existing problems of the hot issue convertible bond market in China and market strategy to build and perfect the system of convertible bonds market system.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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