论可转换公司债券的转换制度

转换制度是可转换公司债券的核心。本文从转换权的性质及实现、转换价格和转换期间三方面进行研究。笔者同意转换权属于形成权的观点、因为其有利于保护可转换公司债券债权人的利益。比较面额转换和市价转换两种转换价格方式 ,主张我国应确立市价转换体制 ;比较转换期间的定期转换和随时转换两种制度 ,则随时转换利大于弊 ,应成为笔者建议的模式

On the Converting System of Convertible Bond

Converting system is the core of convertible bond.This paper studies converting system from three aspects,namely the nature and realization of convertible privilege,conversion price and conversion periods.The auther agrees with the opinion that convertible privilege belongs to a kind of formation privilege,for this opinion is advantageous to the protection of bond creditors.After comparing conversion at par with conversion at market price,the auther proposes that conversion at market price should be adopted in our country.The auther also makes comparison between conversion at fixed time and conversion at any time,holds that conversion at any time has more advantages than disadvantages,and hence proposes that type.