我国可转换债券转股条款设计的实证研究

转股条款的灵活设计是实现可转债特定融资动因的重要途径之一，本文根据相关理论假说及其对证券条款设计的意义，设计了较为系统的实证分析框架和稳健的模型估计方法，对我国可转债的转股条款进行了较为严格意义上的实证检验。研究发现，高负债率、小规模和获取经营现金能力较差的公司明显倾向于设计较低的转股价格和较高的转换比率；信用记录较短（以上市年限代表）和收益不稳定的公司具有相同的倾向。国内可转债设计主要由财务危机假说解释，而制度性因素对条款设计具有重要影响。总体上，目前可转债的条款设计没有得到发行人的理性对待，本文就此提出了相关政策建议。

An Empirical Study on the Design of Conversion Terms of Convertible Bond

Basing on theoretical hypotheses of convertible debt(CD) financing and its meaning for designing terms of bonds,this paper proposes an empirical analysis framework and a suit of robust estimating methods to conduct experimental analysis to design the conversion terms of a specific CD in China.The results suggest that the terms can be mainly explained by the financial distress hypothesis,the specific institutional factors also play important role on the CD design.Overall,the design of CD in China relatively lacks of rationality.The relevant suggestions are put forward in end of the paper.