可转换债券是指上市公司发行的可以按约定的转换条件转换为公司普通股的债券。它具有转换前属企业债券,转换后属公司普通股的二阶段特征。对投资者来说,转换前为债权人享受利息,转换后为股东,获得股票红利或资本收益。对发行公司来说,转换前属债务,转换后属股权资本。可转换债券利息低于普通债券,初始转换价格则高于公司当前市场或发行价。以预期债券转为普通股出售后的高收益来补债券本身的低利率,使投资者最终获得高于债券的收益,使发行公司筹集到低成本的中长期资金或长期资本。 到目前为止,我国已有宝安A、中纺机B、南玻B三家上市公司发行过可转换债券。其中宝安转券发行成功、转换失败、如期兑付、完成使命,是我国证券市场上的一次具体试验,一次有益尝试。 鉴于可转债具有企业债券和股票的双重特征,根据在最近经国务院批准,国务院证券委发布的《可转换债券管理暂行办法》的规定,上市公司发行可转换公司债券应当符合下列条件:(一)最近3年连续盈利,且最近3年净资产利润率平均在10％以上;属于能源、原材料、基础设施类的公司可以略低,但是不得低于7％;(二)可转换公司债券发行后,资产负债率不高于70％;(三)累计债券余额不超过公司净资产额的40％;(四)募集资金的投向符合国家产业政策;(五)可转换公 Convertible bonds refer to the bonds issued by a listed company that can be converted into common shares of the company according to the agreed conversion conditions. It has the conversion of former corporate bonds, after conversion is a two-stage characteristics of the company’s common stock. For investors, before the conversion for the creditors to enjoy the interest after conversion to shareholders, to obtain dividends or capital gains. For issuers, the convertible is a debt before conversion to equity capital. The interest on the convertible bonds is lower than that of ordinary bonds, while the initial conversion price is higher than the current market or issue price of the company. With the expectation that the bonds yield higher yields after the sale of ordinary shares, the low interest rates of the bonds themselves will eventually enable investors to obtain higher yields than the bonds, enabling the issuing companies to raise low-cost medium- and long-term capital or long-term capital. So far, China has Bao’an A, China Textile Machinery B, CSG B three listed companies issued convertible bonds. Among them, the successful issue of bonds in Baoan, the failure of conversion, the payment on schedule and the fulfillment of their missions are a concrete trial on the securities market in our country and a useful attempt. In view of the dual characteristics of convertible bonds and corporate bonds, according to the recently approved by the State Council, the State Council Securities Commission “Interim Measures for Convertible Bonds,” the provisions of listed companies to issue convertible bonds should meet the following conditions: (a ) Have been profitable for the past three years, and the average ROE of net assets in the recent three years has been above 10%; those in the energy, raw materials and infrastructure categories can be slightly lower, but not less than 7%; (II) Convertible corporate bonds issuance The asset-liability ratio is not higher than 70%; (3) The accumulated bond balance does not exceed 40% of the net asset value of the company; (4) The investment in the proceeds is in line with the state industrial policy; (5) The convertible company