摘要：本文将可转换债券视为一种或有产权，通过对国内外现有理论的研究阐述可转换债券的涵义及要素，在次基础上讨论了可转换债券相对纯股票与纯债券的优势，并从发行公司的角度出发，以比率分析方法为科学依据，分析发行可转换债券公司特性及可转换债券对企业资本结构的影响，探讨可转换债券对我国企业财务指标的影响；最后通过可转换债券对资本结构的影响以及投资者要慎重投资，揭示了可转转债券对每股收益的稀释计算，并预测2009年金融危机形势下可转换债券的投资选择。
[关键词] 可转换债券；财务评价指标；稀释每股收益

Abstract

The paper describes the meaning and elements of convertible bonds based upon a study of current theories of convertible bonds applicable in both China and foreign countries, which are considered to be uncertain property rights, and based upon these descriptions, discusses the advantages of convertible bonds over pure stocks and pure bonds. It then presents an analysis, based upon the the scientific study of numerical data produced by the ration analysis method, of the features of companies issuing convertible bonds and the influence of convertible bonds on the assets structure of enterprises, and explores the influence of convertible bonds on the financial indicators of enterprises in China from the viewpoints of companies issuing convertible bonds. And finally through an analysis of the influence of inconvertible bonds on the assets structure and the importance of cautiously investing the convertible bonds, it demonstrates how to calculate the diluted earnings per share and provides prediction equations for selection of investments in convertible bonds in the financial crisis of 2009.


Keywords

Convertible bonds, financial evaluation indicators, diluted earnings per share