
可轉換證券;可兌換證券
Convertible securities, including convertible debts and convertible preferred stocks, are the most familiar investing instruments in developed venture capital markets.
在成熟的風險資本市場中,風險投資者使用最多的投資形式是可轉換證券,主要包括可轉換債券和可轉換優先股。
The status of the ISDA Supplement to the Credit Derivatives Definitions in relation to Convertible securities has proved problematic.
ISDA補編信貸衍生工具有關與可轉換證券的定義的地位Status已被證明存在問題。
Find a convertible securities of the basic clauses and recent trend.
查找一隻可轉換證券的基本條款和近期走向。
The study finds that there are obvious deficiencies in input from both sides in case of double moral hazard, but it can he solved by means of convertible securities.
通過研究發現在雙重道德風險情況下雙方的投入會有明顯的不足,然而通過可轉換證券有助于解決這一問題。
Stockholders have the right to vote on the issuance of convertible securities because they will dilute current stockholders' proportionate ownership when converted (changed into share of common).
股東對發行可轉換證券擁有投票權,因為當轉換(轉換為普通股)時會稀釋當前股東的所有權比例。
What is the effect of the transaction on the parties' outstanding stock options and convertible securities?
交易對各方發行在外的股票期權和可轉換證券的影響如何?
Issuance of convertible securities (dilutive to current stockholders) or additional common stock;
發行可轉換證券(稀釋當前股東)或額外的普通股;
While Treasuries look rich, other parts of the bond market beckon, including municipals, corporate bonds, convertible securities, some mortgage securities and preferred stock.
雖然國債看上去不錯,債券市場的其他品種更有吸引力,它們包括市政債券,公司債券,可轉換證券,一些抵押貸款證券和優先股。
Convertible securities, which were bashed in 2008 in part from forced selling by leveraged hedge funds, offer a nice combination of yield and equity kickers.
可轉換債券,由于在2008年被杠杆對沖基金被迫抛售而大幅下跌,提供了一個很好的收益率組合和準股票權益。
If they fail, convertible securities will be turned into equity on an as-needed basis.
如果他們失敗了,可轉換債券将根據需要變為股票。
At the early stage of financing, convertible securities is the most acceptable way for both So they can be considered to use frequently.
在風險企業的融資初期,可轉換證券是投融資雙方最易接受的融資方式,可考慮重點運用。
In addition, warrants represent a claim on the upper tail of the distribution of outcomes, and convertible securities can be thought of as securities with nonCdetachable warrants.
此外,認股權證代表聲稱對上的尾巴,分配結果,及可轉換證券可以被看作是證券與非可拆式認股權證。
Fund raising via secondary share issues, including by way of rights issue, private placement and bonus issue of ordinary shares, preference shares and other convertible securities such as warrants.
通過增發融資,包括認購新股權、私募、發行普通紅利股、優先股以及其他可轉換債券如認股權證。
Citi, which late last year raised $7.5bn from Abu Dhabi, said it would raise another $12.5bn through the sale of convertible preferred securities.
去年年底,花旗已從阿布紮比籌得75億美元資金。該行表示,将通過發售可轉換優先證券,再籌集125億美元資金。
These problems largely restrict the investing worth and financing function of convertible bond in securities market, affect running efficiency and health development of convertible market.
這些問題極大地制約了可轉換債券在證券市場上的投資價值和融資功能,影響了可轉債市場的運行效率和健康發展。
In venture capital financing, practitioners use different securities, especially convertible preferred stock. Agency theory and property rights theory have different explanation for it.
現實中風險資本融資使用不同種類的證券工具,尤其是大量使用可轉換優先股,委托代理理論和控制權理論對此有不同的解釋。
As a new refinancing instruments of quoted company, convertible bond adds energy to securities business.
上市公司可轉換債券作為一種新的上市公司再融資工具,為我國的證券市場增添了活力。
|convertible bond;可轉換證券;可兌換證券
可轉換證券(Convertible Securities)是金融市場上兼具債權與股權特征的特殊金融工具,指發行人發行的債券或優先股等證券,允許持有人在特定條件下按照約定比例轉換為普通股。這類證券的核心價值在于其靈活性和風險收益平衡特性。
核心機制與特點
主要類型與應用場景
市場價值影響因素
其定價模型需綜合債券價值與期權價值,公式可表示為:
$$
text{可轉換證券價值} = text{純債價值} + text{轉換期權價值}
$$
其中,期權價值受标的股價波動率、剩餘期限等因素影響,常用Black-Scholes模型計算。
(注:本文參考了美國證券交易委員會官網對可轉換證券的監管定義、Investopedia的金融工具分類解析,以及CFA協會發布的《混合型證券估值方法》行業報告。)
可轉換證券(Convertible Securities)是一種兼具債權和股權特征的混合型金融工具,以下是其核心要點解析:
可轉換證券允許持有人在特定條件下,按約定比例或價格将其轉換為發行公司的普通股。它既可以是債券(可轉換債券),也可以是優先股(可轉換優先股),在轉換前表現為固定收益證券,轉換後則變為權益證券。
常見于企業融資,尤其吸引受限制的機構投資者(如銀行)。例如,中國上市公司需經國務院證券管理部門核準方可發行可轉換債券。
如需進一步了解具體案例或轉換計算,可參考相關金融教材或證券發行公告。
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