比较可换股债券在中国和欧洲的启蒙.doc

本科毕业论文外文翻译原文
parison of the Convertible Bond Market Development in China and Europe and the Enlightenment
出处: <<美中经济评论: 英文版>> 2004年第9期
作者:Shengchun Zhu
原文:
Comparison of the Convertible Bond Market Development
in China and Europe and the Enlightenment
Shengchun Zhu
Shenzhen Graduate School, Harbin Institute of Technology
ABSTRACT
As a financing tool with the characteristics of debt, stock, and option, convertible bonds have achieved a great development in Europe. China’s convertible bonds market faces a series of problems, including public issuing, policy support for traditional industries, absence of short mechanism, and convergence of product design. China must summarize experiences from European market, apply support policies, and build a convertible market with sustainable development by means of perfecting the credit grading system, releasing the market entrance restrictions, encouraging innovations in product design and issuing ways.
Keywords: Convertible bond, Product innovation, Credit grading, Policy support
Convertible corporate bond, namely convertible bond for short, is issued in form of bond by legal procedures, and can be converted into stock under certain conditions. As one of main financial tools in world capital market, convertible bond has already gained fast development in USA and Japan. Chinese and European enterprises have started to use this financial tool since 90s in 20th century. Therefore, to summarize pare the development of convertible bond in China and Europe is meaningful in practice.
1. Compare the development of convertible bond market in China and Europe
Europe is always one of main bond market in the world. Compared with USA and Japan, European investors emphasize on stable return. The coupon rate of convertible bond is lower than that of other bonds, which stops its development in Europe in a sense. Till early 80s in 20th century, American and Japanese enterprises begin to realize financing by issuing convertible bon