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Transferable Liability Provision, Mechanism of Corporation Control and the Development of Security Market
Author(s): 
Pages: 68-71
Year: Issue:  5
Journal: NANKAI ECONOMIC STUDIES

Keyword:  可转债发行条款代理成本监督机制;
Abstract: 一份兼顾债性和股性平衡的可转债契约,不仅规定了发行者在存续期内满足投资者换股要求的义务,同时也规定其一定的本息支付义务。后者对企业管理层优化内部资金配置效率具有良好的激励作用,同时还有利于降低企业代理成本,这在目前股票二级市场内部缺乏对上市公司有效的监督机制的背景下意义十分重大。但是,由于国内上市公司特殊的股权结构等因素影响,上市公司具有明显重股轻债的融资偏好,这会促使它们利用发行条款设计消除可转债债券特性,逃避市场监督。因此,为了整个证券市场的健康持续发展,对上市公司可转债发行条款的进一步规范将十分必要。
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