可交换债券在并购中的应用:驱动因素、衍生风险与防控机制

发布时间：2018-05-04 23:06

本文选题：可交换债券 + 并购　；参考：《经济与管理研究》2017年06期

【摘要】：政策鼓励和可交换债券的融资、减持功能是推动可交换债券在并购中得以应用的驱动因素。随着可交换债券与企业并购活动的结合日趋紧密,相应地衍生出了一些值得关注的风险:政策的拉动可能诱发管理层在并购交易过程中盲目发行可交换债券;信息披露不足容易影响投资者的价值判断;新晋股东通过发行可交换债券提前退出,会引发投资者对并购整合效果的质疑;同时"定向增发+可交换债券"的组合可能形成一定的套利空间。为了应对上述风险,本文提出以下建议:监管部门从顶层设计上限制潜在的套利空间,中介机构凭借其专业背景为可交换债券的发行发挥风险过滤功能,企业作为风险防范的主体需要在并购准备、交易和整合阶段合理评估自身实力,理性运用可交换债券。
[Abstract]:The function of policy encouragement and exchangeable bond financing and reduction is the driving factor to promote the application of exchangeable bonds in M & A. With the combination of exchangeable bonds and corporate M & A activities, there are some risks that deserve attention: the policy pull may induce management to issue exchangeable bonds blindly in the process of M & A transaction; The lack of information disclosure will easily affect the value judgment of investors, and the new shareholders will withdraw early by issuing exchangeable bonds, which will lead investors to question the effect of merger and acquisition integration. At the same time, the combination of "directional additional exchangeable bonds" may form a certain arbitrage space. In order to deal with the above risks, this paper puts forward the following suggestions: regulators limit the potential arbitrage space from the top level design, and intermediaries play a risk filtering function for the issue of exchangeable bonds by virtue of their professional background. As the main body of risk prevention, enterprises should rationally evaluate their own strength in the stages of M & A preparation, transaction and integration, and rationally use exchangeable bonds.
【作者单位】：山东大学管理学院;
【基金】：国家社会科学基金重大项目“完善现代文化市场体系与培育骨干文化企业研究”(14ZDA051);国家社会科学基金重点项目“文化企业兼并重组的实现路径与效应评价研究”(14AGL012) 泰山学者工程专项资助项目
【分类号】：F832.51

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