规避可转债回售风险——修正转股价格还是宣告股份回购

Avoiding the Putable Risk of Convertible Bond—Revising Convertible Price or Announcing Share Repurchase

摘要: 可转债作为一种常见的融资工具，逐步受到我国上市公司的广泛关注。然而，可转债如果面临回售风险，会使发债企业面临困境。本文以我国2011~2017年发行可转债的A股上市公司为样本，检验发债企业在面临可转债回售风险时，采用修正转股价格还是宣告股份回购的方式进行规避。研究发现，两种方法对规避可转债回售风险均存在显著影响。但本文在结合两种方法利弊以及国家相关政策后，认为宣告股份回购是规避可转债回售风险的更优选择，本研究以期为我国通过发行可转债进行融资的上市公司提供参考。

Abstract: Convertible bonds, as a common financing tool, have gradually attracted extensive attention of Listed Companies in China. However, if convertible bonds at putable risk, the issuing enterprises will face challenges. This paper took A-share listed companies which issued convertible bonds in China from 2011 to 2017 as samples. We examined the two methods: revising convertible price and announcing share repurchase which is the better way to avoid putable risk. According to research, we found that both the two methods have significant effects on avoiding the putable risk. However, after combining the advantages and disadvantages of the two methods and the relevant national policies, this paper considers that announcing share repurchase is a better choice to avoid the putable risk of convertible bond. The significance of the study lies in providing reference for listed companies which are financed by issuing convertible bonds in China.