But the storm clouds came quickly, when a research group called privco claimed that the financing actually was convertible debt that wiped out the value of founder and employee liquidity and included a whole rash of onerous terms. 但乌云很快笼罩过来,一家名为PrivCo的研究机构称,这轮融资其实附带着大量的苛刻条款、消除创始人和员工股份价值的可转换债务。
Disney ( DIS) will invest a generous$ 120,000 to each of the 10 or so startups it chooses for the program, with an option for another$ 100,000 in convertible debt. 对于获选进入项目的10家左右的企业,迪斯尼将向每一家豪掷12万美元,同时还可另外提供10万美元的可兑换债券。
CLSA plans to create a private equity-type vehicle, largely funded by external investors such as pension funds, which will offer financing to companies in the form of convertible debt. 里昂证券计划创建一个私人股本类型的机构,主要由养老基金等外部投资者出资,该机构将以可转换债券的形式为公司提供融资。
These pre-IPO financings were mainly structured as convertible bonds, or loans to the company that would convert from debt to equity once the company went public. 这些pre-ipo融资主要采取的结构是可转换债券,或是贷款形式,而这些贷款在公司上市后将由债务转换为股份。
A signaling game model of convertible debt contracts is built in this paper. 构造了一个可转换债券契约的信号传递博弈模型。
As to the convertible debt, they agree on the terms of the security, and hence value the debt at the level that satisfies the interests of both sides. 以可转换债券为例,投资双方可能尽管对项目本身的认识大不相同,但却能对可转换债券契约条款达成共识,认为其价值满足投资双方对项目的收益要求。
Designing Venture Capital Model Based on Convertible Debt 一种基于可转换债权的创业投资模式设计
Convertible-arbitrage funds, such as Citadel, have led the industry's resurgence, exploiting pricing discrepancies between corporate convertible debt and equity. 城堡这样的可转债-套利基金引领了行业的复苏。它们利用企业可转换债券和股票之间的价格差异赚钱。
Thinking on Convertible Debt Pricing 可转换债券定价的思考
Research on Managerial Incentive Mechanism in Chinese Enterprise: the View of Convertible Debt 我国企业高管人员激励机制研究:可转债视角
The screening function of convertible debt could mitigate the adverse selection problems in venture capital markets. 可转换债券的这种甄别功能能够减轻风险资本市场中的逆向选择问题。
Convertible Securities and Venture Capital& A Study on the Signaling Mechanism of Convertible Debt 可转换证券与风险投资&可转换债券的信号传递机制
Convertible debt has been becoming one of important financing instruments for raising external capital of listed companies. 近年来发行可转债已成为上市公司筹集外部资本的重要融资工具之一。
This paper investigates the long run performance of shares of listed companies after offering convertible debt, and the empirical result show the long run performance is not as underperformance as after righting and SEO, but good performance. 实证检验了我国上市公司可转债融资后的股价长期表现,结果发现,可转债融资后的公司股价并未如配股和增发再融资后的长期表现欠佳,而是有一定的优越表现。
It means that there are still other reasons for the issue of convertible debt. It is validated by the study on the theory of motivation to issue convertible debt. 这就意味着企业之所以发行可转换债务一定还有其他的理由,可转换债务发行动机的理论研究证实了这一点。
The binary feature of convertible bonds, which are both equity and debt, makes pricing complicated. 由于可转换债券兼有债务资本和权益资本的双重特性,其定价方法比较复杂。
The general consensus concerning the motivation to issue convertible debt among financial practitioners for a long time is that convertible debt is a cheaper form of financing compared to straight debt or common equity. 长期以来,从事财务实务工作的人员一直认为,企业发行可转换债务的主要动机是可转换债务相比直接债务或普通权益,其筹资成本更为低廉。
Factors that Influence the Value of Convertible Debt 可转债价值的影响因素知多少
The relation of eight factors, financial leverage, growth opportunity, profitability, the largest block shareholder ratio, size of company, size of raising capital, industry factors and preference for financing choice, to convertible debt and SEO were tested by Logistic regression analysis. 利用Logis-tic回归分析方法检验了公司财务杠杆、成长性、盈利能力、股权结构、公司规模、募集资金规模及行业因素同上市公司在可转债与增发A股选择倾向之间的关系。
Empirical Study on the Long Run Performance of Share of Listed Company after Offering Convertible Debt 可转债融资与公司股价长期表现实证研究
In addition, Secondly, this article compares Debt-to-Equity Swap with convertible debts, investing debt and capital on loan. 其次,文章还介绍了债转股的基本理论,如将债转股与可转换公司债、以债权出资、借贷资本等相似法律概念作了比较。
The analysis shows that convertible preferred stock or convertible debt is the best if good output level is twice as high as the original capital. 通过对模型的数量分析发现,如果好的产出水平大于债务重组金额2倍,选择可转债或可转换优先股都是最优的债务重组工具;
Convertible Bonds: Stock Property and Debt Property 可转换债券:股性和债性
Convertible bonds ( convertible bond, referred to as convertible bonds or convertible bonds), is both a debt and shares of convertible financing instruments. 可转换债券(convertiblebond,简称可转债或转债),是一种兼具债性和股性的可转换融资工具。
Convertible bonds have both equity nature and debt nature. 可转换债券具有典型的股性和债性,介于股票和普通公司债券之间。
The modified binomial method for convertible bonds is another way ( lack of short the market mechanism) to the pricing method for convertible debt analysis. 而修正后的可转换债券二项式方法则是从另一个角度(市场缺乏做空机制)来对可转债定价方法进行的分析。
In this paper, the cost of equity re-financing is limited to the three traditional forms of equity financing refinancing costs, which is additional, placement of shares and convertible debt financing costs. 本文研究的股权再融资成本仅限于传统的三种股权再融资方式的融资成本,即增发、配股和可转换债券的融资成本。
In the case of capital constraints, domestic listed banks to meet regulatory capital adequacy ratio by issuing shares, convertible bonds, preferred shares, or issue subordinated debt, etc. to enhance the capital. 在资本约束的情况下,国内外上市银行为满足资本充足率这一监管指标,纷纷通过在资本市场增发股票,发行可转债、优先股,或者发行次级债等方式提升资本。