经济与管理研究2017，Vol.38Issue(6)：137-144,8.DOI:10.13502/j.cnki.issn1000-7636.2017.06.014
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
The Application of Exchangeable Bonds in Mergers and Acquisitions: Driving Factors,Derivative Risk and Risk-control Mechanism
摘要
Abstract
This paper indicates that the policy encouragement the financing and stock reduction function of exchangeable bonds (EB) promote the application of EB in the mergers and acquisitions (M&As).With the great integration of EB and corporate merger activities,it derives some noteworthy risk accordingly.Specifically,policy encouragement can lead to top managers' overconfidence and issuing EB blindly;the lack of information disclosure affects the investors' value judgments new shareholders could exit early through the issuance of EB,causing investors to question the integration effect of M&As;the combination of private placement and EB may form arbitrage.In order to cope with the risks of the application of EB in M&As,the regulatory authorities should limit the potential arbitrage space by the top-level design.Intermediary institutions should play the risk filtering function in the issue of EB with their professional background.As the main body of risk prevention,enterprises need to assess their own strength and issue EB rationally in the preparation,transaction and integration phase of M&As.关键词
可交换债券/并购/风险防控Key words
exchangeable bonds (EB)/mergers and acquisitions (M&As)/risks prevention and control分类
管理科学引用本文复制引用
潘爱玲,邱金龙,刘文楷..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[J].经济与管理研究,2017,38(6):137-144,8.基金项目
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) （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) （14AGL012）
泰山学者工程专项资助项目 （）
