应对并购风险的可转债与阶段性支付模型与案例研究

Abstract

Abstract: First, the impacts of convertible bond and staged payment on controlling double-side moral hazard and reducing uncertain risk through a model are studied in this paper. Then, SZ energy group is taken for an example and M&A risk of Chinese state-owned listed company is analyzed. The result indicates that convertible bond embedded an option can retain double-sided moral hazard in M&A effectively,which, however, is weak on controlling market-related uncertain risk and convertible bond with staged payment assistant can solve this problem. At the same time, the risk of M&A in Chinese listed company and the application of convertible bond and staged pament are analyzed.

Key words: convertible bonds, staged payment, M&A, theoretical with case study

CLC Number:

C931

WAN Di-fang, GAO Yan-hui, XU Qian. A Theoretical Research with Case Study of Convertible Bond and Staged Payment to M&A Risk[J]. Chinese Journal of Management Science, 2012, 20(5): 38-46.

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A Theoretical Research with Case Study of Convertible Bond and Staged Payment to M&A Risk

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