企业并购重组中定向可转换债券的应用现状与问题研究
Research on Application Status and Problems of Private Convertible Bonds in Mergers and Acquisitions

中国可转换债券长期存在公开发行为主、应用范围单一的问题。在中国证监会推进定向可转债作为并购重组市场交易工具的政策背景下，本文进行并购重组中可转债法律规定和市场实践的国际比较。在整理中国上市公司实践案例的基础上，本文进一步对可转债发展前景进行展望，分析定向可转债在并购重组应用中面临的市场实践、制度建设、机制运行方面等问题，并提出完善并购重组多方保护机制、提高市场认知程度、扩大可转债应用范围、规范监管细则等建议。本文结论不仅丰富了定向可转债的研究，而且为丰富并购重组支付方式、促进上市公司资产质量优化提供参考价值。
China’s convertible bonds have been mainly issued publicly with a single application range. In the context of China Securities Regulatory Commission’s policy of promoting private convertible bonds as an M&A instrument, this paper makes international comparison of legal regulation and market practice of convertible bonds. Based on the cases of Chinese listed companies, this paper further prospects the development of convertible bonds, and analyzes market practice, system construction, mechanism operation and other problems faced by private convertible bond in M&A. This paper puts forward suggestions, such as improving the multi-party protection mechanism of M&A, im-proving market awareness, expanding application scope of private convertible bonds, and stand-ardizing the regulatory rules. The conclusions enrich the research of private convertible bonds, and provide reference value for perfecting payment instruments of M&A and promoting asset quality of listed companies.