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ACCA FM知识点：Convertible bonds
文章来源：ACCA全球官网
发布时间：2021-11-22 14:50
阅读：577次
财务管理教学大纲的E部分涉及商业财务：什么类型的财务？什么来源？什么组合？首先考虑企业的形成和初始增长，然后是成熟和成熟的公司，并将研究在不同阶段可能面临的融资选择和决策。上文我们介绍了Public debt，本文重点讲解Mature companies——Convertible bonds。
Mature companies
Once a company has existed profitably for some time and grown in size,additional sources of finance can become available,in particular:
public equity
public debt
bonds
Convertible bonds
Convertibles start life as loan capital and can later be converted,at the lenders’option,into shares.They are a clever and useful device,particularly for younger companies,because:
In the very early days of the company’s life,investors might not want to risk investing in equity,but might be prepared to invest in the less risky debentures.However,debentures never hold out the promise of massive capital gains.
If the company does not do so well,the investors can stick with their safe convertible loan stock.
If the company does well,the investors can opt to convert and to take part in the capital growth of the shares.
Convertible bonds therefore offer a‘wait and see’approach.Because they allow later entry to what might turn out to be a growth stock,the initial interest rate they have to offer is lower than with pure bonds–and that’s good for the company that is borrowing.
相关阅读：【ACCA FM知识点：Public equity】
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Vivian Ren
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毕业于新加坡管理发展学院商业管理专业，后取得牛津布鲁克斯大学荣誉理学士学位。 现任中博教育全职讲师；曾先后任职于新加坡上市公司，Mary Chia Holdings Limited三年多；立信会计师事务所有限公司（BDO）七年，具有丰富的上市公司审计、咨询、IPO工作经验；希尔顿酒店管理公司（Hilton Worldwide）财务部担任财务副总监一职两年。 爱好旅行和阅读，认为不管是生活还是看书一直都是生活不可或缺的一部分。
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