可转换公司债券是指在发行时标明发行价格、利率、偿还或转换期限、持有人有权到期要求偿还或按规定的期限和价格将其转换为股份的债务性债券。其持有人有权利而非义务。用债券和所余全部利息在事先议定日期以事先议定价格,向发行者换取事先确定数量的普通股或其他债务工具。技术上,这些证券是公司债券,而实际上只是延期的普通股。相对于其他外部融资方式,它具有筹资成本较低、有利于稳定股票价格和减少对每股收益的稀释、减少筹资中的利益冲突等优点,逐渐成为现代企业进行融资的重要途径之一。 Convertible corporate bonds refer to the debt bonds with the issuance price, interest rate, repayment or conversion period, the holders’ rights to repay or to convert them into shares according to the prescribed time limit and price. Its holders have rights and not obligations. The exchange of a predetermined number of ordinary shares or other debt instruments with the issuer at the agreed prior price with the bonds and all remaining interest thereon at a prior agreement. Technically, the securities are corporate bonds, which are actually deferred ordinary shares. Compared with other external financing methods, it has the advantages of lower financing cost, help to stabilize the stock price and reduce the dilution of earnings per share, and reduce the conflicts of interest in financing. It has gradually become one of the important ways for the modern enterprises to finance.