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RISS 인기검색어
- 검색키워드
- 저자 : 고성복 (검색결과 3 건)
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The Convertible Bonds (CB) are debt instruments that can be converted into common stock of the same corporations at the option of the holder during a spectifiod of time. The CB have characters with the mixture bonds including conversion privilege to convert into stocks and securities with bonds. The rationales for use of convertible bonds are listed below : ① From the viewpoint of issuing firms, the CB would become a means to supply the useful capital enterprise. The CB are the means of improving financial structure of firms. Firms with less need for interest tax shields are more likely to use the lower interest bearing debt with options in the form of convertibility. ② From the standpoint of investors, the CB has a inflation hedge effect, and investors can simultaneously secure profitability and safety. ③ In the light of national economy, the CB are means to upbring a capital market. The purpose of this study is a literatural survey of th classical valuation model and new valuation model. But this study has some constraints as follows : First, the CB valuation has been performed in the OPM's unrealistic assumptions. Second, some insufficient understandings against CB issuing, some insufficient ability to distritution, and some stiffen operations of institution distorted the deciding factors of CB issuing. That distortion phenomena would become in other constraints to CB valuation, too.
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