定向可转债的条款设计及其对并购绩效的影响研究
——以长春高新公司为例
摘要
定向可转债，是上市公司向特定对象发行，并在一定期间内依照约定条件可
以转换成上市公司股票的公司债券。不同于私募可转换债券的主要用途为融资，
定向可转债的主要用途为并购重组支付方式。自2018年11月证监会试点定向可
转债的政策落地以来，监管部门鼓励上市公司利用定向可转债完成并购支付，定
向可转债逐渐成为上市公司强有力的并购重组支付工具。
相比于普通可转换债券，定向可转债既具有普通可转换债券“债股双性”的
特征，同时还具有相较于普通可转债而言更加灵活多样的条款设计。相比于现金
支付与股票支付，定向可转债既可规避现金支付导致公司资金链断裂的困境，又
可延缓股票支付造成大股东股权即时稀释的风险。定向可转债这一支付手段的应
用，有助于丰富并购支付体系，规范并购交易秩序，提高并购交易成功率，从而
促进与完善我国并购重组市场的健康有序发展。
本文采用文献研究法、案例分析法、事件研究法、财务指标分析法以及对比
分析法对定向可转债的条款设计及其对并购绩效的影响进行了系统深入的研究。
第一，采用文献研究法，综述国内外学者的核心观点，了解国内外学术界的研究
现状，形成本文的理论基础；第二，采用对比分析法，剖析定向可转债与其他金
融工具及并购支付方式的差异点，并从概念、特性、相关理论与假说及定向可转
债在我国的制度沿革等方面对定向可转债进行深入讨论，进一步丰富与夯实本文
的理论基础；第三，采用案例分析法，以长春高新发行定向可转债为典型案例，
从长春高新并购金赛药业的动机、过程及方案出发，探讨长春高新定向可转债这
一并购支付方式的发行动因、核准进程，并对其条款设计逐一进行解析；第四，
分别采用事件研究法和财务指标分析法，从市场效应角度和并购协同效应角度研
究了长春高新发行定向可转债为支付方式并购金赛药业该事件对并购绩效的影
响，此外，本文还研究了该案例中定向可转债如何通过有效的条款设计降低并购
溢价风险，实现并购协同效应；最后，分别从监管层面、并购企业层面对运用定
向可转债这一支付手段及其条款设计提出了相应的建议。
本文对定向可转债条款设计的研究，有助于并购方合理设计定向可转债条
款，满足交易双方的利益诉求；有助于为采用定向可转债这一并购支付方式的上
市公司提供经验借鉴；有助于资本市场上机构投资者和公众投资者对定向可转债
支付方式的深入理解；有助于监管机构进一步规范和完善定向可转债的相关政
策。
关键词：定向可转债；条款设计；并购绩效；并购支付方式；高新定转
I
Term design of directional convertible bonds and
its impact on M &A performance
——Take Changchun High-tech Company as an
example
ABSTRACT
A directional convertible bond is a corporate bond issued by a listed company to
a specific target and can be converted into the stock of the listed company within a
certain period of time in accordance with agreed conditions.Different from the main
purpose of privately placed convertible bonds is financing,the main purpose of
directional convertible bonds is payment for mergers and acquisitions.Since the
implementation of the China Securities Regulatory Commission’s pilot policy of
directional convertible bonds in November 2018,regulatory authorities have
encouraged listed companies to use directional convertible bonds to complete M&A
payments,and directional convertible bonds have gradually become a powerful
payment tool for listed companies’mergers and acquisitions.
Compared with ordinary convertible bonds,directional convertible bonds not
only have the characteristics of “debt-stock duality”of ordinary convertible bonds,
but also have more flexible and diverse clause designs than ordinary convertible
bondspared with cash payment and stock payment,directional convertible
bonds can not only avoid the dilemma of the company's capital chain rupture caused
by cash payment,but also delay the risk of immediate dilution of major shareholders'
equity caused by stock payment.The application of directional convertible bonds as a
payment method will help enrich the M&A payment system,standardize the order of
M&A transactions,improve the success rate of M&A transactions,and promote and
improve the healthy and orderly development of my country's M&A and restructuring
market.
This article uses the literature research method,case analysis method,financial
index analysis method,event research method and comparative analysis method to
conduct a systematic and in-depth study on the design of the directional convertible
bond clause and its influence on the performance of mergers and acquisitions.First,
use the literature research method to review the core viewpoints of domestic and
foreign scholars,understand the research status of domestic and foreign academic
circles,and form the theoretical basis of this article.Second,use the comparative
II
analysis method to analyze the differences between directional convertible bonds and
other financial instruments,and the differences between directional convertible bonds
and other M&A payment methods,and then conduct in-depth discussions on
directional convertible bonds in terms of concepts,characteristics,related theories and
hypotheses,and the evolution of directional convertible bonds in my country's system,
to further enrich and consolidate the theoretical foundation of this article.Third,using
the case analysis method,taking the issuance of directional convertible bonds by
Changchun High-tech Company as a typical case,starting from the motive,process
and plan of Changchun High-tech Company’s acquisition of Jinsai Pharmaceutical
Company,discuss the reason for the issuance and approval process of Changchun
High-tech Company’s directional convertible bond as a payment method for mergers
and acquisitions,and analyze its clause design.Fourth,using the financial index
analysis method and the event research method,respectively,from the perspective of
market performance and merger synergy,the issue of directional convertible bonds
issued by Changchun High-tech Company as a payment method was used to study the
impact of this event on the performance of the merger and acquisition of Jinsai
Pharmaceutical Company,in addition,this article also studies how the directional
convertible bond in this case can reduce the risk of M&A premium through effective
clause design and then realize the synergy effect of M&A.Finally,corresponding
suggestions are put forward on the use of directional convertible bonds as a means of
payment and the design of terms from the regulatory level and the level of M&A
company.
This article’s research on the design of directional convertible bond clauses is
helpful for the acquirer to rationally design the directional convertible bond clauses
and meet the interests of both parties to the transaction;it is helpful to provide
experience and reference for listed companies that adopt directional convertible bonds
as a payment method for mergers and acquisitions;it is helpful for institutional
investors and public investors in the capital market to have an in-depth understanding
of directional convertible bond payment methods;it is helpful for regulatory agencies
to further standardize and improve relevant policies on directional convertible bonds.
Keywords:Directional Convertible Bond;Term Design;M &A
Performance;M &A payment method;High-tech Fixed Transfer
III
目录
第一章绪论...............................................................................................1
1.1研究背景及意义...............................................................................1
1.1.1研究背景.....................................................................................1
1.1.2研究意义.....................................................................................1
1.2国内外文献综述...............................................................................2
1.2.1国外文献综述.............................................................................2
1.2.2国内文献综述.............................................................................7
1.2.3文献评述...................................................................................13
1.3研究内容与框架.............................................................................14
1.3.1主要研究的问题.......................................................................14
1.3.2研究内容和框架.......................................................................14
1.4研究方法.........................................................................................17
1.4.1文献研究法...............................................................................17
1.4.2案例研究法...............................................................................17
1.4.3事件研究法...............................................................................17
1.4.4财务指标分析法.......................................................................17
1.4.5对比分析法...............................................................................17
1.5研究创新点.....................................................................................18
第二章相关概念及理论基础................................................................19
2.1相关概念.........................................................................................19
2.1.1可转换债券...............................................................................19
2.1.2定向可转债...............................................................................19
2.1.3并购重组的支付方式...............................................................20
2.1.4并购绩效...................................................................................22
2.2理论基础.........................................................................................23
2.2.1委托代理理论...........................................................................23
2.2.2信息不对称理论.......................................................................24
2.2.3风险转移假说...........................................................................24
2.3定向可转债与其他金融工具及并购支付方式的比较分析........25
2.3.1定向可转债与普通可转债的比较分析..................................25
2.3.2定向可转债与定向增发的比较分析.......................................28
2.3.3定向可转债与普通公司债券(4)的比较分析..........................29
2.3.4定向可转债与现金支付的比较分析.......................................30
2.4我国定向可转债的发展.................................................................30