뿉뮻햮좯뗄볛룱쏴룐탔럖컶벰쳵뿮짨볆 Sensitivity Test and Clause Designation of Convertible Bonds 돵룥 2003쓪7퓂18죕 쇖몣 횣헱쇺 쿃쏅듳톧뷰죚쾵 361005 Tel: 0592-5920921 Fax:0592-5920923 Email: zlzheng@ ퟷ헟룐킻쿃쏅듳톧뷰죚쾵맺볒벶훘뗣톧뿆퇐뺿믹뷰뗄훺ꆣퟷ헟뛔컄훐뿉쓜듦퓚뗄쫨슩뫍듭컳돐떣췪좫뗄퓰죎ꆣ
뿉뮻햮좯뗄볛룱쏴룐탔럖컶벰쳵뿮짨볆 Sensitivity Test and Clause Designation of Convertible Bonds 쓚죝쳡튪ꎺ횣헱쇺뫍쇖몣(2003a)ퟛ뫏퓋폃뷰죚릤돌뗄룷훖풭샭뫍벼쫵뛔훐맺뗄뿉햮뷸탐쇋뚨볛퇐뺿ꎬ랢쿖훐맺듦퓚웕뇩뗄뿉햮놻뗍맀뗄쿖쿳,짵훁뮹돶쿖쇋햮볛룱뗍폚뮻볛횵뗄쟩뿶ꆣ놾컄퓲쫇퓚듋믹뒡짏럖컶뿉햮훐뗄룷룶쳵뿮뛔햮볛룱뗄펰쿬돌뛈ꎬ듓훐톰헒뫍랢쿖뛔뿉햮볛룱펰쿬뷏듳뗄튻킩틲쯘ꎬ좻뫳샻폃헢킩퇐뺿뷡맻뛔뿉햮뗄쳵뿮짨볆쳡돶튻킩붨틩ꆣ 맘볼듊ꎺ뿉햮 볛룱쏴룐탔 횤좯짨볆 Abstract: Zheng and Lin(2003a) priced the convertible bonds in China by the theories and technique of financial engineering, and found that the convertible bonds in China are generally underpriced. Based on the research of Zheng and Lin(2003a), this paper analyzes the effect of clauses in the convertible bonds on the prices of convertible bonds, finds some important factors that will influence the prices of convertibles, and then makes some suggestions on the clauses designation of convertible bonds. Key words: convertible bond, price sensitivity, securities designation 뿉뮻햮좯쫇튻룶벫웤뢴퓓뗄뷰죚닺욷ꎬ돽쇋튻냣뗄햮좨횮췢ꎬ쯼뮹냼몬ퟅ뫜뛠뗄웚좨ꆣ뛸쟒헢킩웚좨듳뚼쫇슷뺶틀삵ꎨpath dependentꎩ웚좨ꎬ쓑틔폃볲떥뗄웚좨뚨볛릫쪽뷸탐뚨볛ꎬ뛸횻쓜쪹폃쫽횵볆쯣랽램ꆣ횣헱쇺뫍쇖몣ꎨ2003aꎩ뛔듋뷸탐쇋뇈뷏좫쏦뗄럖컶뫍퇐뺿ꎬ뗃돶쇋훐맺뿉햮놻웕뇩뗍맀뗄튻냣탔뷡싛ꆣ 돽쇋튻냣탔뗄뚨볛퇐뺿횮췢ꎬ뿉햮볛룱뗄쏴룐탔럖컶튲쫇뿉햮퇐뺿뗄튻룶훘튪쓚죝ꆣ쳘뇰쫇뿉햮훐냼몬ퟅ훚뛠뗄쳵뿮뫍닎쫽ꎬ헢킩쳵뿮뫍닎쫽뗄뇤뮯뚼믡뛔뿉햮볛룱닺짺펰쿬ꆣ럖컶늻춬쳵뿮뛔뿉햮볛룱뗄펰쿬돌뛈ꎬ듓훐톰헒뫍랢쿖뛔뿉햮볛횵펰쿬뇈뷏듳뗄쓇킩틲쯘ꎬ뛔뿉햮뗄쳵뿮짨볆뻟폐훘튪뗄틢틥ꆣ 놾컄횼퓚샻폃횣헱쇺뫍쇖몣ꎨ2003aꎩ뗄퇐뺿돉맻ꎬ럖컶뿉햮훐뗄룷룶쳵뿮뛔햮볛룱뗄펰쿬돌뛈ꎬ듓훐톰헒뫍랢쿖뛔뿉햮볛룱펰쿬뷏듳뗄튻킩틲쯘ꎬ늢퓚듋믹뒡짏뷸탐뿉햮뗄쳵뿮짨볆퇐뺿ꆣ컄헂ퟜ릲럖캪쯄룶늿럖ꎺ뗚튻늿럖쫇뛔뿉햮틔벰쯹냼몬쳵뿮뗄볲떥닻쫶뫍뷩짜ꎻ뗚뛾늿럖쫇뛔늻춬쳵뿮뫍닎쫽뗄쏴룐탔럖컶ꎻ뗚죽늿럖쫇훐맺뿉햮뗄쳵뿮짨볆퇐뺿ꎻ뗚쯄늿럖퓲쫇튻룶볲뛌뗄뷡싛ꆣ 튻ꆢ뿉뮻햮좯벰웤쳵뿮볲뷩 뿉뮻햮좯ꎨconvertible bonds, convertibles, convertsꎩ뢳폨햮좯돖폐헟퓚튻뚨쪱볤쓚내헕튻뚨뇈싊ꎨ막뇈싊ꎩ붫햮좯뮻돉릫쮾웕춨막막욱뗄좨샻ꆣ돽쇋튻냣뗄막좨횮췢ꎬ뿉햮훐뮹냼몬ퟅ탭뛠뗄슷뺶틀삵웚좨ꆣ헢킩슷뺶틀삵웚좨뚼믡뛔뿉햮뗄볛룱닺짺펰쿬ꆣ ꎨ튻ꎩ쫪믘좨ꎨcall optionꎩꆣ룃웚좨맦뚨ꎬ퓚튻뚨웚쿞쓚ꎬ죧맻릫쮾막욱뗄볛룱퓚죴룉룶붻틗죕쓚싺ퟣ쫪믘쳵볾ꎬ릫쮾폐좨내헕쫪믘볛룱쫪믘릫쮾뗄쪣폠뿉햮ꆣ평폚릫쮾뗄쫪믘볛룱튻냣튪풶풶킡폚뮻볛횵ꎬ쯹틔헢룶쳵뿮ퟮ훷튪뗄ퟷ폃뻍쫇쪵쿖잿훆탔막ꎨforced
conversionꎩꎬ쯵뛌뿉햮뗄웚쿞1ꆣ펰쿬쫪믘좨볛횵듳킡뗄틲쯘폐쫪믘좨뗄웚쿞ꆢ쫪믘쳵볾ꆢ쫪믘볛룱ꆢ막욱볛룱늨뚯싊뗈ꆣ ꎨ뛾ꎩ믘쫛좨ꎨredemption optionꎩꆣ룃웚좨맦뚨ꎬ퓚믘쫛웚쓚ꎬ죧맻릫쮾막욱뗄볛룱싺ퟣ믘쫛쳵볾ꎬ퓲춶헟폐좨내헕믘쫛볛룱붫뿉햮믘쫛룸릫쮾ꆣ뛔춶헟뛸퇔ꎬ쫇럱튪믘쫛ꎬ좡뻶폚뿉햮볛횵뫍믘쫛볛룱뗄듳킡ꆣ죧맻뿉햮볛횵듳폚믘쫛볛룱ꎬ퓲춶헟죔좻믡돖폐햮좯ꎻ죧맻뿉햮볛횵킡폚믘쫛볛룱ꎬ퓲춶헟뻍믡뷸탐믘쫛ꆣ펰쿬룃웚좨볛횵듳킡뗄틲쯘폐믘쫛웚쿞ꆢ믘쫛볛룱ꆢ믘쫛쳵볾ꆢ막욱볛룱늨뚯싊뗈ꆣ ꎨ죽ꎩ막볛룱뗷뗍좨ꆣ룃웚좨맦뚨ꎬ퓚튻뚨웚쿞쓚ꎬ죧맻릫쮾막욱볛룱싺ퟣ막볛룱뗷헻쳵볾쪱ꎬ릫쮾뚭쫂믡폐좨퓚튻뚨럹뛈쓚뗷헻막볛룱ꆣ춬쪱뮹튻냣맦뚨뎬맽헢룶럹뛈퓲탨튪막뚫듳믡춨맽ꆣ룃웚좨쪵볊짏쫇캪쇋뇜쏢춶헟랢짺믘쫛탐캪뛸훆뚨뗄2ꆣ틲듋ꎬ쯼튪뫍믘쫛좨뷡뫏웰살럖컶ꆣ ퟜ뷡웰살ꎬ뿉햮볛횵ꎽ뿉햮막좨볛횵ꎭ쫪믘좨볛횵ꎫ믘쫛좨볛횵ꎨ뾼싇쇋막볛룱뗷뗍좨ꎩꆣ내헕뿉햮볛횵뗄늻춬릹돉ꎬ펰쿬뿉햮볛룱뗄틲쯘폐ꎺ ꎨ튻ꎩ펰쿬막좨볛횵뗄틲쯘ꎺ냼삨뿉햮뗄웚쿞ꆢ막욱볛룱늨뚯싊ꆢ욱쏦샻싊벰웤횧뢶랽쪽3ꆣ ꎨ뛾ꎩ펰쿬쫪믘좨볛횵뗄틲쯘ꎺ냼삨쫪믘웚쿞ꆢ쫪믘볛룱ꆢ쫪믘쳵볾ꆣ ꎨ죽ꎩ펰쿬믘쫛좨볛횵뗄틲쯘ꆣ냼삨믘쫛웚쿞ꆢ믘쫛볛룱ꆢ믘쫛쳵볾ꆣ 뛾ꆢ뿉햮볛룱뗄쏴룐탔럖컶 퓚헢늿럖ꎬ컒쏇붫룹뻝잰튻늿럖럖컶뗄룷룶틲쯘ꎬ뛔뿉햮볛룱튻튻ퟷ쏴룐탔럖컶ꎬ틔럖컶뿉햮볛룱뗄훘튪펰쿬틲쯘ꆣ 퓚ퟷ쏴룐탔럖컶횮잰ꎬ컒쏇볙짨뿉햮뗄쳵뿮죧쿂ꎺ웚쿞5쓪ꎬ쏦횵100풪ꎬ횴탐볛룱캪10풪ꎬ막욱돵쪼볛룱캪10풪ꎬ볛룱늨뚯싊캪25ꎥꎬ쎿쓪샻쾢횧뢶캪2풪ꎻ쫪믘웚쿞듓뗚뛾쓪뾪쪼ꎬ쫪믘볛룱캪102풪ꎬ쫪믘쳵볾캪막욱볛룱솬탸30룶붻틗죕뎬맽횴탐볛룱130ꎥꎻ믘쫛웚쿞듓뗚뛾쓪뾪쪼ꎬ믘쫛볛룱캪102풪ꎬ믘쫛쳵볾캪막욱볛룱솬탸30룶붻틗죕뗍폚횴탐볛룱70ꎥꆣ ꎨ튻ꎩ펰쿬막좨볛횵틲쯘뗄쏴룐탔럖컶 펰쿬룃볛횵뗄틲쯘폐웚쿞ꆢ막볛늨뚯싊ꆢ샻싊쮮욽벰웤횧뢶랽쪽뗈ꆣ캪쇋뷸탐쏴룐탔럖컶ꎬ컒쏇럖뇰볆쯣웚쿞캪3쓪ꆢ4쓪ꆢ5쓪ꎬ볛룱늨뚯싊뇤캪20ꎥꆢ25ꎥꆢ30ꎥꎬ욱쏦샻싊쮮욽캪1ꎥꆢ2ꎥꆢ3ꎥ쳵볾쿂뗄뿉햮볛룱ꎬ늢럖컶쯻쏇뗄뇤뮯ꆣ볆쯣뷡맻닎볓뇭1ꆣ 뇭1ꎺ펰쿬막좨볛횵틲쯘뗄쏴룐탔럖컶 웚쿞ꎽ5쓪 20ꎥ 25ꎥ 30ꎥ 1ꎥ 1%? 1 횣헱쇺뫍쇖몣ꎨ2003aꎩ횤쏷쇋죧맻늻듦퓚잿훆탔막ꎬ춶헟늻믡쳡잰횴탐막좨ꆣ맺췢샠쯆뗄뇭쫶닎볻Chacko and Strick(2002)ꆣ 2 뻟쳥럖컶닎볻횣헱쇺뫍쇖몣ꎨ2003bꎩꆣ 3 샻쾢뗄횧뢶랽쪽튲믡뛔뿉햮볛횵닺짺펰쿬ꆣ폐킩뿉햮닉좡퓚햮듦탸웚쓚샻싊뷏뗍뛸떽웚죕쪵탐샻쾢늹뎥뗄랽램ꎬ헢튲믡뛔뿉햮볛횵닺짺펰쿬ꆣ
웚쿞ꎽ3쓪 1%? 듋췢ꎬ욱쏦샻싊랽쏦ꎬ돽쇋샻싊쮮욽췢ꎬ샻쾢뗄횧뢶랽쪽튲믡뛔뿉햮볛룱닺짺펰쿬ꆣ캪쇋럖컶헢훖펰쿬ꎬ컒쏇붫풭폐뗄샻싊캪쎿쓪2ꎥ뇤캪잰4쓪%ꎬퟮ뫳1쓪4ꎥꎬ늢볆쯣돶헢훖샻쾢횧뢶랽쪽쿂뗄뿉햮볛룱ꆣ뺭맽맀볆ꎬ룃뿉햮볛룱캪ꎬ뇈풭쿈뗄볛룱짙쇋ꆣ틲듋ꎬ퓚샻싊쮮욽놣돖늻뇤뗄쳵볾쿂ꎬ춨맽샻싊횧뢶랽쪽뗄뗷헻뿉틔퓚튻뚨돌뛈쿂붵뗍뿉햮뗄볛횵ꎬ헢뛔랢탐릫쮾뗄뿉햮쳵뿮짨볆뻟폐믽벫뗄틢틥ꆣ ꎨ뛾ꎩ펰쿬쫪믘좨볛횵틲쯘뗄쏴룐탔럖컶 펰쿬쫪믘좨볛횵뗄틲쯘폐쫪믘웚쿞ꆢ쫪믘쳵볾틔벰쫪믘볛룱ꆣ캪쇋뷸탐쏴룐탔럖컶ꎬ컒쏇럖뇰볆쯣쫪믘웚쿞캪4쓪ꎨ뗚뛾쓪뾪쪼ꎩꆢ3쓪ꆢ2쓪ꆢ1쓪ꎬ쫪믘볛룱캪102ꆢ104ꆢ106ꎬ틔벰늻춬쫪믘쳵볾쿂뗄뿉햮볛룱ꎬ늢럖컶쯻쏇뗄뇤뮯ꆣ뛔쫪믘쳵볾뗄톡퓱ꎬ튻냣폐죽훖톡퓱ꎺ뗚튻훖뻍쫇솬탸30룶붻틗죕뎬맽횴탐볛룱130ꎥꎻ뗚뛾훖뻍쫇솬탸20룶붻틗죕뎬맽횴탐볛룱130ꎥꎻ뗚죽훖뻍쫇40룶붻틗죕훐훁짙30룶붻틗죕뎬맽횴탐볛룱130ꎥꆣ헢뇟럖뇰폃쳵볾1ꆢ2ꆢ3뇭쪾ꆣ볆쯣뷡맻볻뇭2ꆣ 뇭2ꎺ펰쿬쫪믘좨볛횵틲쯘뗄쏴룐탔럖컶 쫪믘쳵볾1 4 3 2 1 102 102 102
ꎨ죽ꎩ펰쿬믘쫛좨볛횵틲쯘뗄쏴룐탔럖컶 펰쿬믘쫛좨볛횵뗄틲쯘폐믘쫛웚쿞ꆢ믘쫛쳵볾틔벰믘쫛볛룱4ꆣ캪쇋뷸탐쏴룐탔럖컶ꎬ컒쏇럖뇰볆쯣믘쫛웚쿞캪4쓪ꆢ3쓪ꆢ2쓪ꆢ1쓪ꎬ믘쫛볛룱캪102풪ꆢ104풪ꆢ106풪ꎬ틔벰늻춬믘쫛쳵볾쿂뗄뿉햮볛횵ꎬ늢럖컶쯻쏇뗄뇤뮯ꆣ뛔믘쫛쳵볾뗄톡퓱ꎬ훷튪폐솽훖ꎺ뗚튻훖쫇막욱솬탸30룶붻틗죕뗍폚횴탐볛룱70ꎥꎻ뗚뛾훖쫇막욱솬탸20룶붻틗죕뗍폚횴탐볛룱70ꎥꆣ럖뇰폃쳵볾1뫍쳵볾2뇭쪾ꆣ볆쯣뷡맻볻뇭3ꆣ 뇭3ꎺ펰쿬믘쫛좨볛횵틲쯘뗄쏴룐탔럖컶 믘쫛쳵볾1 4 3 2 1 102? 102? 죽ꆢ훐맺뿉뮻햮좯뗄쳵뿮짨볆럖컶 룹뻝짏쏦뗄쏴룐탔럖컶쯹뗃돶뗄뷡싛ꎬ컒쏇뿉틔뷸튻늽퇐뺿뿉햮랢탐쳵뿮짨볆,짨볆뗄쒿뇪쫇퓚뿉햮볛횵늻뇤뗄쟩뿶쿂쪹랢탐헟뗄돉놾ퟮ킡뮯ꎬ믲헟퓚돉놾늻뇤뗄잰쳡쿂쪹뿉햮볛횵ퟮ듳뮯ꆣ평폚훐맺뿉햮쫐뎡죔뒦폚컞킧싊뷗뛎ꎨ횣헱쇺ꎬ뾵뎯럦ꎨ2003ꎩꎩꎬ틲듋뿉햮뗄쳵뿮짨볆뛔쳡룟뿉햮컼틽솦폐훘튪틢틥ꆣ ꎨ튻ꎩ뿉햮막쳵뿮뗄짨볆 룃쳵뿮뗄훷튪쓚죝냼삨ꎺ랢탐웚쿞뗄좷뚨ꎻ랢탐샻싊쮮욽틔벰횧뢶랽쪽뗄좷뚨ꎻ막욱볛룱늨뚯싊뗄듳킡ꆣ퓚랢탐웚쿞뗄톡퓱훐ꎬ랢탐릫쮾펦룃룹뻝ퟔ짭웳튵뗄닆컱ힴ뿶ꆢ뷰퓋폃쟩뿶톡퓱3쓪믲헟5쓪뗄웚쿞ꎬ펦뺡뿉쓜뇜쏢톡퓱4쓪뗄웚쿞5ꆣ틲캪룃웚쿞뫍5쓪웚뇈웰살ꎬ뿉 햮볛횵쎻폐첫듳닮틬ꎬ떫쫇5쓪웚뿉햮쓜릻룸릫쮾룼뛠뗄톡퓱좨ꎬ늢쟒쓜릻퇓뎤릫쮾뗄놾뷰횧뢶쪱볤ꆣ샻싊쮮욽뛔뿉햮볛횵뗄펰쿬돌뛈뫜듳ꎬ틲듋릫쮾펦룃퓚닆컱쓜솦퓊탭뗄랶캧쓚쳡릩튻뚨뗄샻쾢ꎬ틔퓶볓뿉햮뗄컼틽솦ꎻ춬쪱캪쇋뇜쏢샻싊짏짽룸릫쮾듸살뗄돁훘닆컱뢺떣ꎬ뿉틔닉좡잰웚샻쾢횧뢶짙ꎬ떽웚쪵탐샻쾢늹뎥뗄샻쾢횧뢶랽쪽ꆣ뇭쏦짏뾴ꎬ릫쮾뗄샻싊쮮욽놣돖늻뇤ꎬ떫쫇평폚뿉햮튻냣퓚떽웚횮잰뚼믡놻잿훆탔막ꎬ쯹틔릫쮾뻍뿉틔뷚쪡듳솿뗄샻쾢횧돶ꎬ듓뛸쓜릻쮳샻쪵쿖퓚늻퓶볓릫쮾닆컱뢺떣뗄쟩뿶쿂쳡룟뿉햮볛횵벰웤컼틽솦뗄쒿뇪ꆣ막욱늨뚯싊튲쫇펰쿬뿉햮볛횵뗄튻룶훘튪틲쯘ꆣ늨뚯싊풽룟ꎬ뿉햮볛횵튲뻍풽듳ꆣ틲듋ꎬ릫쮾뿉틔춨맽맦뚨랢탐쯹돯벯뷰뗄폃춾살튻뚨돌뛈짏룄뇤릫쮾뗄럧쿕ꎬ듓뛸룄뇤막욱뗄볛룱늨뚯싊ꆣ뇈죧ꎬ랢탐릫쮾뿉틔춨맽맦뚨돯벯뷰폃폚럧쿕뇈뷏듳뗄쿮쒿살쳡룟막욱볛룱늨뚯싊ꎬ듓뛸퓶볓뿉햮뗄컼틽솦ꆣ ꎨ뛾ꎩ뿉햮쫪믘쳵뿮뗄짨볆 4 퓚뷸탐펰쿬믘쫛좨볛횵틲쯘뗄쏴룐탔럖컶쪱ꎬퟛ뫏뾼싇쇋릫쮾뗷헻막볛룱뗄좨샻ꆣ벴퓚싺ퟣ믘쫛쳵볾쪱ꎬ릫쮾믡뗷헻막볛룱ꎬ쪹뗃뿉햮볛횵뎬맽믘쫛볛룱ꎬ듓뛸뇜쏢믘쫛탐캪뗄랢짺ꆣ 5 쿖쪵훐뗄뿉햮웚쿞튲퇩횤쇋헢튻뗣ꆣ
룃쳵뿮뗄훷튪쓚죝냼삨ꎺ쫪믘웚쿞뗄좷뚨ꆢ쫪믘볛룱뗄톡퓱틔벰쫪믘쳵볾뗄톡좡ꆣ웤훐ꎬ쫪믘웚쿞쫇ퟮ훘튪뗄틲쯘ꎬ틲듋랢탐릫쮾펦룃짷훘톡퓱쫪믘웚쿞ꆣ뛸쫪믘볛룱횻튪뗍폚싺ퟣ쫪믘쳵볾뗄ퟮ뗍막욱볛룱ꎬ쯼뻍늻믡뛔뿉햮볛횵닺짺죎뫎펰쿬ꎬ틲듋릫쮾뿉틔톡퓱튻룶뇈뷏룟뗄쫪믘볛횵ꎬ틔뇣쓜릻퓚늻룄뇤뿉햮볛횵뗄쳵볾쿂퓶볓뿉햮뗄컼틽솦ꆣ뛸쫪믘쳵볾뗄톡좡늻믡뛔햮볛횵닺짺첫듳펰쿬ꆣ틲듋릫쮾뿉틔톡퓱ퟮ캪퇏룱뗄쫪믘쳵볾ꎬ뇈죧솬탸30룶붻틗죕뎬맽막횴탐볛룱130ꎥꎬ틔퓶볓뿉햮뗄컼틽솦6ꆣ ꎨ죽ꎩ뿉햮믘쫛쳵뿮뗄짨볆 룃쳵뿮뗄훷튪쓚죝폐ꎺ믘쫛웚쿞뗄좷뚨ꆢ믘쫛볛룱뗄톡퓱틔벰믘쫛쳵볾뗄톡좡ꆣ듋췢ꎬ룃쳵뿮뮹틾몬ퟅ랢탐릫쮾뗷헻막볛룱쳵뿮뗄짨볆ꆣ평폚릫쮾뗷헻막볛룱뗄쒿뗄쫇캪쇋뇜쏢믘쫛ꎬ틲듋릫쮾쯹맦뚨뗄뗷헻막볛룱쯹펦싺ퟣ뗄쳵볾펦뇈믘쫛쳵볾뿭ꆣ뛸쟒ꎬ캪쇋룸릫쮾뗷헻막볛룱럹뛈쳡릩룼듳뗄뿕볤틔놣횤릫쮾춨맽막볛룱뗄뗷헻살뇜쏢믘쫛탐캪뗄랢짺ꎬ릫쮾늻펦룃뛔뗷헻횴탐볛룱뗄럹뛈ퟷ첫뛠뗄쿞훆ꎬ믲헟벴쪹뚭쫂믡뗄좨샻폐쿞훆ꎬ튲펦룃뢳폨막뚫듳믡췪좫뗄좨샻ꆣ퓚펰쿬믘쫛좨볛횵뗄죽룶틲쯘훐ꎬ믘쫛볛룱쫇튻룶ퟮ훘튪뗄틲쯘ꎬ믘쫛볛룱풽룟ꎬ뿉햮볛횵뻍풽룟ꆣ틲듋ꎬ릫쮾펦룃뺡뿉쓜톡퓱뇈뷏뗍뗄믘쫛볛룱ꎬ튻냣틔톡퓱쏦횵볓짏떱쓪샻쾢캪ힼꆣ믘쫛웚쿞뛔뿉햮볛횵뗄펰쿬늻듳ꎬ틲듋릫쮾뿉틔톡퓱뺡뿉쓜뎤뗄믘쫛웚쿞ꎬ룸춶헟룼뛠뗄믘쫛좨샻ꎬ듓뛸쓜릻듳듳퓶볓뿉햮뗄컼틽솦ꎬ쯤좻헢킩믘쫛좨샻평폚쫜떽릫쮾뗷헻막볛룱좨샻뗄훆풼늢늻믡헦헽쪵탐ꆣ듋췢ꎬ믘쫛쳵볾퓲뛔뿉햮볛횵벸뫵쎻폐펰쿬ꎬ릫쮾뿉틔톡퓱ퟮ캪뿭쯉뗄믘쫛쳵볾ꆣ 쯄ꆢ뷡싛 놾컄샻폃횣헱쇺뫍쇖몣ꎨ2003aꎩ뗄퇐뺿돉맻뛔훐맺뿉햮볛룱뗄펰쿬틲쯘뷸탐쇋쏴룐탔럖컶ꎬ듓훐랢쿖쇋펰쿬뿉햮볛횵뗄튻킩훘튪틲쯘ꎬ늢퓚듋믹뒡짏뷸탐쇋훐맺뿉햮랢탐쳵뿮뗄짨볆퇐뺿ꆣ 뿉햮뗄볛횵뿉틔럖캪막좨볛횵ꆢ쫪믘좨볛횵틔벰믘쫛좨볛횵ꆣ펰쿬뿉햮믹놾막좨볛횵뗄펰쿬틲쯘폐웚쿞ꆢ샻싊벰웤횧뢶랽쪽틔벰막욱볛룱늨뚯싊ꎬ죽룶틲쯘뚼뫜훘튪ꎬ뚼탨튪퓚쳵뿮짨볆훐볓틔힢틢ꆣ펰쿬쫪믘좨볛횵뗄틲쯘폐쫪믘웚쿞ꆢ쫪믘볛룱틔벰쫪믘쳵볾ꆣ웤훐쫪믘웚쿞쫇ퟮ훘튪뗄펰쿬틲쯘ꎬ뇘탫짷훘톡퓱쫪믘웚쿞ꎻ뛸쫪믘볛룱뫍쫪믘쳵볾퓲늻첫훘튪ꎬ뿉틔룹뻝춶헟뗄욫뫃톡좡ꎬ틔퓶볓뿉햮뗄컼틽솦ꆣ펰쿬믘쫛좨볛횵뗄틲쯘폐믘쫛웚쿞ꆢ믘쫛볛룱뫍믘쫗쳵볾ꆣ웤훐믘쫛볛룱쫇ퟮ훘튪뗄펰쿬틲쯘ꎬ펦룃톡퓱뺡뿉쓜뗍뗄믘쫛볛룱ꎻ뛸웤쯻솽룶틲쯘퓲늻훘튪ꎬ룹뻝춶헟뗄욫뫃톡좡벴뿉ꆣ 놾컄뛔뿉햮볛룱뗄쏴룐탔럖컶틔벰쳵뿮짨볆퇐뺿쫇쒿잰맺쓚쫗듎뛔뿉햮볛룱뗄펰쿬틲쯘벰웤닺욷짨볆뷸탐뇈뷏췪헻뗄퇐뺿ꆣ웤퇐뺿뷡맻뛔폚쒿잰짐뒦폚랢햹돵웚뗄뿉뮻햮좯쫐뎡틔벰컒맺뷰죚닺욷뗄뒴탂뻟폐훘튪뗄믽벫틢틥ꆣ 닎뾼컄쿗ꎺ 횣헱쇺ꆢ뾵뎯럦ꎬ2003ꎬꆰ훐맺뿉햮쫐뎡킧싊뗄쯦믺햼폅볬퇩ꆱꎬ쿃쏅듳톧퇐뺿놨룦: ꆣ 횣헱쇺ꆢ쇖몣ꎬ2003a,ꆰ훐맺뿉뮻햮좯뚨볛퇐뺿ꆱꎬ쿃쏅듳톧퇐뺿놨룦: ꆣ 횣헱쇺ꆢ쇖몣ꎬ2003bꎬꆰ뿉뮻햮좯훐뗄릫쮾뻶닟럖컶ꆱꎬ쿃쏅듳톧퇐뺿놨룦: ꆣ Chacko, G. and . Strick, 2002, “Convertible Securities”, Harvard Business School Cases. 6 쪵볊짏ꎬ쿖쪵훐뗄뿉햮쳵뿮짨볆튲퇩횤쇋헢튻뗣ꆣ
