轉換公司債之探討

Abstract

摘要 本論文範疇乃係轉換公司債相關問題之探討。蓋轉換公司債之性質甚為特殊，其不僅具有公司債之性質，亦兼具潛在之股權性質，該雙重性質正係法律規範上可能之漏洞所在。本文便試著透過各國立法例上之比較，就轉換公司債之各種面向進行探討，期能作為我國法制修正之方向。 本論文之第一大部分係關於轉換公司債制度之基礎理解，首先為轉換公司債之概述，包含其基本概念、法律規範，以及實務發行情況之介紹；其次則為轉換公司債制度之細探，包含其發行、交易、轉換，以及清償制度等。此部分係為求能對轉換公司債制度加以認識，以便進行第二大部分之討論。 本論文之第二大部分則係欲探討轉換公司債制度各方之利益保護措施，分別就轉換公司債發行公司、轉換公司債持有人，以及發行公司原有股東之三個面向，提出不同保障措施以供參考。尤其係轉換公司債持有人及發行公司原有股東二方面，相較於發行公司而言其自我保護能力恐較缺乏，有進行檢討之必要及實益，此乃係本論文之討論重心。

Abstract This thesis centers on the analysis of convertible bonds. Convertible bonds have a peculiar characteristic, which combines debt and equity features in a single security, and the hybrid characteristic may cause some loopholes in the law. Therefore, this paper tries to introduce foreign laws in all aspects of convertible bonds, in order to have a maturer direction of amendment. The first part of this thesis discusses on the fundamentals of convertible bonds, starting with outlines of convertible bonds, including the conceptions, the laws and the realities of issuance, and goes deep into processes of convertible bonds, including the issuance, the trading, the conversion and the settlement. The purpose of this part is to have basic comprehension for the sake of discussion on the second part. The second part of this thesis focuses on the protections for all parties concerned in convertible bonds, including the issuing company, the convertible bondholders and the existing shareholders, especially for the bondholders and the shareholders. Due to their more insufficient self-protection abilities comparing with the issuing company, a re-examination is necessary and beneficial, and it’s also the highlight of this paper.