【对可转债和期权的初步认识】

期权，就是按照每股一定量的期权费买入这个股票在未来指定时间按照指定的价格进行买入和卖出的权利。

理解了期权之后再理解可转债就容易多了。

下面这段话来自https://www.investopedia.com/terms/c/convertiblebond.asp

Investors can enjoy the value-added component built into convertible bonds meaning they’re essentially a bond with a stock option, particularly a call option. A call option is an agreement that gives the option buyer the right—not the obligation—to buy a stock, bond, or other instruments at a specified price within a specific period. However, convertible bonds tend to offer a lower coupon rate or rate of return in exchange for the value of the option to convert the bond into common stock.

投资者可以享受可转换债券的增值部分，这意味着它们本质上是一种带有股票期权的债券，尤其是看涨期权。看涨期权是一种协议，它赋予期权购买者在特定时期内以特定价格购买股票、债券或其他工具的权利——而不是义务。然而，可转换债券往往提供较低的票面利率或回报率，以换取将债券转换为普通股的期权价值。

所谓可转债，是指债券在转换成股票的时候，按照事先给定的价格。而不是一个随市场波动的价格。去进行转换。这就是可转债有了期权的性质。

Companies benefit since they can issue debt at lower interest rates than with traditional bond offerings. However, not all companies offer convertible bonds. Also, most convertible bonds are considered to be riskier/more volatile than typical fixed-income instruments.

企业受益于此，因为它们可以以低于传统债券发行的利率发行债券。然而，并非所有公司都发行可转换债券。此外，大多数可转换债券被认为比典型的固定收益工具风险更大/波动性更大。

可转债的优点和缺点：

Pros
Investors receive fixed-rate interest payments with the option to convert to stock and benefit from stock price appreciation.
Investors get some default risk security since bondholders are paid before common stockholders.
Companies benefit by raising capital without immediately diluting their shares.
Companies may pay lower interest rates on their debt compared to using traditional bonds.

投资者可以获得固定利率利息，并可选择转换为股票，从股价上涨中受益。
投资者获得了一些违约风险保障，因为债券持有人在普通股股东之前得到了偿付。
公司可以在不立即稀释股份的情况下筹集资金，从而受益。
与使用传统债券相比，企业支付的债务利率可能更低。

Cons
Due to the option to convert the bond into common stock, they offer a lower coupon rate.
Issuing companies with little or no earnings—like startups—create an additional risk for convertible bond investors.
Share dilution happens if the bonds convert to stock shares, which may depress the share’s price and EPS dynamics
由于有将债券转换为普通股的选择权，他们提供较低的票面利率。

发行收益很少或没有收益的公司——比如初创公司——给可转换债券投资者带来了额外的风险。

如果债券转换为股票，就会发生股权稀释，这可能会压低股价和每股收益的动态。（如果一个公司持有了过多的可转债，那么其股价的上升势头可能因为转债而被压低。）

一个可转债的例子：

Example of a Convertible Bond

As an example, let’s say Exxon Mobil Corp. (XOM) issued a convertible bond with a $1,000 face value that pays 4% interest. The bond has a maturity of 10 years and a convertible ratio of 100 shares for every convertible bond. （债券票面价格1000刀，预设可以转换成100股的股票。）

If the bond is held until maturity, the investor will be paid $1,000 in principal plus $40 in interest for that year. However, the company’s shares suddenly spike and are trading at $11 per share. As a result, the 100 shares of stock are worth $1,100 (100 shares x $11 share price), which exceeds the value of the bond. The investor can convert the bond into stock and receive 100 shares, which could be sold in the market for $1,100 in total.