摘要：自從1992年深寶安發行第一只A股上市公司可轉換債券以來，可轉換公司債券在我國的發展已經有20余年的歷史。在這二十多年的發展過程中，雖然經歷了一些失敗挫折，但是可轉債無論從市場規模還是從發行條款的設計上都有了長足的進步。然而，不得不承認， 與發達國家相比，我國轉債市場尚且存在著許多缺陷和問題。

　　在內容方面，本文主要通過對可轉債的概念介紹，市場發展的回顧，融資優勢的分析，總結出我國可轉債市場發展存在的缺陷，并對可轉債市場的發展提出幾點建議。在研究方法方面，本文主要采用理論闡述與案例研究相結合的方式，通過對萬科企業股份有限公司發行的萬科轉債1和萬科轉債2的案例研究，論證可轉債融資在降低代理成本和控制企業風險方面的融資優勢。另外，本文還采用趨勢分析對可轉債市場的發展進行闡述，并且通過比較歷年的數據總結出可轉債市場存在的問題，并提出發展的建議。

關鍵詞：可轉債  市場發展  萬科轉債  融資優勢

Abstract: Convertible bond has been developing in Chinese market for more than 20 years, since China Baoan Group Co. Ltd issued the first convertible bond in this market. Although the convertible market suffered from many failures and frustrations in this period, it has made much progress in both the issuing scale and the provision design. However, there are many limitations and problems in our domestic convertible market which should never be ignored.

　　This paper mainly talks about the concept of convertible bond, the development of convertible market, and the advantage of issuing convertible bond. Moreover, this paper summarizes the limitations and problems of Chinese convertible market and proposes several suggestions for better development of the market. When conducting the research, this paper combines theories analysis and case study of the Wanke convertible bonds to prove the advantages of convertible bonds. 

Key words: convertible bond, market development, Wanke convertible bond, financing advantage