The Financial Feature of Company Convertible Bonds

Based on the analysis of the natural attributes of company convertible bonds,the option price fixing method is used to analyse the features of callable value of the convertible bonds. This paper suggests that the financing cost of the convertible bond financing consists of fund raising cost,face interest and conceal cost. Also,it presents the method of the cost calculation and describes that the convertible bond operation can formulate the endogenous mechanism of regulating capital structure within the enterprise being helpful to improving the company's controlling structures.