摘要：自从1992年深宝安发行第一只A股上市公司可转换债券以来，可转换公司债券在我国的发展已经有20余年的历史。在这二十多年的发展过程中，虽然经历了一些失败挫折，但是可转债无论从市场规模还是从发行条款的设计上都有了长足的进步。然而，不得不承认， 与发达国家相比，我国转债市场尚且存在着许多缺陷和问题。

　　在内容方面，本文主要通过对可转债的概念介绍，市场发展的回顾，融资优势的分析，总结出我国可转债市场发展存在的缺陷，并对可转债市场的发展提出几点建议。在研究方法方面，本文主要采用理论阐述与案例研究相结合的方式，通过对万科企业股份有限公司发行的万科转债1和万科转债2的案例研究，论证可转债融资在降低代理成本和控制企业风险方面的融资优势。另外，本文还采用趋势分析对可转债市场的发展进行阐述，并且通过比较历年的数据总结出可转债市场存在的问题，并提出发展的建议。

关键词：可转债  市场发展  万科转债  融资优势

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