{"id":5758,"date":"2025-08-14T07:51:05","date_gmt":"2025-08-14T07:51:05","guid":{"rendered":"https:\/\/titus.com.hk\/?p=5758"},"modified":"2026-07-15T06:38:15","modified_gmt":"2026-07-15T06:38:15","slug":"what-is-a-convertible-note-overview-advantages-and-terms-zh","status":"publish","type":"post","link":"https:\/\/titus.com.hk\/zh\/what-is-a-convertible-note-overview-advantages-and-terms-zh\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u53ef\u63db\u80a1\u7968\u64da\uff1f\u6982\u89bd\u3001\u512a\u9ede\u8207\u4e3b\u8981\u689d\u6b3e"},"content":{"rendered":"\n<p>\u5728\u77ac\u606f\u842c\u8b8a\u7684\u521d\u5275\u878d\u8cc7\u74b0\u5883\u4e2d\uff0c\u9999\u6e2f\u7684\u4f01\u696d\u6771\u4e3b\u4e00\u76f4\u5728\u5c0b\u627e\u65e2\u9ad8\u6548\u53c8\u9748\u6d3b\u7684\u65b9\u5f0f\u4f86\u7c4c\u96c6\u8cc7\u91d1\u3002\u5728\u773e\u591a\u53ef\u7528\u7684\u878d\u8cc7\u5de5\u5177\u7576\u4e2d\uff0c\u53ef\u63db\u80a1\u7968\u64da\uff08convertible 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id=\"key-terms\">\u53ef\u63db\u80a1\u7968\u64da\u7684\u4e3b\u8981\u689d\u6b3e<\/h2>\n<p>\u5c0d\u767c\u884c\u4eba\u8207\u6295\u8cc7\u8005\u96d9\u65b9\u800c\u8a00\uff0c\u7406\u89e3\u53ef\u63db\u80a1\u7968\u64da\u7684\u5177\u9ad4\u689d\u6b3e\u90fd\u5341\u5206\u91cd\u8981\u3002\u9019\u4e9b\u689d\u6b3e\u6c7a\u5b9a\u4e86\u53ef\u63db\u80a1\u7968\u64da\u5982\u4f55\u904b\u4f5c\uff0c\u5305\u62ec\u50b5\u52d9\u4f55\u6642\u8f49\u63db\u70ba\u80a1\u6b0a\uff0c\u4ee5\u53ca\u50f9\u503c\u5982\u4f55\u91d0\u5b9a\u3002<\/p>\n<ul>\n<li><strong>\u5229\u7387\uff1a<\/strong>\u4f5c\u70ba\u50b5\u52d9\u5de5\u5177\uff0c\u53ef\u63db\u80a1\u7968\u64da\u6703\u7d2f\u8a08\u5229\u606f\u3002\u9019\u7b46\u5229\u606f\u901a\u5e38\u4e0d\u6703\u4ee5\u73fe\u91d1\u652f\u4ed8\uff0c\u800c\u662f\u8a08\u5165\u672c\u91d1\uff0c\u9023\u540c\u539f\u6709\u6295\u8cc7\u4e00\u4f75\u8f49\u63db\u70ba\u80a1\u6b0a\u3002<\/li>\n<li><strong>\u5230\u671f\u65e5\uff1a<\/strong>\u9019\u662f\u53ef\u63db\u80a1\u7968\u64da\u9808\u4e88\u511f\u9084\u6216\u8f49\u63db\u70ba\u80a1\u6b0a\u7684\u9650\u671f\u3002\u5982\u679c\u5728\u6b64\u65e5\u671f\u524d\u6c92\u6709\u767c\u751f\u5408\u8cc7\u683c\u878d\u8cc7\u4e8b\u4ef6\uff0c\u7968\u64da\u53ef\u80fd\u6309\u9810\u5148\u8a02\u5b9a\u7684\u4f30\u503c\u8f49\u63db\uff0c\u53c8\u6216\u516c\u53f8\u53ef\u80fd\u6709\u7fa9\u52d9\u511f\u9084\u672c\u91d1\u53ca\u7d2f\u8a08\u5229\u606f\u3002<\/li>\n<li><strong>\u8f49\u63db\u6298\u8b93\uff1a<\/strong>\u9019\u662f\u5e38\u898b\u7684\u7279\u9ede\uff0c\u7528\u4ee5\u56de\u5831\u65e9\u671f\u6295\u8cc7\u8005\u6240\u627f\u64d4\u7684\u8f03\u9ad8\u98a8\u96aa\u3002\u6298\u8b93\u8b93\u6295\u8cc7\u8005\u628a\u50b5\u52d9\u8f49\u63db\u70ba\u80a1\u6b0a\u6642\uff0c\u6bcf\u80a1\u50f9\u683c\u4f4e\u65bc\u5176\u5f8c\u4e00\u8f2a\u5408\u8cc7\u683c\u878d\u8cc7\u7684\u65b0\u6295\u8cc7\u8005\u3002<\/li>\n<li><strong>\u4f30\u503c\u4e0a\u9650\uff1a<\/strong>\u9019\u8a02\u660e\u53ef\u63db\u80a1\u7968\u64da\u8f49\u63db\u70ba\u80a1\u6b0a\u6642\u7684\u6700\u9ad8\u4f30\u503c\uff0c\u82e5\u516c\u53f8\u4f30\u503c\u5728\u8f49\u63db\u524d\u5927\u5e45\u4e0a\u5347\uff0c\u53ef\u4fdd\u969c\u65e9\u671f\u6295\u8cc7\u8005\u514d\u53d7\u904e\u5ea6\u6524\u8584\u3002<\/li>\n<li><strong>\u6700\u60e0\u570b\u5f85\u9047\uff08MFN\uff09\u689d\u6b3e\uff1a<\/strong>\u78ba\u4fdd\u73fe\u6709\u6295\u8cc7\u8005\u6240\u7372\u689d\u6b3e\uff0c\u4e0d\u905c\u65bc\u5176\u5f8c\u878d\u8cc7\u8f2a\u5411\u672a\u4f86\u6295\u8cc7\u8005\u63d0\u4f9b\u7684\u689d\u6b3e\u3002<\/li>\n<li><strong>\u5408\u8cc7\u683c\u878d\u8cc7\uff1a<\/strong>\u6307\u89f8\u767c\u53ef\u63db\u80a1\u7968\u64da\u8f49\u63db\u7684\u65e5\u5f8c\u4e00\u8f2a\u80a1\u6b0a\u878d\u8cc7\uff0c\u901a\u5e38\u4ee5\u8a72\u8f2a\u6240\u7c4c\u5f97\u7684\u6700\u4f4e\u8cc7\u91d1\u984d\u754c\u5b9a\u3002<\/li>\n<li><strong>\u6e05\u7b97\u512a\u5148\u6b0a\uff1a<\/strong>\u53ef\u63db\u80a1\u50b5\u52d9\u8d77\u521d\u96d6\u5c6c\u8cb8\u6b3e\uff0c\u4f46\u8f49\u63db\u4e4b\u5f8c\uff0c\u6240\u5f97\u80a1\u6b0a\u53ef\u80fd\u9644\u5e36\u6e05\u7b97\u512a\u5148\u6b0a\uff0c\u5373\u5728\u6e05\u7b97\u4e8b\u4ef6\u4e2d\uff0c\u9019\u4e9b\u6295\u8cc7\u8005\u6703\u5148\u65bc\u666e\u901a\u80a1\u80a1\u6771\u53d6\u5f97\u511f\u9084\u3002<\/li>\n<\/ul>\n<p>\u9019\u4e9b\u689d\u6b3e\u7531\u516c\u53f8\u8207\u6295\u8cc7\u8005\u5546\u8b70\u800c\u5b9a\uff0c\u5c0d\u96d9\u65b9\u6295\u8cc7\u7684\u6700\u7d42\u7d50\u679c\u90fd\u8d77\u7740\u95dc\u9375\u4f5c\u7528\u3002<\/p>\n<h2 id=\"hong-kong-context\">\u53ef\u63db\u80a1\u7968\u64da\u5728\u9999\u6e2f\u7684\u60c5\u6cc1<\/h2>\n<p>\u5c0d\u9999\u6e2f\u7684\u4f01\u696d\u6771\u4e3b\u4f86\u8aaa\uff0c\u7406\u89e3\u672c\u5730\u5728\u53ef\u63db\u80a1\u50b5\u52d9\u65b9\u9762\u7684\u7d30\u7bc0\u8207\u76e3\u7ba1\u74b0\u5883\u5341\u5206\u91cd\u8981\u3002\u96d6\u7136\u57fa\u672c\u539f\u5247\u5728\u5168\u7403\u5927\u81f4\u76f8\u540c\uff0c\u4f46\u5be6\u969b\u61c9\u7528\u8207\u6cd5\u5f8b\u5f71\u97ff\u6703\u56e0\u53f8\u6cd5\u7ba1\u8f44\u5340\u800c\u7570\u3002<\/p>\n<h3>\u76e3\u7ba1\u74b0\u5883<\/h3>\n<p>\u5728\u9999\u6e2f\uff0c\u53ef\u63db\u80a1\u7968\u64da\u88ab\u8996\u70ba\u9748\u6d3b\u7684\u878d\u8cc7\u5de5\u5177\uff0c\u5c0d\u521d\u5275\u53ca\u4e2d\u5c0f\u4f01\uff08SME\uff09\u800c\u8a00\u5c24\u5176\u5982\u6b64\u3002\u76e3\u7ba1\u6846\u67b6\u5927\u81f4\u4e0a\u5c0d\u9019\u985e\u5de5\u5177\u6301\u652f\u6301\u614b\u5ea6\uff0c\u65e8\u5728\u4fc3\u9032\u5275\u65b0\u8207\u6295\u8cc7\u3002\u4e0d\u904e\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c\u8996\u4e4e\u516c\u53f8\u7684\u6027\u8cea\u53ca\u6240\u6d89\u6295\u8cc7\u8005\uff0c\u53ef\u80fd\u6709\u7279\u5b9a\u898f\u4f8b\u9069\u7528\u3002\u8209\u4f8b\u4f86\u8aaa\uff0c\u5982\u679c\u4e00\u9593\u9999\u6e2f\u8a3b\u518a\u6210\u7acb\u7684\u516c\u53f8\u6240\u767c\u884c\u7684\u53ef\u63db\u80a1\u8cb8\u6b3e\u7968\u64da\u660e\u6587\u8a02\u660e\u5b83\u4e26\u975e\u8b49\u5238\uff0c\u4fbf\u53ef\u80fd\u4e0d\u53d7\u67d0\u4e9b\u8b49\u5238\u898f\u4f8b\u898f\u7ba1\u3002<\/p>\n<p>\u81f3\u65bc\u9999\u6e2f\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\uff08HKEX\uff09\u5c31\u53ef\u63db\u80a1\u50b5\u52d9\u8b49\u5238\u8a02\u6709\u5177\u9ad4\u7684\u300a\u4e0a\u5e02\u898f\u5247\u300b\u53ca\u6307\u5f15\u3002\u9019\u4e9b\u898f\u5247\u4e3b\u8981\u7740\u773c\u65bc\u78ba\u4fdd\u900f\u660e\u5ea6\u3001\u4fdd\u969c\u516c\u773e\u6295\u8cc7\u8005\uff0c\u4ee5\u53ca\u7ba1\u7406\u8f49\u63db\u5c0d\u73fe\u6709\u80a1\u672c\u7684\u5f71\u97ff\u3002\u4f8b\u5982\uff0c\u82e5\u767c\u884c\u4eba\u64ec\u6839\u64da\u4e00\u822c\u6027\u6388\u6b0a\u767c\u884c\u53ef\u63db\u80a1\u8b49\u5238\uff0c\u4fbf\u5fc5\u9808\u6709\u8db3\u5920\u800c\u5c1a\u672a\u52d5\u7528\u7684\u6388\u6b0a\uff0c\u4ee5\u6db5\u84cb\u6240\u6709\u8f49\u63db\u80a1\u4efd\u3002<\/p>\n<h3>\u5c0d\u9999\u6e2f\u4f01\u696d\u7684\u512a\u9ede\uff1a<\/h3>\n<ul>\n<li><strong>\u5229\u597d\u521d\u5275\uff1a<\/strong>\u9999\u6e2f\u84ec\u52c3\u7684\u521d\u5275\u751f\u614b\u5708\uff0c\u5f9e\u53ef\u63db\u80a1\u7968\u64da\u4e2d\u7372\u76ca\u826f\u591a\u3002\u5b83\u70ba\u65e9\u671f\u516c\u53f8\u63d0\u4f9b\u4e86\u4e00\u689d\u7cbe\u7c21\u7684\u8def\u5f91\u53bb\u7c4c\u96c6\u7a2e\u5b50\u8cc7\u91d1\uff0c\u800c\u7121\u9808\u627f\u53d7\u50b3\u7d71\u80a1\u6b0a\u878d\u8cc7\u8f2a\u7684\u8907\u96dc\u7a0b\u5e8f\u8207\u6210\u672c\u3002<\/li>\n<li><strong>\u5207\u5408\u6025\u901f\u5e02\u5834\u7684\u9748\u6d3b\u6027\uff1a<\/strong>\u9999\u6e2f\u5e02\u5834\u6b65\u4f10\u6025\u901f\uff0c\u5f80\u5f80\u9700\u8981\u5feb\u901f\u800c\u53ef\u8abf\u6574\u7684\u878d\u8cc7\u65b9\u6848\u3002\u53ef\u63db\u80a1\u7968\u64da\u6b63\u597d\u63d0\u4f9b\u9019\u7a2e\u9748\u6d3b\u6027\uff0c\u8b93\u4f01\u696d\u9ad8\u6548\u53d6\u5f97\u8cc7\u91d1\uff0c\u4e26\u56e0\u61c9\u5e02\u6cc1\u8b8a\u5316\u4f5c\u51fa\u8abf\u6574\u3002<\/li>\n<li><strong>\u5438\u5f15\u570b\u969b\u6295\u8cc7\u8005\uff1a<\/strong>\u9999\u6e2f\u4f5c\u70ba\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\uff0c\u4f01\u696d\u5f80\u5f80\u80fd\u5438\u5f15\u5168\u7403\u6295\u8cc7\u8005\u3002\u53ef\u63db\u80a1\u7968\u64da\u662f\u4e00\u7a2e\u5ee3\u70ba\u8a8d\u8b58\u548c\u63a5\u53d7\u7684\u878d\u8cc7\u5de5\u5177\uff0c\u6709\u52a9\u4fc3\u6210\u4f86\u81ea\u570b\u969b\u7684\u6295\u8cc7\u3002<\/li>\n<\/ul>\n<h3>\u9999\u6e2f\u4f01\u696d\u9700\u8981\u8003\u616e\u7684\u4e8b\u9805\uff1a<\/h3>\n<ul>\n<li><strong>\u6cd5\u5f8b\u6587\u4ef6\uff1a<\/strong>\u96d6\u7136\u6bd4\u80a1\u6b0a\u878d\u8cc7\u8f2a\u7c21\u55ae\uff0c\u4f46\u59a5\u5584\u7684\u6cd5\u5f8b\u6587\u4ef6\u4ecd\u7136\u4e0d\u53ef\u6216\u7f3a\u3002\u5b9c\u8058\u8acb\u719f\u6089\u9999\u6e2f\u516c\u53f8\u878d\u8cc7\u7684\u6cd5\u5f8b\u9867\u554f\u8349\u64ec\u548c\u5be9\u95b1\u53ef\u63db\u80a1\u7968\u64da\u5354\u8b70\uff0c\u78ba\u4fdd\u7b26\u5408\u672c\u5730\u6cd5\u5f8b\uff0c\u4e26\u4fdd\u969c\u96d9\u65b9\u7684\u5229\u76ca\u3002<\/li>\n<li><strong>\u7a05\u52d9\u5f71\u97ff\uff1a<\/strong>\u4f01\u696d\u6771\u4e3b\u61c9\u5c31\u53ef\u63db\u80a1\u7968\u64da\u5728\u9999\u6e2f\u7684\u7a05\u52d9\u5f71\u97ff\u5c0b\u6c42\u5c08\u696d\u610f\u898b\uff0c\u516c\u53f8\u8207\u6295\u8cc7\u8005\u5169\u65b9\u9762\u5747\u7136\u3002\u96d6\u7136\u5728\u67d0\u4e9b\u53f8\u6cd5\u7ba1\u8f44\u5340\u8f49\u63db\u672c\u8eab\u53ef\u80fd\u4e26\u975e\u61c9\u8ab2\u7a05\u4e8b\u4ef6\uff0c\u4f46\u52d9\u5fc5\u6309\u9999\u6e2f\u7a05\u6cd5\u52a0\u4ee5\u78ba\u8a8d\u3002<\/li>\n<li><strong>\u80a1\u6771\u6279\u51c6\uff1a<\/strong>\u8996\u4e4e\u516c\u53f8\u7684\u7ae0\u7a0b\u7d30\u5247\u53ca\u53ef\u63db\u80a1\u7968\u64da\u7684\u767c\u884c\u898f\u6a21\uff0c\u53ef\u80fd\u9700\u8981\u53d6\u5f97\u80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