摘要
作为企业实现快速扩张、促进资源有效利用的重要方式之一，近些年来并购
受到全球经济增速放缓的影响，自 2018年以来我国并购市场的交易金额和交易
数量出现下降。为促进我国并购市场的发展，我国政府积极推进并购支付和融资
方式的创新。而在此背景下，新劲刚首次将定向可转债用于并购的直接支付和配
套融资并成功落地。这拉开了定向可转债在我国用于并购的直接支付和配套融资
的序幕，本文对于该案例的研究，能为其他试图利用定向可转债进行并购的企业
提供经验和借鉴。
本文的行文安排如下：首先，本文对文章的案例进行了介绍，包括此次并购
的交易双方、并购流程以及定向可转债在并购中的应用。其次，文章结合经济背
景、发行企业状况以及定向可转债自身特性对新劲刚发行定向可转债进行并购的
动因进行了分析，主要包括两个方面：第一个方面是新劲刚发行定向可转债的可
性行分析，从新劲刚目前的经营状况和资产规模等分析认为其发行定向可转债符
合政策规定；第二个方面是分析定向可转债的优势，主要从新劲刚自身的财务状
况、股权结构、股价表现等分析，认为定向可转债的自身属性有利于弥补现金和
股权的弊端，其特殊条款设计有利于平衡交易双方的利益。再次，本文对新劲刚
发行定向可转债的影响进行了分析，主要分为三个方面：第一方面是发行定向可
转债的公告效应在短期内提振了新劲刚的股价改善了其股价持续走低的状况；第
二方面是发行定向可转债在短期看来改善了新劲刚的财务状况，使得新劲刚的经
营状况得以改善，资本结构趋于合理；第三方面是新劲刚发行定向可转债用于募
集配套资金能降低其融资成本，同时在其经营状况不善，股价走低的背景下能够
吸引到投资者以降低融资难度。最后，本案例作为 A股市场上首支落地的定向
可转债，发行至今时间较短，其潜在的风险不容忽视。因此本文就新劲刚发行定
向可转债的潜在风险进行了分析，主要包括两个方面：一方面是定向可转债自身
的发行风险，包括发行的时机选择、发行的定价；另一方面是发行定向可转债后
带来的风险，包括发行后的无法实现转股带来的企业的偿付能力风险和最终转股
后可能存在的股权稀释风险。
通过分析本文得出以下启示。第一，定向可转债应用于并购有利于推动并购
支付和融资方式的创新进而促进并购市场的繁荣。第二，我国应借鉴国外的相关
经验并结合自身特点尽快出台定向可转债相关配套规则和制度为定向可转债的
在并购中的应用“保驾护航”。第三，企业在发行定向可转债时，应该保持谨慎，
不应盲目发行。
关键词：定向可转换债券；并购支付工具；并购
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Abstract
Mergers and acquisitions, one of the important ways for companies to expand
rapidly and achieve effective use of resources, have been impacted by slowing global
economic slowdown in recent years. Since 2018, the transaction amount and number
of transactions in my country's mergers and acquisitions market have declined. In
order to promote the development of my country's M&A market, the Chinese
government actively promotes the innovation of M&A payment and financing
methods. In this context, Xin Jinggang used directional convertible bonds for direct
payment and supporting financing for mergers and acquisitions for the first time and
successfully landed it. This opened the prelude to the direct payment and supporting
financing of directional convertible bonds used for mergers and acquisitions in my
country. The study of this case in this article can provide experience and reference for
other companies trying to use directional convertible bonds for mergers and
acquisitions.
The layout of this article is as follows: First, this article introduces the case of the
article, including the parties involved in the merger, the merger process, and the
application of directional convertible bonds in mergers and acquisitions. Secondly, the
article analyzes the motivations of Xin Jinggang’s issuance of directional convertible
bonds for mergers and acquisitions based on the economic background, the status of
the issuing company, and the characteristics of the directional convertible bonds. It
mainly includes two aspects: the first aspect is the issuance of directional convertible
bonds by Xin Jinggang. Analysis of the feasibility of convertible bonds, based on the
analysis of Xin Jinggang’s current operating conditions and asset scale, it is believed
that its issuance of directional convertible bonds is in line with policy regulations; the
second aspect is to analyze the advantages of directional convertible bonds, mainly
from Xin Jinggang’s own Analysis of the financial status, shareholding structure,
stock price performance, etc., believes that the directional convertible bond's own
attributes can help make up for the shortcomings of cash and equity, and its special
clause design is conducive to balancing the interests of both parties to the transaction.
Thirdly, this article analyzes the impact of Xin Jinggang’s issuance of directional
convertible bonds, which is mainly divided into three aspects: The first aspect is that
the announcement effect of the issuance of directional convertible bonds has boosted
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