Classification of Convertible Debt As Common Stock Equivalents: Some Empirical Evidence on the Effects of APB Opinion 15
实证检验了APB意见15中关于可转换债券作为普通股等价物的2/3规则，评估其对每股收益报告的影响，为会计和金融学者提供参考。
One of the concepts introduced by Opinion 15 of the Accounting Principles Board (APB) (AICPA [1969]) was the notion of common stock equivalents (CSE). According to Opinion 15, certain preferred stock and convertible bonds should, under certain conditions, be classified as CSE, thus affecting the reported primary earnings per share (EPS). The Board specified that convertible security should be considered as a common stock equivalent if, based on its market price (at the date of issuance) it has a cash yield of less than 66 2/3% of the then current bank prime rate (APB Opinion 15, para. 33). In establishing the two-thirds-of-the-prime-rate cash yield rule (hereafter the 2/3 rule), the Board rejected two alternative tests for identifying CSE-the Investment Value method and the Market Parity method on the grounds that they were too subjective.' The Board stated its belief, however, that cash yield, redemption value, and the conversion price in relation to the market price of the common stock are all closely related measures of common stock equivalence (see APB 15, para. 31). The 2/3 rule was criticized because: (1) the Cash Yield was believed to be theoretically inferior to the Investment Value method and the Market Parity method (see paras. 79-83 of the Opinion and Frankfurter and