发行可转换债券的宣告效应和对公司绩效的影响

发布时间：2018-01-17 12:44

本文关键词：发行可转换债券的宣告效应和对公司绩效的影响　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：可转换债券自诞生近170年以来在世界范围内受到上市公司和投资者的广泛青睐,这主要是因为它是一种兼具股权和债权的混合性投资工具。可转换债券诞生于美国并已形成成熟市场,且有关可转换债券的研究也同步达到最高水平,形成了丰富理论文献和实证结果。相比之下国内有关可转债的研究不多而且更多主要集中在定价模型和发行条款设计等方面,然而可转债和配股、增发等工具一样是一种重要的再融资途径,其宣告发行对发行公司股票价格的影响——宣告效应以及对公司绩效的影响更值得我们深入研究。本论文以国内证券市场上发行的可转债为样本,首先对可转债的宣告效应进行实证研究,分析结果显示在宣告日当日发行公司的股票的超额收益率为负且统计显著,随后对影响发行公司股票价格变动的因素进行回归分析,回归结果表明超额收益率与公司规模、可转债发行规模和主营业务收入增长率成正相关关系,而与公司资产负债率呈负相关关系。最后以股东权益净利率这一财务指标为代理变量,研究发行可转债前后共三年发行公司该变量的相对变化以探索可转债发行对公司绩效的影响。本文结构：引言部分主要介绍本论文选题的背景和研究意义,一些重要的相关概念解释以及本论文的研究思路和结构；第一章文献综述,对国内外有关可转债的宣告效应的相关理论和实证结果进行综述以梳理理论发展史并呈现发展现状；第二章和第三章是本论文的核心部分,第二章对可转债发行的宣告效应进行单变量显著性检验和多变量回归分析,第三章重点考察发行可转债对发行公司经营绩效的长期性影响,选择股东权益净利率为代理变量,分别进行纵向和横向检验。第四章结论和建议,首先对全文的研究结论进行总结,然后指出我国可转债市场的一些问题,同时也提出了加快发展和完善我国可转债市场的一些建议。
[Abstract]:Convertible bonds have been widely favored by listed companies and investors in the world since they were born nearly 170 years ago. This is mainly because it is a mixed investment tool with both equity and creditor's rights. Convertible bonds are born in the United States and have formed a mature market, and the research on convertible bonds has reached the highest level at the same time. By contrast, there are few researches on convertible bonds in China and more on pricing models and the design of issuing terms, however, convertible bonds and equity rights issue. As an important means of refinancing, the announcement of issuance has an important impact on the price of the issuing company's stock, and the effect on the performance of the issuing company is worth our further study. In this paper, the domestic securities market issued convertible bonds as a sample, first of all, the declaration effect of convertible bonds for empirical research. The results show that the excess return rate of the issuing company on the date of announcement is negative and statistically significant, and then the factors affecting the stock price change of the issuing company are analyzed by regression analysis. The regression results show that there is a positive correlation between the excess return rate and the size of the company, the size of convertible bond issuance and the growth rate of the main business income. Finally, the net interest rate of shareholders' equity is taken as the proxy variable. This paper studies the relative changes of the variable before and after the issuance of convertible bonds in order to explore the impact of the issuance of convertible bonds on corporate performance. The structure of this paper: the introduction mainly introduces the background and research significance of this thesis, some important related concepts, and the research ideas and structure of this paper. The first chapter is a literature review, to review the relevant theories and empirical results of the declaration effect of convertible bonds at home and abroad in order to comb the history of theoretical development and present the status quo; The second chapter and the third chapter are the core part of this thesis. The second chapter carries on the univariate significance test and the multivariate regression analysis to the declaration effect of convertible bond issuance. The third chapter focuses on the long-term impact of issuing convertible bonds on the operating performance of issuing companies, choosing the net interest rate of shareholders' equity as the agent variable, and carrying out vertical and horizontal tests respectively. Chapter 4th conclusions and recommendations. This paper first summarizes the research conclusions of the full text, then points out some problems in China's convertible bond market, and puts forward some suggestions for speeding up the development and perfection of China's convertible bond market.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.51

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