中国上市公司普通可转债和分离交易可转债融资选择

发布时间：2018-06-03 13:23

本文选题：普通可转债 + 分离交易可转债　；参考：《系统工程》2010年08期

【摘要】：因具有较多的相似之处,普通可转债和分离交易可转债通常被归为同一门类,但对发行公司而言,它们却是两种明显不同的融资工具。本文运用单变量分析和二项log it回归分析对中国上市公司普通可转债和分离交易可转债的融资选择进行研究后发现,普通可转债发行公司和分离交易可转债发行公司在财务特征方面存在显著的差异,分离交易可转债发行公司的净资产和长期负债比率较高;宏观经济周期、公司财务特征和股权结构对发行公司可转债融资选择有显著的影响。当宏观经济上行时,规模越大、长期负债比率越高、第一大股东持股比例越高的公司越倾向于选择分离交易可转债。
[Abstract]:Because of their similarities, ordinary convertible bonds and segregated transaction convertible bonds are usually classified into the same category, but for issuing companies, they are two distinct financing instruments. In this paper, univariate analysis and binomial log it regression analysis are used to study the financing options of Chinese listed companies' general convertible bonds and separately traded convertible bonds. There are significant differences in the financial characteristics between the ordinary convertible bond issuing company and the separate transaction convertible bond issuing company. The net assets and the long-term debt ratio of the separate transaction convertible bond issuing company are higher; the macroeconomic cycle, Corporate financial characteristics and equity structure have a significant impact on convertible bond financing options. When the macro-economy goes up, the larger the scale, the higher the long-term debt ratio, and the higher the shareholding ratio of the largest shareholder, the more inclined the company to choose convertible bonds.
【作者单位】：东南大学经济管理学院;
【分类号】：F275;F832.51;F224

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