我国上市公司可转换债券发行动机研究

发布时间：2018-08-24 07:56

【摘要】：可转债兼具股权性融资和债权性融资的双重优点，已成为我国上市公司继配股和增发之后，又一种重要的再融资工具，，其发行动机一直受到学术界的广泛关注。本文以国外多种可转债发行动机理论假说为基础，采用规范分析和实证分析的研究方法，首先从理论上分析了发行可转债降低外部融资成本的作用机制，总结出可转债发行人应具有的公司特征。然后通过单变量分析与二元Logistic回归分析分别对可转债发行样本与公司债发行样本、增发样本的公司特征进行比较研究，考察与理论预期的符合度，并对不符的原因作出了合理的解释，探寻我国上市公司所具有的可转债发行动机，研究发现：可转债公司的“高代理成本、逆向选择成本、财务杠杆、成长性和实际税率”的五个特征中，只有高成长性得到了验证，即现有的可转债发行动机理论假说基本上不能解释我国的可转债发行动机。本文认为我国现有的证券发行核准制度框架，包括公司控股股东和管理者在内的“内部人”追求控制权利益最大化是我国可转债发行的重要动机和主要解释。最后，本文建议市场监管机构应加强可转债的宣传，改进监管政策，执行优惠税率标准，公司应持续改善股权结构，引导企业树立融资成本观并重视自身成长性和风险特征。
[Abstract]:Convertible bonds have the dual advantages of equity financing and debt financing, and have become an important refinancing tool after the rights issue and additional issuance of listed companies in China. Based on the theory hypothesis of foreign convertible bond issuing motivation, this paper uses normative analysis and empirical analysis to analyze the mechanism of reducing the external financing cost of convertible bond issuance. Summed up the convertible bond issuer should have the characteristics of the company. Then, through univariate analysis and binary Logistic regression analysis, we compare the corporate characteristics of convertible bond issue sample and corporate bond issuance sample, and investigate the degree of coincidence with theoretical expectation. This paper also makes a reasonable explanation of the reasons for the discrepancy, explores the motive of convertible bond issuance of listed companies in China, and finds out: the "high agency cost, adverse selection cost, financial leverage" of the convertible bond company. Among the five characteristics of growth and effective tax rate, only high growth rate has been verified, that is, the existing theoretical hypothesis of convertible bond issuing motivation can not explain the motive of convertible bond issuance in China. This paper holds that the existing framework of securities issuance and approval system in China, "insiders", including the controlling shareholders and managers of companies, pursue the maximization of the interests of control rights, which is an important motive and main explanation for the issuance of convertible bonds in China. Finally, this paper suggests that market regulators should strengthen the publicity of convertible bonds, improve the regulatory policy, implement preferential tax standards, and continue to improve the equity structure of companies, guide enterprises to establish a view of financing costs and attach importance to their growth and risk characteristics.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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