我国可转换债券转股价下调行为的研究

发布时间：2018-03-14 14:36

本文选题：可转换债券特别向下修正条款转股价动机　切入点：　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：转股价向下修正条款是我国可转债市场上多次被运用的条款。该项条款多见于亚洲市场而在欧美国家鲜少使用,在日本首先被使用,我国大陆和台湾地区也都有广泛运用。目前,向下修正转股价的大多数文献研究主要围绕于向下修正条款的定价,也就是从可转债持有人的价值来分析。但是可转债同时兼具股性和债性,向下修正条款对股权投资者的价值影响也具有研究价值。本文旨在研究可转债发行人向下调整转股价的决策行为,探究影响这种决策的可能因素。本文从控制权收益和财务危机的角度分析,比较转股价修正行为带来的收益和成本,得出转股价下调的条件。其次,通过我国2002～2013年触发修正条件的样本进行实证回归分析,创新性地以转股价的调整幅度为被解释变量,从财务指标和资本结构等方面解释了转股价的下调。此外由于可转债总体样本量偏小,有些重要影响因素无法通过回归分析得出有效的结论。本文也通过案例分析方式,补充和完善了转股价下调的其他原因。本文得到如下结论：(1)向下修正转股价的公告效应不显著,表明向下修正转股价公告包含的信息量有限,不会给股价带来实质的影响。(2)财务危机的缓解和控股股东的利益是公司考虑是否调整转股价的重要因素。当财务危机有显著的缓解时公司更倾向于调整转股价,并且财务状况越差的公司这种意愿更加强烈。同时,调整转股价的幅度与控股股东控制权收益的稀释也密切相关。(3)影响公司修正转股价决策的因素还包括公司是否为国企、回售压力的大小、股价与每股净资产的关系以及股市的整体环境等等。这些因素也反应出公司是否修正转股价是公司原始股东与新股东的博弈结果。向下修正条款和回售条款的设计差异,使得实际运用中回售条款对债权人保护不够。发行人在处理两类条款的条件关系时,更应该从可转债投资人的角度出发,使他们的权利得到充分的保障。另外,向下修正条款的规定上应对行使这项权利稍加一些约束,可以为中小股东的权益提供一些保障。
[Abstract]:The downward revision of the share price is a clause that has been used many times in China's convertible bond market. This clause is widely used in the Asian market but rarely used in Europe and the United States, and was first used in Japan. Both the mainland and Taiwan are also widely used. At present, most of the literature on downward revision of stock prices mainly revolves around the pricing of downward revised clauses. That is to say, from the perspective of the value of the holders of convertible bonds. But convertible bonds are both equity and debt. This paper aims to study the decision behavior of convertible bond issuers to adjust the price of convertible bonds downwards. This paper analyzes the profit of control right and the financial crisis, compares the profit and cost brought by the correction of the stock price, and obtains the condition of the downward adjustment of the stock price. Through the empirical regression analysis of the sample of trigger correction condition from 2002 to 2013 in China, we creatively take the adjustment range of the stock price as the explanatory variable. This paper explains the downward adjustment of convertible stock price from the aspects of financial index and capital structure. In addition, because the total sample size of convertible bonds is small, some important influencing factors can not be concluded by regression analysis. In this paper, we get the following conclusion: 1) the announcement effect of downward revision is not significant, which indicates that the downward revision contains limited information. The mitigation of financial crisis and the interests of controlling shareholders are important factors for the company to consider whether or not to adjust its share price. When there is a significant easing of the financial crisis, the company is more inclined to adjust the share price. At the same time, the extent of the adjustment of the share price is closely related to the dilution of the earnings of the controlling rights of the controlling shareholders.) the factors that affect the company's decision to revise the stock price also include whether the company is a state-owned enterprise. The size of the resale pressure, The relationship between stock price and net asset per share, the overall environment of stock market, etc. These factors also reflect whether the company corrects the share price is the result of the game between the original shareholder and the new shareholder. When dealing with the conditional relationship between the two types of terms, issuers should make their rights fully protected from the perspective of convertible bond investors. The provisions of the downward amendment clause should exercise this right with some restrictions, which can provide some protection for the rights and interests of minority shareholders.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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