管理层能力、防御程度对上市公司可转债融资影响的实证研究

发布时间：2018-03-24 09:13

本文选题：管理层能力　切入点：管理层防御程度　出处：《东北大学》2014年硕士论文

【摘要】：自从1992年我国上市公司发行第一支可转债以来,短短二十几年时间里,可转债的发展十分迅速,为上市公司提供了新的外部融资选择。在此背景下,有必要探索影响我国上市公司可转债融资的因素。上市公司的财务融资议案首先是由管理层拟定然后提交董事会审批,管理层自身对上市公司关于外部融资议案的制定与选择影响重大。人力资本理论认为人力资本具有高度的异质性,那么管理层能力的差异是如何影响可转债融资的?管理层能力的差异能够给可转债的发行与否以及发行规模带来何种影响?国外学者通过模型的构建提出可转债融资的管理防御假说,认为管理防御动机影响着公司的可转债融资,那么管理层防御的强弱是如何影响可转债融资的?管理层防御程度能够给可转债的发行与否以及发行规模带来何种影响?为此,本文站在管理层视角,研究管理层能力、防御程度对可转债融资的影响,同时在此基础上进一步探讨管理层能力和管理层防御程度的交互作用对可转债融资的影响。首先,本文研究管理层能力、防御程度对上市公司可转债发行与否的影响,构建二元Logisitic回归模型,运用SPSS17.0对数据进行分析,研究结果显示：管理层能力越强,上市公司越愿意发行可转债；管理层防御程度越高,上市公司越愿意发行可转债；管理层能力会强化防御程度对上市公司发行可转债的影响。其次,本文研究管理层能力、防御程度对上市公司可转债发行规模的影响,构建多元线性回归模型,运用SPSS17.0对数据进行分析,研究结果显示：管理层能力越强,上市公司可转债发行规模越大；管理层防御程度越高,上市公司可转债发行规模越大；管理层能力会强化防御程度对上市公司可转债发行规模的影响。然后,对实证结果进行稳健性检验,未发现研究结论有显著变化。最后,以研究结论基础为上市公司和投资者提出了相应的建议。
[Abstract]:Since the first convertible bond was issued by the listed companies in our country in 1992, the convertible bonds have developed very rapidly in a short period of more than 20 years, which provides a new external financing option for the listed companies. It is necessary to explore the factors that affect the financing of convertible bonds of listed companies in China. The financial financing bill of listed companies is first drawn up by the management and submitted to the board of directors for approval. The management itself has a great influence on the formulation and choice of external financing bill of listed companies. Human capital theory holds that human capital has a high degree of heterogeneity, so how does the difference of management ability affect convertible bond financing? How can the difference in management capacity affect the issuance of convertible bonds and the size of the issue? Foreign scholars put forward the management defense hypothesis of convertible bond financing through the construction of model, and think that the motivation of management defense affects the financing of convertible bonds, so how does the strength of management defense affect convertible bond financing? What impact can the level of management defense have on the issuance of convertible bonds and the size of the issue? Therefore, from the perspective of management, this paper studies the influence of management ability and defense degree on convertible bond financing. At the same time, on the basis of this, the paper further discusses the interaction of management ability and management defense degree on convertible bond financing. Firstly, this paper studies the influence of management ability and defense degree on convertible bond issuance or not of listed companies. The binary Logisitic regression model is constructed and the data is analyzed by SPSS17.0. The results show that the stronger the management ability, the more willing the listed company is to issue convertible bonds, the higher the level of defense of management is, the more willing the listed company is to issue convertible bonds. The ability of management will strengthen the influence of defense degree on convertible bond issuance of listed company. Secondly, this paper studies the influence of management ability and defense degree on the scale of convertible bond issuance of listed company, and constructs a multivariate linear regression model. Using SPSS17.0 to analyze the data, the results show that: the stronger the management ability, the larger the convertible bond issuance scale of listed companies, the higher the defense level of management, the larger the issuing scale of convertible bonds of listed companies. The ability of management will strengthen the influence of defense degree on the issuing scale of convertible bonds of listed companies. Then, the robustness test of empirical results shows that there is no significant change in the conclusions of the research. Finally, Based on the conclusions of the study, the author puts forward corresponding suggestions for listed companies and investors.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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