可转债发行动因、宣告效应影响因素比较研究

发布时间：2018-01-14 13:34

本文关键词：可转债发行动因、宣告效应影响因素比较研究　出处：《华南理工大学》2016年硕士论文　论文类型：学位论文

【摘要】：可转换债券因为本身自带的看涨期权性质,相较于一般的公司债券可转债的票面利率更低,而和一般的股票公开发行相比,可转债不但可以延缓股权稀释的进程且能以高于现行股价的价格售出股票,将公开发行对公司价值产生的负面影响进一步降低。基于理论研究的角度,发行可转债被当作一种成本低的债务融资方式,也可看成一种“后门的”权益融资方式。而从其在在我国资本市场实际运用的现实来看,与公司债券、公开增发等融资方式相比,可转债的使用次数并不多、每次的发行规模并不大。可见,理论分析和市场实践出现了冲突。而公司融资的基本逻辑是,如果投融资的基本目标是股东财富或公司价值最大化,那么公司在融资方式选择时一定会考虑外部市场的反应或信号传递效应;于是,公司有动机将一些利好因素传递出去,至少将经营管理的真实信息传递出去。那么,趋动上市公司选择可转债的因素,对可转债选择的影响和对公告效应的影响应该是一致的,否则这个信号就是误传并可能因此有损公司价值。按照这一逻辑,本文通过对我国上市公司选择可转债的影响因素,以及这些因素对可转债发行宣告效应的影响进行实证研究,以比较上市公司、投资者对可转债选择判断的角度、依据是否一致,进而解释上述理论与实践的差异。本文的研究内容可以细分为三大层次。首先,研究哪些因素影响了上市公司选择了可转债而不是选择公司债券、公开增发、配股等其它直接融资方式。其次,这些可能影响可转债选择的因素,是不是影响了上市公司可转债发行宣告后的市场反映,又是如何影响的。最后,本文比较了这些因素对可转债选择和可转债宣告效应不同的或相同的影响及其意义。本文选取2006-2015年中国主板市场中发行可转债、公司债、配股、公开增发的上市公司为样本,根据文献研究选择了财务风险、成长能力、盈利能力、代理成本、资本结构、公司规模和市场行情、股权稀释度反映公司自身素质、市场行情、发行要素共三大类八大因素,运用二元Logistic模型、事件研究法、多元线性回归等方法分析、比较了这些因素对上市公司选择可转债和宣告效应的影响。研究发现,只有资产负债率、主营业务收入增长率、股权集中度显著影响了上市公司对可转债的选择;资产负债率与可转债选择负相关,即资产负债率越高企业越倾向选择可转债外的其它融资方式,而后两者越高,企业越倾向于选择可转债。本文根据事件日超常收益和(-1,0)的累积超常收益,认定可转债具有显著为负的宣告效应;回归分析发现,资产负债率、主营业务收入增长率、公司规模、股权稀释度显著影响了宣告效应,而且资产负债率或股权稀释度与宣告效应负相关,而主营业务收入增长率、公司规模与宣告效应正相关。可见,就我国主板市场上市公司而言,财务风险、公司成长性、股权结构影响了其对可转债的选择;而市场的投资者在评价可转债融资选择的时候,主要的价值判断依据是公司财务风险、成长性、资产规模,以及可转债发行对原有股本的稀释度等因素。最为重要的是,当一个公司资产负债率越低的时候,或者主营业务收入增长越快的时候,公司越倾向于选择可转债,而这个时候公司,投资者越看好可转债的发行,公司的市值也会提高。而市场行情、发行条款本身对公司、投资者的选择和判断都没有太大影响。
[Abstract]:Because of the nature of the convertible bond option itself, compared to general corporate bonds convertible bonds coupon rate is lower, and the general public issuance of stocks compared to convertible bonds can not only delay the dilution process and can be higher than the current stock price to sell shares, the public offering has a negative impact on the value of the company further reduced. The theoretical research based on the perspective of the issuance of convertible bonds as debt financing, a low cost, but also can be regarded as a "back door" equity financing. From the capital market in our country the actual use of the situation, and the public issuance of corporate bonds, compared with other financing ways, can the use of convertible bond number is not much, every time the issue is not large scale. Obviously, the theoretical analysis and practice of market conflict. And the basic logic of corporate finance, investment and financing if the basic purpose The subject is to maximize shareholder wealth or value of the company, then the company in the mode of financing options will be considered in the external market reaction or signaling effect; thus, companies have incentives to transfer some positive factors out, at least the operation of the real information management to pass out. Then, driving factors of convertible bonds of listed companies. Influence on the impact of convertible choice and the announcement effect should be consistent, otherwise the signal is misinformation and may therefore undermine the value of the company. According to this logic, the influence factors of Chinese listed companies choose convertible bonds, and these factors carry on empirical research on the influence of announcement effects of convertible bonds. In order to compare the listed companies, investors in the convertible bonds choose the angle of evidence is consistent, and then explain the difference between the theory and practice. The research content can be divided As of three levels. Firstly, study the factors which influence the listed companies choose convertible bonds rather than corporate bonds, public issuance, allotment and other direct financing. Secondly, these factors may influence the choice of convertible bonds, is not affect the listed companies issuing convertible bonds after the announcement of the market, and how to influence. At last, this paper compares these factors on the choice of convertible bonds and convertible bonds announcement effect of the same or different influence and significance. This paper selects China motherboard market 2006-2015 in the issuance of convertible bonds, corporate bonds, shares, the public issuance of listed companies as a sample, according to the literature research chose the financial risk, growth ability, profitability ability, agency cost, capital structure, company size and market share dilution degree reflects the company's own quality, market, issued a total of three categories of elements of eight factors, the use of two Logistic model, event study method, analysis and multiple linear regression method, comparison of these factors can affect the announcement effect of convertible bonds and listed companies. The study found that only the asset liability ratio, the growth rate of main business income, ownership concentration has significant influence on the choice of convertible bonds of listed companies; the rate of assets and liabilities and the convertible bonds negative correlation, the higher debt ratios of enterprises more inclined to choose other ways of financing of convertible bonds abroad, the latter two are higher, enterprises tend to use convertible bonds. Based on the event day abnormal returns and cumulative abnormal return (-1,0), identification of convertible bonds has a significant negative announcement effect; regression the analysis found that the asset liability ratio, the growth rate of main business income, the size of the company, equity dilution has significant influence on the announcement effect, and the asset liability ratio or equity dilution and the announcement effect and the main negative correlation. The growth rate of business income, company size and announcement effects are related. Obviously, China stock market listed companies, financial risk, company growth, the influence of ownership structure on the choice of convertible bonds; when the market investors in the evaluation of convertible bond financing, the company is mainly on the basis of value judgment financial risk, growth, asset size, and the issuance of convertible bonds and other factors on the dilution of the original capital. Most importantly, when the lower rate of assets and liabilities of a company, or when the faster the main business revenue growth, the company is more inclined to choose convertible bonds, but this time the company and investors are more optimistic about the issuance of convertible bonds, the market value of the company will also be improved. And the market, the terms of issue on the company itself, the selection and judgment of investors are not much affected.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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