上市公司发行可转换债券后绩效研究
发布时间：2018-10-31 15:01
【摘要】：距我国第一支可转换债券发行至今已有二十余年；这二十余年来,可转换债券的发行有成有败,整个市场也历经了繁荣与萧条。十二五规划建议提出加快多层次资本市场体系建设,显著提高直接融资比重,并号召积极发展债券市场。此后我国的可转换债券市场确实历经了可喜的发展；但与成熟的西方市场相比仍存在不小的差距。 上市公司再融资后的绩效表现,一直都是中外学者们热衷的话题。传统的西方融资理论认为,发行可转换债券可以有效提高上市公司的绩效水平。然而可转换债券是否也同样适用于我国资本市场、对发行公司产生有利影响?这个问题以及有关的影响因素便是本文研究的重点。 本文回顾了国内外学者关于可转换债券方面的研究,阐述了古今学者们关于资本结构、公司绩效等方面的理论基础。在结合我国可转换债券市场情况、参考前人研究所得后,尝试以发行前后、第一大股东持股比例、第二至第十大股东持股比例之和与绩效之间的关系作为研究假设；考虑到我国于2006年出台了对可转换债券市场颇具影响的《上市公司证券发行管理办法》,便以此为起点,选取了2006-2011年我国发行可转换债券的63家上市公司作为研究样本进行研究：将上述3个假设以及资产规模、资产负债率、成长性、每股企业自由现金流、可转换债券发行规模设为解释变量,总资产报酬率作为被解释变量,由此建立了多元回归模型然后将所收集到的数据代入回归方程,进行实证分析；之后以净资产收益率作为被解释变量,再次回归,对其进行稳健性检验。回归结果表明,发行可转换债券后,发行公司确实存在绩效下滑现象；同时,良好的股东治理结构有利于上市公司绩效的发展。最后,结合实证结论及我国现状,本文对政府相关部门、融资企业以及投资者提出了关于可转换债券融资方面的建议,希望文章能够起到一定积极的作用。
[Abstract]:It has been more than 20 years since the first convertible bond was issued in our country. In the past twenty years, the issuance of convertible bonds has been successful and the whole market has experienced boom and bust. The 12th Five-Year Plan proposes to speed up the construction of multi-level capital market system, increase the proportion of direct financing significantly, and call for the active development of the bond market. Since then, China's convertible bond market has indeed experienced gratifying development, but compared with the mature western market, there is still a large gap. The performance of listed companies after refinancing has always been a hot topic for Chinese and foreign scholars. The traditional western financing theory holds that issuing convertible bonds can effectively improve the performance of listed companies. However, is convertible bonds also applicable to China's capital market, which has a beneficial impact on the issuing company? This problem and related factors are the focus of this study. This paper reviews the research on convertible bonds at home and abroad, and expounds the theoretical basis of capital structure, corporate performance and so on. Considering the situation of convertible bond market in our country and referring to the previous studies, this paper tries to take the relationship between the first shareholder's shareholding ratio, the sum of the second to the tenth shareholder's shareholding ratio and the performance as the research hypothesis before and after issuing. Considering that in 2006, China introduced the "measures for the Administration of Securities issuance of listed companies", which has a considerable impact on the convertible bond market, this is the starting point. From 2006 to 2011, 63 listed companies issued convertible bonds in China were selected as the research samples: the above three hypotheses, asset size, asset-liability ratio, growth, free cash flow per share, The scale of convertible bond issuance is set as the explanatory variable, and the return on total assets is taken as the explained variable. Then the multivariate regression model is established and the collected data is substituted into the regression equation for empirical analysis. Then take the ROE as the explained variable, return again, and test its robustness. The regression results show that after the issuance of convertible bonds, there is a decline in the performance of the issuing company, and at the same time, a good governance structure of shareholders is conducive to the development of the performance of the listed company. Finally, combined with the empirical conclusions and the current situation in China, this paper puts forward some suggestions on convertible bond financing to the relevant government departments, financing enterprises and investors, hoping that the article can play a positive role.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.5
本文编号：2302615
[Abstract]:It has been more than 20 years since the first convertible bond was issued in our country. In the past twenty years, the issuance of convertible bonds has been successful and the whole market has experienced boom and bust. The 12th Five-Year Plan proposes to speed up the construction of multi-level capital market system, increase the proportion of direct financing significantly, and call for the active development of the bond market. Since then, China's convertible bond market has indeed experienced gratifying development, but compared with the mature western market, there is still a large gap. The performance of listed companies after refinancing has always been a hot topic for Chinese and foreign scholars. The traditional western financing theory holds that issuing convertible bonds can effectively improve the performance of listed companies. However, is convertible bonds also applicable to China's capital market, which has a beneficial impact on the issuing company? This problem and related factors are the focus of this study. This paper reviews the research on convertible bonds at home and abroad, and expounds the theoretical basis of capital structure, corporate performance and so on. Considering the situation of convertible bond market in our country and referring to the previous studies, this paper tries to take the relationship between the first shareholder's shareholding ratio, the sum of the second to the tenth shareholder's shareholding ratio and the performance as the research hypothesis before and after issuing. Considering that in 2006, China introduced the "measures for the Administration of Securities issuance of listed companies", which has a considerable impact on the convertible bond market, this is the starting point. From 2006 to 2011, 63 listed companies issued convertible bonds in China were selected as the research samples: the above three hypotheses, asset size, asset-liability ratio, growth, free cash flow per share, The scale of convertible bond issuance is set as the explanatory variable, and the return on total assets is taken as the explained variable. Then the multivariate regression model is established and the collected data is substituted into the regression equation for empirical analysis. Then take the ROE as the explained variable, return again, and test its robustness. The regression results show that after the issuance of convertible bonds, there is a decline in the performance of the issuing company, and at the same time, a good governance structure of shareholders is conducive to the development of the performance of the listed company. Finally, combined with the empirical conclusions and the current situation in China, this paper puts forward some suggestions on convertible bond financing to the relevant government departments, financing enterprises and investors, hoping that the article can play a positive role.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.5
【引证文献】
相关硕士学位论文 前1条
1 夏晴;XG公司可转换债券融资案例研究[D];辽宁大学;2016年
，本文编号：2302615
本文链接：https://www.wllwen.com/jingjilunwen/touziyanjiulunwen/2302615.html
