本文選題：可轉(zhuǎn)債 + 上市公司��； 參考：《財(cái)會(huì)通訊》2013年35期

【摘要】：正一、引言早在20世紀(jì),國(guó)外有金融財(cái)務(wù)學(xué)者就指出,公司可以通過(guò)發(fā)行可轉(zhuǎn)債減少信息不對(duì)稱(Stein,1992)、抑制投資不足和過(guò)度投資以及減少代理成本(Green,1984)。較近的研究Lewis(1999,2003)也認(rèn)為,可轉(zhuǎn)債發(fā)行人可以通過(guò)轉(zhuǎn)債條款的設(shè)計(jì)有效地解決公司外部融資時(shí)面臨的特定委托代理、信息不對(duì)稱以及財(cái)務(wù)風(fēng)險(xiǎn)等問(wèn)題。但是國(guó)內(nèi)不少學(xué)者的研究表明,我國(guó)資本市場(chǎng)上的上市公司普遍存在著股權(quán)融資偏好,這與發(fā)達(dá)資本市場(chǎng)上市公司的融資行為不相符。從理論上說(shuō),在我國(guó)市場(chǎng)背景下進(jìn)行可轉(zhuǎn)債融資選擇研究,可以豐富我國(guó)上市公司融資決策理論,特別是符合我國(guó)實(shí)際的
[Abstract]:First, as early as the 20th century, foreign financial and financial scholars pointed out that companies can reduce information asymmetry by issuing convertible bonds, curb underinvestment and overinvestment, and reduce agency costs. A recent study by Lewis 1999 / 2003 also shows that convertible bond issuers can effectively solve the problems of specific principal-agent, information asymmetry and financial risk in the external financing of a company through the design of convertible terms. However, the research of many domestic scholars shows that there is a general preference for equity financing in listed companies in China's capital market, which is inconsistent with the financing behavior of listed companies in developed capital markets. Theoretically speaking, the study on the choice of convertible bond financing under the background of Chinese market can enrich the financing decision theory of listed companies in China, especially in line with the reality of our country.
【作者單位】： 蘇州工業(yè)職業(yè)技術(shù)學(xué)院;
【分類號(hào)】：F832.5;F224

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本文編號(hào)：1996182