本文選題：可轉(zhuǎn)換債券　切入點(diǎn)：投資不足　出處：《中山大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版)》2012年03期

【摘要】：過(guò)度投資和投資不足是我國(guó)上市公司投資過(guò)程中亟待解決的問題。以邁爾斯(Myers,1977)、斯蒂奇(Siddiqi,2009)和史來(lái)弗與魏施尼(Shleifer and Vishny,1989)的分析框架為基礎(chǔ),構(gòu)建的理論模型著重于分析可轉(zhuǎn)債對(duì)公司無(wú)效投資行為的雙向制約作用。結(jié)果表明,可轉(zhuǎn)債能夠?qū)崿F(xiàn)對(duì)公司無(wú)效投資的雙向治理。在理論分析的基礎(chǔ)上,以2000—2008年間我國(guó)可轉(zhuǎn)債發(fā)行公司為樣本對(duì)可轉(zhuǎn)債發(fā)行與公司投資效率改善之間的關(guān)系進(jìn)行檢驗(yàn),經(jīng)驗(yàn)證據(jù)支持理論模型的推斷:可轉(zhuǎn)債能夠根據(jù)公司上年的無(wú)效投資類型調(diào)整其治理方向,并始終驅(qū)動(dòng)發(fā)行公司的投資行為向最優(yōu)投資值靠近。這意味著,在保持必要監(jiān)管的基礎(chǔ)上適度放開對(duì)于公司使用可轉(zhuǎn)債進(jìn)行融資的政策限制,積極發(fā)展債券市場(chǎng),將有助于提高我國(guó)上市公司的整體投資效率。
[Abstract]:Overinvestment and underinvestment are the problems that need to be solved in the process of investment of listed companies in China. Based on the analytical framework of Myersof Myersn 1977, Siddiqiu 2009 and Shleifer and Vishny 1989), The theoretical model is focused on the two-way restriction of convertible bonds on corporate invalid investment behavior. The results show that convertible bonds can achieve the two-way governance of corporate ineffective investment. The relationship between convertible bond issuance and the improvement of investment efficiency is tested with the sample of China's convertible bond issuing companies from 2000 to 2008. Empirical evidence supports the theoretical model's inference that convertible bonds can adjust their governance direction according to the invalid investment types of the company in the previous year, and always drive the issuing company's investment behavior towards the optimal investment value. On the basis of maintaining the necessary supervision, we should appropriately liberalize the policy restrictions on the use of convertible bonds to finance companies, and actively develop the bond market, which will help to improve the overall investment efficiency of listed companies in China.
【作者單位】： 中山大學(xué)管理學(xué)院;中山大學(xué)國(guó)際商學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目“可轉(zhuǎn)換債券融資下的委托代理與公司價(jià)值研究”(70872116) 教育部人文社會(huì)科學(xué)青年項(xiàng)目“基于委托代理視角的可轉(zhuǎn)債治理機(jī)制研究”(12YJc630112) 中山大學(xué)青年教師起步計(jì)劃(3281401)
【分類號(hào)】：F832.51;F224

【參考文獻(xiàn)】

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