本文選題：可轉(zhuǎn)換債券特別向下修正條款轉(zhuǎn)股價(jià)動(dòng)機(jī)　切入點(diǎn)：　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：轉(zhuǎn)股價(jià)向下修正條款是我國(guó)可轉(zhuǎn)債市場(chǎng)上多次被運(yùn)用的條款。該項(xiàng)條款多見于亞洲市場(chǎng)而在歐美國(guó)家鮮少使用,在日本首先被使用,我國(guó)大陸和臺(tái)灣地區(qū)也都有廣泛運(yùn)用。目前,向下修正轉(zhuǎn)股價(jià)的大多數(shù)文獻(xiàn)研究主要圍繞于向下修正條款的定價(jià),也就是從可轉(zhuǎn)債持有人的價(jià)值來分析。但是可轉(zhuǎn)債同時(shí)兼具股性和債性,向下修正條款對(duì)股權(quán)投資者的價(jià)值影響也具有研究?jī)r(jià)值。本文旨在研究可轉(zhuǎn)債發(fā)行人向下調(diào)整轉(zhuǎn)股價(jià)的決策行為,探究影響這種決策的可能因素。本文從控制權(quán)收益和財(cái)務(wù)危機(jī)的角度分析,比較轉(zhuǎn)股價(jià)修正行為帶來的收益和成本,得出轉(zhuǎn)股價(jià)下調(diào)的條件。其次,通過我國(guó)2002～2013年觸發(fā)修正條件的樣本進(jìn)行實(shí)證回歸分析,創(chuàng)新性地以轉(zhuǎn)股價(jià)的調(diào)整幅度為被解釋變量,從財(cái)務(wù)指標(biāo)和資本結(jié)構(gòu)等方面解釋了轉(zhuǎn)股價(jià)的下調(diào)。此外由于可轉(zhuǎn)債總體樣本量偏小,有些重要影響因素?zé)o法通過回歸分析得出有效的結(jié)論。本文也通過案例分析方式,補(bǔ)充和完善了轉(zhuǎn)股價(jià)下調(diào)的其他原因。本文得到如下結(jié)論：(1)向下修正轉(zhuǎn)股價(jià)的公告效應(yīng)不顯著,表明向下修正轉(zhuǎn)股價(jià)公告包含的信息量有限,不會(huì)給股價(jià)帶來實(shí)質(zhì)的影響。(2)財(cái)務(wù)危機(jī)的緩解和控股股東的利益是公司考慮是否調(diào)整轉(zhuǎn)股價(jià)的重要因素。當(dāng)財(cái)務(wù)危機(jī)有顯著的緩解時(shí)公司更傾向于調(diào)整轉(zhuǎn)股價(jià),并且財(cái)務(wù)狀況越差的公司這種意愿更加強(qiáng)烈。同時(shí),調(diào)整轉(zhuǎn)股價(jià)的幅度與控股股東控制權(quán)收益的稀釋也密切相關(guān)。(3)影響公司修正轉(zhuǎn)股價(jià)決策的因素還包括公司是否為國(guó)企、回售壓力的大小、股價(jià)與每股凈資產(chǎn)的關(guān)系以及股市的整體環(huán)境等等。這些因素也反應(yīng)出公司是否修正轉(zhuǎn)股價(jià)是公司原始股東與新股東的博弈結(jié)果。向下修正條款和回售條款的設(shè)計(jì)差異,使得實(shí)際運(yùn)用中回售條款對(duì)債權(quán)人保護(hù)不夠。發(fā)行人在處理兩類條款的條件關(guān)系時(shí),更應(yīng)該從可轉(zhuǎn)債投資人的角度出發(fā),使他們的權(quán)利得到充分的保障。另外,向下修正條款的規(guī)定上應(yīng)對(duì)行使這項(xiàng)權(quán)利稍加一些約束,可以為中小股東的權(quán)益提供一些保障。
[Abstract]:The downward revision of the share price is a clause that has been used many times in China's convertible bond market. This clause is widely used in the Asian market but rarely used in Europe and the United States, and was first used in Japan. Both the mainland and Taiwan are also widely used. At present, most of the literature on downward revision of stock prices mainly revolves around the pricing of downward revised clauses. That is to say, from the perspective of the value of the holders of convertible bonds. But convertible bonds are both equity and debt. This paper aims to study the decision behavior of convertible bond issuers to adjust the price of convertible bonds downwards. This paper analyzes the profit of control right and the financial crisis, compares the profit and cost brought by the correction of the stock price, and obtains the condition of the downward adjustment of the stock price. Through the empirical regression analysis of the sample of trigger correction condition from 2002 to 2013 in China, we creatively take the adjustment range of the stock price as the explanatory variable. This paper explains the downward adjustment of convertible stock price from the aspects of financial index and capital structure. In addition, because the total sample size of convertible bonds is small, some important influencing factors can not be concluded by regression analysis. In this paper, we get the following conclusion: 1) the announcement effect of downward revision is not significant, which indicates that the downward revision contains limited information. The mitigation of financial crisis and the interests of controlling shareholders are important factors for the company to consider whether or not to adjust its share price. When there is a significant easing of the financial crisis, the company is more inclined to adjust the share price. At the same time, the extent of the adjustment of the share price is closely related to the dilution of the earnings of the controlling rights of the controlling shareholders.) the factors that affect the company's decision to revise the stock price also include whether the company is a state-owned enterprise. The size of the resale pressure, The relationship between stock price and net asset per share, the overall environment of stock market, etc. These factors also reflect whether the company corrects the share price is the result of the game between the original shareholder and the new shareholder. When dealing with the conditional relationship between the two types of terms, issuers should make their rights fully protected from the perspective of convertible bond investors. The provisions of the downward amendment clause should exercise this right with some restrictions, which can provide some protection for the rights and interests of minority shareholders.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

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本文編號(hào)：1611646