發(fā)布時(shí)間：2018-01-14 13:34

  本文關(guān)鍵詞：可轉(zhuǎn)債發(fā)行動(dòng)因、宣告效應(yīng)影響因素比較研究　出處：《華南理工大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 直接融資 可轉(zhuǎn)債 發(fā)行動(dòng)因 宣告效應(yīng)

【摘要】：可轉(zhuǎn)換債券因?yàn)楸旧碜詭У目礉q期權(quán)性質(zhì),相較于一般的公司債券可轉(zhuǎn)債的票面利率更低,而和一般的股票公開發(fā)行相比,可轉(zhuǎn)債不但可以延緩股權(quán)稀釋的進(jìn)程且能以高于現(xiàn)行股價(jià)的價(jià)格售出股票,將公開發(fā)行對公司價(jià)值產(chǎn)生的負(fù)面影響進(jìn)一步降低。基于理論研究的角度,發(fā)行可轉(zhuǎn)債被當(dāng)作一種成本低的債務(wù)融資方式,也可看成一種“后門的”權(quán)益融資方式。而從其在在我國資本市場實(shí)際運(yùn)用的現(xiàn)實(shí)來看,與公司債券、公開增發(fā)等融資方式相比,可轉(zhuǎn)債的使用次數(shù)并不多、每次的發(fā)行規(guī)模并不大�？梢�,理論分析和市場實(shí)踐出現(xiàn)了沖突。而公司融資的基本邏輯是,如果投融資的基本目標(biāo)是股東財(cái)富或公司價(jià)值最大化,那么公司在融資方式選擇時(shí)一定會(huì)考慮外部市場的反應(yīng)或信號(hào)傳遞效應(yīng);于是,公司有動(dòng)機(jī)將一些利好因素傳遞出去,至少將經(jīng)營管理的真實(shí)信息傳遞出去。那么,趨動(dòng)上市公司選擇可轉(zhuǎn)債的因素,對可轉(zhuǎn)債選擇的影響和對公告效應(yīng)的影響應(yīng)該是一致的,否則這個(gè)信號(hào)就是誤傳并可能因此有損公司價(jià)值。按照這一邏輯,本文通過對我國上市公司選擇可轉(zhuǎn)債的影響因素,以及這些因素對可轉(zhuǎn)債發(fā)行宣告效應(yīng)的影響進(jìn)行實(shí)證研究,以比較上市公司、投資者對可轉(zhuǎn)債選擇判斷的角度、依據(jù)是否一致,進(jìn)而解釋上述理論與實(shí)踐的差異。本文的研究內(nèi)容可以細(xì)分為三大層次。首先,研究哪些因素影響了上市公司選擇了可轉(zhuǎn)債而不是選擇公司債券、公開增發(fā)、配股等其它直接融資方式。其次,這些可能影響可轉(zhuǎn)債選擇的因素,是不是影響了上市公司可轉(zhuǎn)債發(fā)行宣告后的市場反映,又是如何影響的。最后,本文比較了這些因素對可轉(zhuǎn)債選擇和可轉(zhuǎn)債宣告效應(yīng)不同的或相同的影響及其意義。本文選取2006-2015年中國主板市場中發(fā)行可轉(zhuǎn)債、公司債、配股、公開增發(fā)的上市公司為樣本,根據(jù)文獻(xiàn)研究選擇了財(cái)務(wù)風(fēng)險(xiǎn)、成長能力、盈利能力、代理成本、資本結(jié)構(gòu)、公司規(guī)模和市場行情、股權(quán)稀釋度反映公司自身素質(zhì)、市場行情、發(fā)行要素共三大類八大因素,運(yùn)用二元Logistic模型、事件研究法、多元線性回歸等方法分析、比較了這些因素對上市公司選擇可轉(zhuǎn)債和宣告效應(yīng)的影響。研究發(fā)現(xiàn),只有資產(chǎn)負(fù)債率、主營業(yè)務(wù)收入增長率、股權(quán)集中度顯著影響了上市公司對可轉(zhuǎn)債的選擇;資產(chǎn)負(fù)債率與可轉(zhuǎn)債選擇負(fù)相關(guān),即資產(chǎn)負(fù)債率越高企業(yè)越傾向選擇可轉(zhuǎn)債外的其它融資方式,而后兩者越高,企業(yè)越傾向于選擇可轉(zhuǎn)債。本文根據(jù)事件日超常收益和(-1,0)的累積超常收益,認(rèn)定可轉(zhuǎn)債具有顯著為負(fù)的宣告效應(yīng);回歸分析發(fā)現(xiàn),資產(chǎn)負(fù)債率、主營業(yè)務(wù)收入增長率、公司規(guī)模、股權(quán)稀釋度顯著影響了宣告效應(yīng),而且資產(chǎn)負(fù)債率或股權(quán)稀釋度與宣告效應(yīng)負(fù)相關(guān),而主營業(yè)務(wù)收入增長率、公司規(guī)模與宣告效應(yīng)正相關(guān)�？梢�,就我國主板市場上市公司而言,財(cái)務(wù)風(fēng)險(xiǎn)、公司成長性、股權(quán)結(jié)構(gòu)影響了其對可轉(zhuǎn)債的選擇;而市場的投資者在評價(jià)可轉(zhuǎn)債融資選擇的時(shí)候,主要的價(jià)值判斷依據(jù)是公司財(cái)務(wù)風(fēng)險(xiǎn)、成長性、資產(chǎn)規(guī)模,以及可轉(zhuǎn)債發(fā)行對原有股本的稀釋度等因素。最為重要的是,當(dāng)一個(gè)公司資產(chǎn)負(fù)債率越低的時(shí)候,或者主營業(yè)務(wù)收入增長越快的時(shí)候,公司越傾向于選擇可轉(zhuǎn)債,而這個(gè)時(shí)候公司,投資者越看好可轉(zhuǎn)債的發(fā)行,公司的市值也會(huì)提高。而市場行情、發(fā)行條款本身對公司、投資者的選擇和判斷都沒有太大影響。
[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.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.51

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本文編號(hào)：1423808