上市公司發(fā)行可轉(zhuǎn)換債券后績效研究
發(fā)布時(shí)間：2018-10-31 15:01
【摘要】：距我國第一支可轉(zhuǎn)換債券發(fā)行至今已有二十余年；這二十余年來,可轉(zhuǎn)換債券的發(fā)行有成有敗,整個(gè)市場也歷經(jīng)了繁榮與蕭條。十二五規(guī)劃建議提出加快多層次資本市場體系建設(shè),顯著提高直接融資比重,并號召積極發(fā)展債券市場。此后我國的可轉(zhuǎn)換債券市場確實(shí)歷經(jīng)了可喜的發(fā)展；但與成熟的西方市場相比仍存在不小的差距。 上市公司再融資后的績效表現(xiàn),一直都是中外學(xué)者們熱衷的話題。傳統(tǒng)的西方融資理論認(rèn)為,發(fā)行可轉(zhuǎn)換債券可以有效提高上市公司的績效水平。然而可轉(zhuǎn)換債券是否也同樣適用于我國資本市場、對發(fā)行公司產(chǎn)生有利影響?這個(gè)問題以及有關(guān)的影響因素便是本文研究的重點(diǎn)。 本文回顧了國內(nèi)外學(xué)者關(guān)于可轉(zhuǎn)換債券方面的研究,闡述了古今學(xué)者們關(guān)于資本結(jié)構(gòu)、公司績效等方面的理論基礎(chǔ)。在結(jié)合我國可轉(zhuǎn)換債券市場情況、參考前人研究所得后,嘗試以發(fā)行前后、第一大股東持股比例、第二至第十大股東持股比例之和與績效之間的關(guān)系作為研究假設(shè)；考慮到我國于2006年出臺了對可轉(zhuǎn)換債券市場頗具影響的《上市公司證券發(fā)行管理辦法》,便以此為起點(diǎn),選取了2006-2011年我國發(fā)行可轉(zhuǎn)換債券的63家上市公司作為研究樣本進(jìn)行研究：將上述3個(gè)假設(shè)以及資產(chǎn)規(guī)模、資產(chǎn)負(fù)債率、成長性、每股企業(yè)自由現(xiàn)金流、可轉(zhuǎn)換債券發(fā)行規(guī)模設(shè)為解釋變量,總資產(chǎn)報(bào)酬率作為被解釋變量,由此建立了多元回歸模型然后將所收集到的數(shù)據(jù)代入回歸方程,進(jìn)行實(shí)證分析；之后以凈資產(chǎn)收益率作為被解釋變量,再次回歸,對其進(jìn)行穩(wěn)健性檢驗(yàn)�；貧w結(jié)果表明,發(fā)行可轉(zhuǎn)換債券后,發(fā)行公司確實(shí)存在績效下滑現(xiàn)象；同時(shí),良好的股東治理結(jié)構(gòu)有利于上市公司績效的發(fā)展。最后,結(jié)合實(shí)證結(jié)論及我國現(xiàn)狀,本文對政府相關(guān)部門、融資企業(yè)以及投資者提出了關(guān)于可轉(zhuǎn)換債券融資方面的建議,希望文章能夠起到一定積極的作用。
[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.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F272.5
本文編號：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.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F272.5
【引證文獻(xiàn)】
相關(guān)碩士學(xué)位論文 前1條
1 夏晴;XG公司可轉(zhuǎn)換債券融資案例研究[D];遼寧大學(xué);2016年
，本文編號：2302615
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