可转换债券发行动因及股价效应研究被引量：16

The Reasons of Issuing Convertible Bonds and the Stock Price Effects

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摘要通过对拟发行及正式发行可转换债券的上市公司的财务状况和可转换债券的条款设计的分析,探讨上市公司选择可转债进行融资的动因,发现上市公司发行可转换债券主要是为了降低融资成本和间接地股权融资。对股价效应的实证研究发现,董事会、股东大会拟发行公告日当天的平均超额收益显著为负,而获准发行及正式发行公告日后一天存在显著为正的超额收益。对股价效应影响因素的截面回归结果发现调整后的每股收益与股价效应有显著的正相关性。 This paper analyzes the reasons of issuing convertible bonds by investigating the financial situations of the listed companies that ever announced to be prepared to issue convertible bonds and have issued convertible bonds, the result shows that the listed companies, purpo~ is to reduce the financing cost and to get equities indirectly by issuing convertible bonds. The study also investigates the stock price effects of prepare-to-offers and offerings of convertible bonds, the empirical test shows that the stock price effects of prepare-to-offers are associated with significant negative abnormal returns, the abnormal returns of offerings are negative but insignificant. The announcement period return is insignificant positively related to the EPS.

作者刘舒娜陈收徐颖文

机构地区湖南大学工商管理学院

出处《系统工程》 CSCD 北大核心 2006年第1期62-69,共8页 Systems Engineering

基金国家社会科学基金资助项目(05BJY010) 国家博士点基金资助项目(20030532012)

关键词可转换债券发行动因股价效应影响因素 Convertible Bond Reasons of Issuing Convertible Bonds Stock Price Effects Affect Factors

分类号 F830 [经济管理—金融学]

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参考文献12

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