可转换债券对基础股票影响的实证研究

Empirical Study on Stock Changes after Convertible Bond Offering

对上市公司发行可转换债券后基础股票的风险收益变化情况进行了实证检验。研究发现上市公司在发行转债前一年基础股票风险较低,公司选择发行转债并非出于风险管理方面的考虑;转债发行公司的基础股票长时间保持着高收益低风险的状况,这可能是由于资本市场缺乏有效性使然;基础股票收益率与经营绩效出现了相反的变化趋势,这种状况有可能是由于转债市场上存在脱离业绩炒个股的现象造成的。

To take empirical study on stock risk and return changes after the corperate offering convertible bond.The result indicates that: the stock risk was low the year before the corperate offering convertible bond,which means risk management is not the purpose of the corperate on convertible bond offering;the stock kept high return and low risk for a long time,and stock return and corperate performance took a diverse change,it may be led by individual share purchase divorced from performance on covertible market.