我国上市公司可转债融资选择的实证分析

Empirical Analysis of Financing Choice of Convertible Debts in Our Listed Companies

近年来发行可转债已成为上市公司筹集外部资本的重要融资工具之一。利用Logis- tic回归分析方法检验了公司财务杠杆、成长性、盈利能力、股权结构、公司规模、募集资金规模及行业因素同上市公司在可转债与增发A股选择倾向之间的关系。实证结果发现,可转债融资选择倾向与财务杠杆呈显著负相关,与公司规模呈显著正相关,与公司盈利能力和募集资金规模呈负相关,但显著性水平较低,与公司成长性、第一大股东持股比例以及行业因素无显著相关性。

Convertible debt has been becoming one of important financing instruments for raising external capital of listed companies. The relation of eight factors, financial leverage, growth opportunity, profitability, the largest block shareholder ratio, size of company, size of raising capital, industry factors and preference for financing choice, to convertible debt and SEO were tested by Logistic regression analysis. The results indicated that the preference for choosing convertible debt was related to financial leverage strongly and negatively and was related to size of company strongly and positively. There was low significant relationship between the preferences for choosing convertible debt and profitability and size of raising capital, but there was insignificant relation to growth opportunity, the largest block shareholder ratio and industry factors of company.