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基于正股价波动的可转债条款设计实证研究

Term Design of Convertible Bond Based on Fluctuation of Fundamental Stock Price:Evidence from the Market of China
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摘要 可转债对我国上市公司而言还是一种比较新的再融资工具,一方面需要研究可转债条款设计对融资效果的影响,另一方面也需要研究如何通过可转债条款设计来实现融资工具的创新。本文从可转债条款因素出发,结合相关财务因素,实证分析了由于可转债发行造成正股价波动的影响因素。研究发现,可转债发行引起正股价波动与相对发行规模、流通盘放大率负相关,与可转债票面利率、经营净利率正相关,总股本稀释率对正股价波动也有一定的负向解释能力,可转债的条款设计应该重视可转债转股对流通盘的放大效应以及对业绩的稀释效应。 Convertible bonds is still a new refinancing tools to listed companies in China,on the one hand,we need to study the design of convertible bonds terms on financing effect,on the other hand,we need to study how to innovate finance implementation tool by the design of convertible bonds terms.This article we wrote is mainly studying the factors of the convertible bond term,and also along with corresponding financial factors in the listed companies.We analyze the factors,which are effecting the fundamental stock fluctuation due to convertible bond issuing.The studies show that the relative issuing size and the increasing rate of stock circulation significantly have a negative impact on the fluctuation,the interest rate on face and the running net profit rate are significantly positive related with the fluctuation,and the diluting rate of total stocks also tends to have negative impact on the fluctuation.We should focus on the increasing of stock circulation and the diluting of profit because convertible bonds converted to fundamental stocks in the term design of convertible bond.
出处 《管理学家(学术版)》 2009年第1期50-56,共7页
关键词 可转债 条款设计 正股价 Convertible Bond Term Design Fundamental Stock Price
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参考文献3

  • 1Ambarish,Ramasastry,John,et al.Efficient Signalling with Dividends and Investments[].The Journal of Finance.1987
  • 2Barclay,M.,Litzenberger,R.H.Announcement effects of new equity issues and the use of intraday price data[].The Journal of Finance.1988
  • 3Denis J.Investment opportunities and the market reaction to equity offerings[].The Journal of Finance.1994

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