中国上市公司公司债发行公告效应的实证研究

An Empirical Study of Issuing Announcement Effects of Listed Companies in China

本文以2007年8月至2009年8月发行公司债的31个样本公司为研究对象,运用事件研究法对这些公司发行公司债所产生的公告效应进行了研究。结果表明,在我们研究的事件窗口中,我国公司债发行会产生负的公告效应,但是在公告发布之前的累积异常收益率为正,而在公告发布之后的累积异常收益率为负。横截面数据的回归分析表明,股票的累积异常收益率与公司的成长性显著的负相关,与固定资产比率、资产负债率、债券相对发行规模及公司规模显著的正相关,与公司的年龄、债券的信用评级及债券的存续时间不存在显著的相关关系。

This paper takes the 31 sample firms that issued corporate bonds between August 2007 2009, using event study method to analyze the announcement effects of issuing corporate bonds. show that, in the event window we considered, issuing corporate bonds will generate negative effects. and August The results However, before the announcement the CAR is positive, while after the announcement it is negative. The regression of cross-sectional data resuhs show that stock CAR is negatively correlated to the firm＇s growth opportunity significantly, but positively correlated to the fixed assets ratio, debt ratio, relative issue scale of bonds and firm size, and the correlation with firm＇s age, rating and maturity is not significant.