股权分置改革后中国上市公司可转债融资选择研究

An Empirical Research into Convertible Bond Financing Choices for Chinese Listed Companies after the Split Share Structure Reform

宏观经济环境和个股表现会影响上市公司可转债融资选择决策。公司规模和股权结构对公司在普通股和可转债之间的选择有显著的影响。盈利能力和所得税对公司在公司债券和可转债之间的选择有显著的影响。公司总风险和成长机会与可转债融资选择显著负相关。财务杠杆和资金宽松度对可转债融资选择没有显著的影响。

MacroceJnomic conditions and stock running can affect the decisions for convertible bond financing. Firm sizes and equity structures signifieantly influence the choice between common equity and convertible bonds. Profitability and tax shields significantly influence the choice between straight debt and convertible bond. Total risks and growth opportunities are significantly negatively related to convertible bond financing. Financial leverage and financial slack are unrelated to the choice of convertible bond.