上市公司可转债发行效应实证分析

An Empirical Analysis for the Convertible Bonds Announcement Effects of Listed Companies

本文以我国股权分置改革后的可转债发行公司为样本,实证研究发行的公告效应及其影响因素。结果表明,可转债发行公告会产生正的市场效应,且在公告日最为显著。同时,净资产收益率与公告效应显著正相关,公司规模与之显著负相关。可见,在经营过程中不能仅注重公司规模的扩张,更重要的是提高公司的盈利能力。

The article take the sample of Chinese convertible bond offerings after reform of non-tradable shares,and gives empirical study on the issue of announcement effect and its influencing factors of target stocks.The results show that the convertible bond issued announcement will produce positive market effect and the effect in the announcement day is the most significant.Further regression analysis finds that the rate of return on net assets is positive correlation,the company scale is negatively related with announcement effect,both by significance test.Visibly,we can't just pay attention to the expansion of company size,improving the company' s operating performance is more important.