银行背景董事与可转债融资:中国的证据

Directors from Bank and Convertible Bond Issuing:Chinese Evidence

基于我国的金融环境,将银行背景董事的来源分为五大行和非五大行两种类型,以此考察不同来源的银行背景董事对可转债融资的影响是否存在差异。研究发现:来自五大行的银行背景董事对可转债融资申请是否被证监会审核通过不会产生显著影响,而来自非五大行的银行背景董事具有显著的正面影响,但是,在可转债融资后的经营业绩上,两者都不会产生显著的积极影响。这表明银行背景董事的作用,主要来自于非五大行的银行背景董事,并且,发挥的作用有限,仅体现了其咨询功能,而非监督功能。

The paper investigates the impacts of directors from Big Five state-owned commer- cial banks and other banks on convertible bond issuing in China. Based on the applicants of con- vertible bond of Chinese listed firms from 2003 to 2012, the results show that directors from Big Five banks have no effect on the approval of convertible bond from government, but directors from other banks have significantly positive effects. However, directors from both Big Five banks and other banks have no contribution to the post-issue operating performance. The finding indi- cates that directors from other banks exercise their expertise role, not the monitoring role, and directors from Big Five banks never fulfill both roles in convertible bond issuing.