可回售公司债券的发行动机和市场反应——基于信息不对称视角

Putable Corporate Bonds' Issuance Motive and Market Reaction——From the Perspective of Information Asymmetry

基于信息不对称理论,运用倾向得分匹配法(PSM)实证研究了可回售债券的发行动机和市场反应。结果显示:当公司公开的财务数据不够理想而股票市场近期表现稳定时,管理层更倾向于发行可回售债券;在信息不对称的情况下,投资者将可回售债券的发行看作是公司经营前景不佳的信号,具体表现为公司宣布发行可回售债券后,其股票的市场超额收益率显著低于未内嵌期权债券发行主体的股票;可回售债券发行主体的后续经营表现相对较差,证明此前市场反应存在一定的合理性。

Based on asymmetric information theory and PSM method, the paper did empirical study on issuance motive and market reaction of putable corporate bonds. The result shows that management staff is more likely to issue putable bonds when firms face with negative financial reports while stock market remains stable recently. Meanwhile, according to asymmetric information, investors may take the issuance of putable bonds as a signal of the firm＇s poor prospects. More specifically, when the firms announce the issuance of putable corporate bonds, their stock market excess return is much lower than non-embedded option bonds. And putable issuers have worse post-issuance operating performance, which proves reasonableness in previous market reaction.