可转换债券、期权契约异质性与企业研发投入

Convertible Bond,Option Contract Heterogeneity and R&D Investment Level

本文以2009-2017年发行可转换债券的上市公司为初始样本,通过倾向得分匹配-双重差分法(PSM-DID),探讨不同期权契约条款设计下可转换债券融资对企业研发投入水平的影响。研究发现,企业研发投入水平在可转换债券发行后整体上得到显著提升;风险承担和融资约束在可转换债券对于企业研发投入的影响机制中发挥了部分中介作用。进一步研究发现,不同期权契约条款设计存在异质性影响。具体而言,为更好地发挥可转换债券对研发活动的促进效应,企业可以考虑转股条款内嵌转股激励、赎回条款内嵌赎回激励、向下修正条款内嵌回售抑制。本文试图为基于中国情境的可转换债券发行实践提供新的经验证据,为企业基于预期的可转换债券期权契约条款设计提供参考。

This article takes convertible bonds issued by Shanghai and Shenzhen A-share listed companies from 2009 to 2017 as the initial sample,and uses propensity score matching-double difference method(PSM-DID)to explore the impact of convertible bond financing on corporate R&D investment under different option contract terms.The results show that the R&D investment level of enterprises has been significantly improved after the issuance of convertible bonds;risk-taking and financing constraints play apartial intermediary role in the impact mechanism of convertible bonds on R&D investment of enterprises.Further research shows that different option contract clauses have heterogeneous effects.Specifically,in order to give full play to the promotion effect of convertible bonds on R&D activities,enterprises can consider conversion incentives embedded in conversion clauses,redemption incentives embedded in redemption clauses,and resale suppression embedded in downward amendment clauses.This paper attempts to provide new empirical evidence for the practice of convertible bond issuance based on China’s situation,and provide reference for enterprises to design the contract terms of convertible bond options based on expectations.