Q调味品企业可转债发行动机及公告效应探究

Study on Motivation and Announcement Effect of Issuing Convertible Bonds of Company Q

可转债兼具股权和债权双重属性,是各大上市公司再融资的重要手段。本文以国内某调味品企业Q为研究对象,运用SWOT分析法剖析Q公司发行可转债的动因,使用事件研究法评估该企业发行可转债的公告效应。评估结果发现,Q公司此次发行可转债公告效应为负。Q公司发行可转债的失败经历给相关企业敲响警钟,发行可转债前除了充分考虑公司面临的机会、应对的挑战以及自身存在的优势和劣势外,也有必要理性认识发行可转债可能带来的风险。本文试图为可转债发行主体做出合理的可转债融资决策提供警示。

Convertible bonds have both equity and debt attributes and have become an important means of refinancing for major listed companies.In this paper,we analyze the motivation of Q s convertible bond issue by using SWOT analysis and evaluate the announcement effect of the convertible bond issue by using event study method.The failure of Q s convertible bond issue is a warning to the enterprises concerned that before issuing convertible bonds,it is necessary to fully consider the opportunities,challenges,strengths and weaknesses of the company,as well as to rationally understand the possible risks associated with convertible bond issue.The research in this paper attempts to provide a warning for convertible bond issuers to make reasonable convertible bond financing decisions.