可转债的信号发送功能:中国市场的例子

The Signaling Function of Convertible Bonds:The Chinese Experiences

本文运用中国市场数据,研究了可转债作为内部人信号发送工具的潜在机理,部分解释了发行转债的信息对股价短期变动的影响方向,同时解释了成熟市场和中国等新兴市场的外部投资人在处理转债发行信息方面所具有的差异。

This paper studies market reactions around and after the announcement of the issuance of convertible bonds in the Chinese market. We focus on the signalling function of convertible bonds and find that insiders use convertible bonds as a tool to induce outsiders to over-valuate their companies. By doing so, we also provide explanations to the difference between market performances in efficient markets such as that in the US and those in emerging markets such as that in China. We conclude the paper by discussing the rationality of issuing companies.