可转换债券对目标资产负债率动态调整的研究  

A Study on Convertible Bond for Dynamic Adjustment of Target Asset-liability Ratio

作　　者：王冬年[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《中央财经大学学报》2007年第4期92-96,共5页Journal of Central University of Finance & Economics

摘　　要：静态权衡理论认为,公司存在一个适度的目标资产负债率,当公司的资产负债率达到这一点时,公司价值最大。公司选择融资工具的目的之一是优化资产负债率,而可转换债券是调节公司资产负债率的理想工具。从理论分析和实证检验两个方面的研究表明,公司利用可转换债券融资能够实现对目标资产负债率动态调整的目的。更确切地说,是可转换债券转股率的变化导致了公司目标资产负债率的动态调整。Static trade-off theory believe there is a moaerate target asset rate asset-liability ratio achieve this point, corporate value is maximization. Optimizing asset-liability ratio is one of object of selection financing facility by corporate, and that convertible bond is the ideal facility of adjustment of target asset-liability ratio. The research indicate that convertible bond financing achieve the object of dynamic adjustment of target asset-liability ratio from theoretics analysis and empirical test. Strictly, it is the variety of conversion rate that lead to dynamic adjustment of target asset-liability ratio.

关 键 词：可转换债券 目标资产负债率 静态权衡理论 转股率 

分 类 号：F275[经济管理—企业管理]