基于契约成本的我国上市公司可转债融资选择的实证研究  

An Empirical Study on Convertible Bonds Financing Choice of China Listed Companies Based on Contracting Costs

作　　者：付雷鸣[1] 万迪昉[1] 张雅慧[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《当代经济科学》2009年第5期90-97,共8页Modern Economic Science

基　　金：国家自然科学基金项目《中国公司治理中控制性股东、董事会及经理层关系的行为实验研究》(编号:70572039)

摘　　要：本文以中国上市公司在融资过程当中产生的道德风险、逆向选择和财务成本等契约成本为研究视角,从上市公司融资时所处宏观经济环境及企业自身的财务指标两个方面来研究中国上市公司发行可转债的融资选择。研究表明市场总成交额、公司所处行业的绩效、贷款的利率、公司的成长性、资产负债率及GDP增长均与公司的可转债融资选择负相关。公司规模、固定资产比率、财务松弛度与企业可转债融资选择正相关。公司年龄和融资前一年的股价波动对企业的可转债融资选择没有显著影响。We took the perspective of contract cost such as moral hazard,adverse selection and financial distress generated in the financing process of Chinese listed companies. We study the selection of two financing modes,issuing convertible bonds and increasing issues in stocks,from two aspects: macro-economic background and corporate financial indexes. Results show that the total volume of business of issuing month,industry performance,interest rate of issuing month,the growth of company,asset-liability ratio,and GDP growth of financing year are negatively correlated to the selection of convertible bonds. Yeas of business and stock price volatility of the year before financing are not significantly related with to the selection of convertible bonds financing.

关 键 词：契约成本 可转债 道德风险 逆向选择 财务困境 

分 类 号：F275[经济管理—企业管理]