中国上市公司发行可转换债券公告效应研究  

Research on the Announcement Effect of Convertible Bond Issued by China's Listed Companies

作　　者：罗美娟[1] 吴优[1] 

机构地区：[1]云南大学经济学院,云南昆明650091

出　　处：《学术探索》2015年第11期39-43,共5页Academic Exploration

摘　　要：作为一种嵌入期权特性的债务融资工具，可转换债券兼具债权和股权的双重属性，各国资本市场中发行的可转换债券都存在着公告效应，但不同国家发行可转换债券公告导致的短期股价变动方向不尽一致。论文运用事件研究法分析了2010～2014年我国上市公司公发行可转换债券的公告效应，得出我国可转换债券将对公司的短期股价产生正面影响的结论。As a kind of option - embedded debt financing tool, convertible bond has the dual nature of debt and equity. An- nouncement effect is universal with this kind of bond issued in the capital market, but short - term stock price change brought by this effect varies from country to country. This paper analyzes the announcement effect of the pubic convertible bond issued by the listed companies in China from 2010 to 2014. It is concluded that China＇s convertible bons has a positive impact on the company＇s short -term stock price.

关 键 词：可转换债券 公告效应 短期股价 

分 类 号：F830.9[经济管理—金融学]