可转换债券融资对我国上市公司价值的影响研究  

The Impacts of Convertible Bond Financing on the Value of Chinese Listed Companies

作　　者：程大涛[1] 

机构地区：[1]浙江工商大学金融学院

出　　处：《商业经济与管理》2016年第8期53-63,共11页Journal of Business Economics

摘　　要：可转换债券兼有股权融资和债权融资的两种效用,通常会促使投资者对转股时机与转股数量有不同的决策,这些决策对发行可转换债券的公司价值有不同影响。文章通过建立影响公司价值的分析模型,探讨我国上市公司发行可转换债券对公司价值所产生的影响,并利用我国上市公司1998年至2014年期间发行可转换债券的样本数据进行实证分析。研究发现:上市公司进行可转换债券融资后,公司价值会因其偿债能力变化而下降;国有股权比例之于公司价值的影响,是通过影响公司经理人经营行为来实现的;成长性不同的公司在债券存续期内的公司价值变化,并不存在显著差异。文章基于委托代理角度对可转换债券影响我国上市公司价值展开研究,在一定程度和范围内拓宽了公司治理问题的分析空间。Convertible bonds have two functions of equity financing and debt financing. These functions will affect the investors＇ decisions on the timing and quantity of share transfer and these decisions will have different influences on the company value. This paper establishes an analysis model to examine the impacts of convertible bond issues on company value. The sample consists of Chinese listed companies that issued convertible bonds during the period of 1998-2014. We find that： After convertible bond issues,company value will decrease due to the change of its debt-paying ability; the proportion of state ownership will affect the operational performance of an agent,hence influencing the company value; within bond duration,the changes of company value between growth and value companies are not significantly different. This study contributes to the corporate governance literature with valuable empirical analysis and extends the field by utilizing agency theory to analyze the impacts of convertible bonds financing on company value.

关 键 词：可转换债券 公司价值 委托代理 

分 类 号：F832.48[经济管理—金融学]