投资者视角下可转换债券价值偏离的影响因素研究  

Research on the Influencing Factors of Convertible Bond Value Deviation from the Perspective of Investors

作　　者：王康 殷诗悦 WANG Kang;YINShiyue

机构地区：[1]江西农业大学经济管理学院,江西南昌330045

出　　处：《吉林金融研究》2020年第3期23-30,72,共9页Journal of Jilin Financial Research

摘　　要：本文站在投资者角度,运用多元回归模型对109只上市交易的可转债进行分析,发现前十大股东合计持股比例、净资产收益率、市盈率静态和每股资本公积金与可转债价值偏离具有显著的负相关关系,可转债发行公司所属板块、可转债转股定价、可转债上市交易时间与可转债价值偏离有显著的正相关关系。机构持股比例与可转债价值偏离呈负相关,但结果不显著。可转债中签率与可转债价值偏离呈正相关,但结果并不显著。同时本文结合以上相关影响因素分别从投资者、可转债发行公司、证监会及相关监管部门等角度提出相关建议,以期能够使可转债定价更为准确,完善相关规章制度,进一步保护投资者的利益。From the investor's point of view,this paper uses multiple regression model to analyze 109 convertible bonds listed on the market.It finds that the top ten shareholders'total shareholding ratio,return on net assets,static price-earnings ratio and the deviation of capital reserve fund per share from the value of convertible bonds have significant negative correlation.Convertible bond issuing companies belong to the board、Convertible bond to equity pricing,the time of listing and trading of convertible bonds have significant positive correlation with the deviation of convertible bond value.The ratio of institutional ownership is negatively correlated with the deviation of convertible bond value,but the result is not significant.The signing rate of convertible bonds is positively correlated with the deviation of convertible bond value,but the result is not significant.At the same time,this paper puts forward relevant suggestions from the perspectives of investors,convertible bond issuing companies,Securities Regulatory Commission and relevant regulatory authorities,in order to make the pricing of convertible bonds more accurate,improve the relevant regulations and regulations,and further protect the interests of investors.

关 键 词：可转换债券价值 转股溢价率 可转债中签率 多元回归分析 

分 类 号：F83O[经济管理—金融学]