可转债能促进企业创新吗?--基于资本市场再融资方式的对比分析  

Can convertible bonds promote corporate innovation:Comparative research of refinancing means in capital markets

作　　者：陈文哲 石宁 梁琪 CHEN Wen-zhe;SHI Ning;LIANG Qi(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China;School of Economics/Collaborative Innovation Center for China Economy,Nankai University,Tianjin 300071,China)

机构地区：[1]山东财经大学金融学院,济南250014 [2]南开大学经济学院财金研究所/中国特色社会主义经济建设协同创新中心,天津300071

出　　处：《管理科学学报》2021年第7期94-109,共16页Journal of Management Sciences in China

基　　金：教育部人文社会科学基金资助项目(20YJC630120);中央高校基本科研业务费专项资金资助项目(63213111);山东省自然科学基金资助项目(ZR2020QG036);山东泰山学者工程资助项目(tsqn201909135).

摘　　要：基于可转债既是融资工具也是契约制度安排的双重属性,探析可转债对企业创新的影响机制和作用效果,就近年来可转债市场扩容对上市公司发展质量的影响提供科学评价.研究发现:1)与普通债券和股权再融资相比,可转债显著提升了企业创新数量和质量.2)可转债一方面能够缓解创新项目融资约束,另一方面能够通过债务治理、股权治理和期权激励机制改善公司治理水平,促进企业创新.3)内部人利用赎回条款或向下修正条款短期内促成债转股的行为,会削弱可转债对创新的促进效果.研究有助于厘清可转债多重属性对创新的影响机制,也有助于从利益相关者博弈角度理解可转债的治理效果,并对如何优化可转债对创新的促进作用提出了建议.By studying the impact of convertible bonds on corporate innovation,the paper scientifically evaluates the impact of the large expansion of convertible bonds market on the development quality of listed companies under the financial support policy for innovation in recent years.In view of the dual nature of convertible bonds as both a financing tool and a contractual institution,the paper discusses the mechanism and effect of convertible bonds on corporate innovation from the perspective of relieving financial constraints and improving corporate governance.The results show that,firstly,compared with bonds and seasoned equity offerings,convertible bonds significantly improve the quantity and quality of corporate innovation.Secondly,convertible bonds can not only relieve financial constraints for innovation projects,but also improve corporate governance through debt governance,equity governance and option incentive mechanism,thus promoting corporate innovation.Thirdly,the use of convertible bonds clauses by insiders may weaken their promotion effect on innovation.The sooner insiders use redemption clauses or downward revision clauses to convert,the weaker the promotion effect of convertible bonds on innovation.This study helps to clarify the mechanisms of multiple attributes of convertible bonds on innovation,and helps to clarify the effect of various clauses of convertible bonds on corporate governance.Suggestions are put forward on how to better achieve the promotion effect of convertible bonds on innovation.

关 键 词：可转债 企业创新 公司治理 融资约束 

分 类 号：F832.5[经济管理—金融学]