可转债强赎股价效应的影响因素研究  

Research on the Influencing Factors of the Effect of Convertible Bond Forced Redemption Stock Price

作　　者：孔令怡 于谦龙[1] KONG Ling-yi;YU Qian-long(School of Management,University of Shanghai for Science and Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《中国林业经济》2023年第5期113-118,共6页China Forestry Economics

摘　　要：选取2013-2022年225家A股上市公司发行的242只可转债,采用多元线性回归法对其强赎公告股价效应的影响因素进行实证研究。研究发现:①公司发布强赎公告对股价产生了负效应;②可转债相对发行规模、剩余规模对累计异常收益率呈现显著负相关关系。研究结论验证了可转债强赎公告的市场效应,证实了可转债累计异常收益率的主要影响因素,因此,提出了对可转债发行公司、投资者、市场监管者的对策建议。By selecting 242 convertible bonds issued by 225 A-share listed companies from 2013 to 2022,this paper used the multiple linear regression method to empirically study the influencing factors of the stock price effect of their forced redemption announcements.The study found that:①the company's forced redemption announcement had a negative effect on the stock price;②the relative issuance scale and remaining scale of convertible bonds showed a significant negative correlation with the cumulative abnormal yield.The research conclusion verified the market effect of the forced redemption announcement of convertible bonds,and confirms the main influencing factors of the cumulative abnormal yield of convertible bonds,so it proposed the countermeasures and suggestions for convertible bond issuers,investors and market regulators.

关 键 词：可转换债券 强制赎回 股价效应 

分 类 号：F224[经济管理—国民经济]