我国上市公司可转换债券融资选择及绩效研究

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1、华中科技大学博士学位论文我国上市公司可转换债券融资选择及绩效研究姓名：唐康德申请学位级别：博士专业：企业管理指导教师：夏新平20060430华中科技大学博士学位论文AbstractInrecentyears,asahybridtypefinancingtoolwhichhasthecharactersofbothstockandbond,convertiblebondhasbeenbecomingoneofthemostimportfurtherfinancingtoolsforlistedco

2、mpanies.Thispaperexaminesthefinancing-chosenstrategymotivesandperformanceofconvertiblebondsoflistedcompaniesbyempiricalstudy.Inviewofthehighlyconcentratedownershipandstocksplitmarketenvironment,thispaperanalyzethatthesuperiorpubliccompanieshavethemot

3、ivestoconvertiblebondssincethedesireofthecontrollingstockholdertomaximizethecontrollingbenefitsonthebasisofStein’smodelin1992.Thispaperhaschosen33listedcompanieswhichhaveissuedconvertiblebondsbetweentheyear2000and2004asthesample.UsingtheLogisticregre

4、ssionmethodtotestifythepreferenceinconvertiblebondandseasonedequityoffering(SEO)financing-chosenstrategy,theempiricalresultsshowthatlowerfinancialleverageandbiggerassetscalehaveasignificantpreferenceinconvertiblebondfinancing-chosenstrategy.Meanwhile

5、,it’salsofoundthatthemajorityconvertiblebondsinourcountryareequity-likebyusingprobabilityanalysis.Thereforewecanunveiltherealmotivesofconvertiblebondfinancing-chosenstrategy---realizeindirectequityfinancing.Theinitialconversionprobabilityofconvertibl

6、ebondhasasignificantlypositiverelationwiththeinterestratebutanon-significantrelationwithcompanycharacters,whichdemonstratesthatpubliccompaniestendtoissueconvertiblebondwithstockcharactersintheperiodofhighinterestrate.Whentheexpectedfinancialdistressc

7、ostsarehigh,listedcompaniesmaximizethefinancingscalebyissuingconvertiblebondswithequity-like,andtoobtainthecontrollingbenefitsaswell.Furthermore,theconvertiblebondfinancing-chosenstrategiesofpubliccompaniesareaffectedbyfinancingsupervisionpolicies.Af

8、tertestifyingtheperformanceoflistedcompaniesbyempiricalstudy,wefindthattheperformanceofthecompanieswhohaveissuedconvertiblebondspresentareverseU-shapeduringtheperiodthreeyearsbeforetheissueandthesecondyearafterward,whichshowsthattheperformancehasbeen