| 955 | 37 | 451 |
| 下载次数 | 被引频次 | 阅读次数 |
股票价格高于转股价格时可转换债券内嵌期权由虚值变成实值状态，可转债持有者可能自愿转为股票对企业而言是一种外生的杠杆率下降冲击。文章从可转债预期转股冲击视角，采用断点回归分析的方法，探讨预期转股冲击对企业杠杆调整的作用程度和影响路径，同时分析预期转股冲击对不同来源负债的影响差异，并检验债务累积风险不同的企业杠杆调整的异质性。研究发现：企业增加当期杠杆率以应对预期转股冲击，预期转股冲击通过增加股价信息含量和提高股票流动性的路径影响企业杠杆调整，其显著提高经营杠杆而不影响金融杠杆。进一步分组检验表明，债务累积风险低的企业对预期转股冲击导致的预期杠杆率下降更为敏感，积极调整企业杠杆率，预期转股冲击不会叠加债务累积风险高的企业杠杆率。可转债融资工具有助于企业实现稳杠杆。
Abstract：When the stock price is higher than the conversion price,the conversion option change from out-of-the-money to inthe-money. The anticipated conversions of convertible bonds cause leverage drop,which is an exogenous impact to the firms. From the perspective of anticipated conversions of convertible bonds,this article uses regression discontinuity design to discuss how leverage responds to anticipated conversions of convertible bonds and its transmission mechanism,discusses the impact of anticipated conversions on different types of corporate liabilities,and examines the heterogeneity of corporate leverage adjustments with different accumulated debt risks. It is found that firms increase current leverage ratio to respond to the anticipated conversions of convertible bonds. Besides,the anticipated conversions affect corporate leverage adjustments by increasing the stock price information content and improving stock liquidity. Firms will first choose operating liabilities to balance the capital structure. In addition,the results show that firms with low debt risks are more sensitive to the expected reduction in leverage caused by the impact of anticipated conversions,and actively adjust the capital structure. In contrast,the impact of anticipated conversions will not add to leverage in high debt risk firms.Overall,convertible bonds help firms achieve stable leverage.
[1]CHANG S C,CHEN S S,LIU Y.Why firms use convertibles:a further test of the sequential-financing hypothesis[J].Journal of Banking & Finance,2004,28(5):1163-1183.
[2]屈文洲，林振兴.中国上市公司可转债发行动因：“后门权益”VS“代理成本”[J].中国工业经济，2009(8):141-151.
[3]刘娥平.中国上市公司可转换债券发行公告财富效应的实证研究[J].金融研究，2005(7):45-56.
[4]KIM H J,HAN S H.Convertible bond announcement returns,capital expenditures,and investment opportunities:evidence from Korea[J].Pacific-Basin Finance Journal,2019,53(2):331-348.
[5]FINNERTY J D.Valuing convertible bonds and the option to exchange bonds for stock[J].Journal of Corporate Finance,2015,31(4):91-115.
[6]RASTAD M.Capital structure pre-balancing:evidence from convertible bonds[J].Journal of Corporate Finance,2016,41(8):43-65.
[7]HOVAKIMIAN A,HOVAKIMIAN G,TEHRANIAN H.Determinants of target capital structure:the case of dual debt and equity issues[J].Journal of financial economics,2004,71(1):517-540.
[8]FAULKENDER M,FLANNERY M J,HANKINS K W,et al.Cash flows and leverage adjustments[J].Journal of Financial Economics,2012,103(3):632-646.
[9]王化成，高升好，张伟华.行为金融与资本结构动态调整基于损失规避视角的探讨[J].财贸经济，2013(10):49-58.
[10]闵亮，沈悦.宏观冲击下的资本结构动态调整——基于融资约束的差异性分析[J].中国工业经济，2011(5):109-118.
[11]巫岑，黎文飞，唐清泉.产业政策与企业资本结构调整速度[J].金融研究，2019(4):92-110.
[12]陆正飞，何捷，窦欢.谁更过度负债：国有还是非国有企业[J].经济研究，2015(12):56-69.
[13]CAMPBELL C J,EDERINCTON L H,VANKUDRE P.Tax shields,sample-selection bias,and the information content of conversion-forcing bond calls[J].Journal of Finance,1991,46(4):1291-1324.
[14]黄莲琴，屈耀辉.经营负债杠杆与金融负债杠杆效应的差异性检验[J].会计研究，2010(9):59-65.
[15]丁宁，丁华.实体零售全渠道商业模式创新对经营绩效的影响——基于双重差分法的研究[J].商业经济与管理，2020(7):17-26.
[16]LIM S C.The information content of disaggregated accounting profitability:operating activities versus financing activities[J].Review of Quantitative Finance and Accounting,2014,43(1):75-96.
[17]李心合，王亚星，叶玲.债务异质性假说与资本结构选择理论的新解释[J].会计研究，2014(12):3-10.
[18]郑曼妮，黎文靖.中国过度负债企业去杠杆——基于资本结构动态调整视角[J].国际金融研究，2018(10):89-98.
[19]STEIN J C.Convertible bonds as backdoor equity financing[J].Journal of Financial Economics,1992,32(1):3-21.
[20]GREEN R C.Investment incentives,debt,and warrants[J].Journal of Financial Economics,1984,13(1):115-136.
[21]MAYERS D.Why firms issue convertible bonds:the matching of financial and real investment options[J].Journal of Financial Economics,1998,47(1):83-102.
[22]肖万，张宇彤，许林.期权属性、公司治理与可转债发行[J].南开管理评论，2020(2):142-154.
[23]ELDEMIRE-POINDEXTER A.Convertible debt issuance & target leverage adjustments[J].Social Science Research Network,2016,(9):1-26.
[24]TSYPLAKOV S.Investment frictions and leverage dynamics[J].Journal of Financial Economics,2008,89(3):423-443.
[25]RAJAN R G,ZINGALES L.What do we know about capital structure?Some evidence from international data[J].The Journal of Finance,1995,50(5):1421-1460.
[26]KAYHAN A,TITMAN S.Firms' histories and their capital structures[J].Journal of Financial Economics,2007,83(1):1-32.
[27]姜付秀，黄继承.市场化进程与资本结构动态调整[J].管理世界，2011(3):124-134.
[28]UYSAL V B.Deviation from the target capital structure and acquisition choices[J].Journal of Financial Economics,2011,102(3):602-620.
[29]FISCHER E O,HEINKEL R,ZECHNER J.Dynamic capital structure choice:theory and tests[J].The Journal of Finance,1989,44(1):19-40.
[30]郑曼妮，黎文靖，柳建华.利率市场化与过度负债企业降杠杆：资本结构动态调整视角[J].世界经济，2018(8):149-170.
[31]BOOTH L,AIVAZIAN V,DEMIRGUC-KUNT A,et al.Capital structures in developing countries[J].The Journal of Finance,2001,56(1):87-130.
[32]宫汝凯，徐悦星，王大中.经济政策不确定性与企业杠杆率[J].金融研究，2019(10):59-78.
[33]ZHANG G,HAN J,PAN Z,et al.Economic policy uncertainty and capital structure choice:evidence from China[J].Economic Systems,2015,39(3):439-457.
[34]王朝阳，张雪兰，包慧娜.经济政策不确定性与企业资本结构动态调整及稳杠杆[J].中国工业经济，2018(12):134-151.
[35]HESHMATI A.The dynamics of capital structure:evidence from Swedish micro and small firms[J].Research in Banking and Finance,2001,2(1):199-241.
[36]孙朦朦.上市公司可转债融资与盈余管理动机的实证分析[J].上海管理科学，2019(3):22-29.
[37]徐寿福，姚禹同.股价信息含量与非金融企业金融化[J].会计研究，2021(8):22-37.
[38]黎来芳，张伟华，陆琪睿.会计信息质量对民营企业债务融资方式的影响研究——基于货币政策的视角[J].会计研究，2018(4):66-72.
[39]HADLOCK C J,PIERCE J R.New evidence on measuring financial constraints:moving beyond the KZ index[J].The Review of Financial Studies,2010,23(5):1909-1940.
[40]MCCRARY J.Manipulation of the running variable in the regression discontinuity design:a density test[J].Journal of Econometrics,2008,142(2):698-714.
[41]马光荣，郭庆旺，刘畅.财政转移支付结构与地区经济增长[J].中国社会科学，2016(9):105-125.
[42]GELMAN A,IMBENS G.Why high-order polynomials should not be used in regression discontinuity designs[J].Journal of Business & Economic Statistics,2019,37(3):447-456.
[43]储德银，何鹏飞，梁若冰.主观空气污染与居民幸福感——基于断点回归设计下的微观数据验证[J].经济学动态，2017(2):88-101.
[44]杨玉龙，王曼前，许宇鹏.去杠杆、银企关系与企业债务结构[J].财经研究，2020(9):138-152.
(1)数据来自WIND数据库。
(2)参见:《稳杠杆应多维度共同发力》,https://economy.gmw.cn/2019-12/18/content_33410259.htm。
(3)参见:《国资委:中央企业将由降杠杆向稳杠杆转变》,https://www.chinanews.com.cn/cj/2021/01-19/9390894.shtml。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2022.10.007
中图分类号:F832.51
引用信息:
[1]熊海芳,张倩.预期转股冲击与企业杠杆调整——基于可转债的断点回归分析[J].商业经济与管理,2022,No.372(10):89-104.DOI:10.14134/j.cnki.cn33-1336/f.2022.10.007.
基金信息:
国家社科基金重大项目“宏观经济稳增长与金融系统防风险动态平衡机制研究”(19ZDA094); 国家自然科学基金面上项目“股市极端波动中流动性螺旋的微观机制与治理研究”(71873023)
2022-10-15
2022-10-15