| 2,275 | 176 | 96 |
| 下载次数 | 被引频次 | 阅读次数 |
可转换债券兼有股权融资和债权融资的两种效用,通常会促使投资者对转股时机与转股数量有不同的决策,这些决策对发行可转换债券的公司价值有不同影响。文章通过建立影响公司价值的分析模型,探讨我国上市公司发行可转换债券对公司价值所产生的影响,并利用我国上市公司1998年至2014年期间发行可转换债券的样本数据进行实证分析。研究发现:上市公司进行可转换债券融资后,公司价值会因其偿债能力变化而下降;国有股权比例之于公司价值的影响,是通过影响公司经理人经营行为来实现的;成长性不同的公司在债券存续期内的公司价值变化,并不存在显著差异。文章基于委托代理角度对可转换债券影响我国上市公司价值展开研究,在一定程度和范围内拓宽了公司治理问题的分析空间。
Abstract：Convertible bonds have two functions of equity financing and debt financing. These functions will affect the investors' decisions on the timing and quantity of share transfer and these decisions will have different influences on the company value. This paper establishes an analysis model to examine the impacts of convertible bond issues on company value. The sample consists of Chinese listed companies that issued convertible bonds during the period of 1998-2014. We find that: After convertible bond issues,company value will decrease due to the change of its debt-paying ability; the proportion of state ownership will affect the operational performance of an agent,hence influencing the company value; within bond duration,the changes of company value between growth and value companies are not significantly different. This study contributes to the corporate governance literature with valuable empirical analysis and extends the field by utilizing agency theory to analyze the impacts of convertible bonds financing on company value.
[1]MIKKELSON W H,PARCH M M.Valuation Effects of Security Offerings and the Issuance Process[J].Journal of Financial Economics,1986,15(1):31-60.
[2]MYERS S C,MAJLUF N S.Corporate Financing and Investment Decisions when Firms have Information that Investors do not Have[J].Journal of Financial Economics,1984,13(2):187-221.
[3]DONG M,DUTORDOIR M,VELD C.Why do Firms Issue Convertible Bonds?Evidence from the Field[R].Working Paper,York University,Manchester Business School,and University of Glasgow,2012.
[4]DANN L Y,MIKKELSON W H.Convertible Debt Issuance,Capital Structure Change and Financing-related Information:Some New Evidence[J].Journal of Financial Economics,1984,13(2):157-186.
[5]DUCA E,DUTORDOIR M,VELD C,et al.Why are Convertible Bond Announcements Associated with Increasingly Negative Issuer Stock Returns?An Arbitrage-based Explanation[J].Journal of Banking&Finance,2012,36(11):2884-2899.
[6]ABHYANKAR A,DUNNING A.Wealth Effects of Convertible Bond and Convertible Preference Share Issues:An Empirical Analysis of the UK Market[J].Journal of Banking&Finance,1999,23(7):1043-1065.
[7]KANG J K,STULZ R M.How Different is Japanese Corporate Finance?An Investigation of the Information Content of New Security Issues[J].Review of Financial Studies,1996,9(1):109-139.
[8]DE ROON F,VELD C.Announcement Effects of Convertible Bond Loans and Warrant-bond Loans:An Empirical Analysis for the Dutch Market[J].Journal of Banking&Finance,1998(22):1481-1506.
[9]JENSEN M C,MECKLING W H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360.
[10]GROSSMAN S J,HART O D.Corporate Financial Structure and Managerial Incentives[M].Chicago:University of Chicago Press,1982:107-140.
[11]JENSEN M C.Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J].American Economic Review,1986,76(2):323-329.
[12]PEDERSEN T,THOMSEN S.Ownership Structure and Value of the Largest European Firms:The Importance of Owner Identity[J].Journal of Management and Governance,2003,7(1):27-55.
[13]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001(11):77-83.
[14]STEIN J C.Convertible Bonds as Backdoor Equity Financing[J].Journal of Financial Economics,1992,32(1):3-21.
[15]吴海燕,兰秋军,马超群.中美可转换债券比较研究[J].财经理论与实践,2013,34(2):49-52.
[16]LEWIS C M,ROGALSKI R J,SEWARD J K.Industry Conditions,Growth Opportunities and Market Reactions to Convertible Debt Financing Decisions[J].Journal of Banking&Finance,2003,27(1):153-181.
[17]汪辉.上市公司债务融资、公司治理与市场价值[J].经济研究,2003(8):28-35.
[18]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005(10):48-58.
[19]薛海燕.我国公司债券发行对公司市场价值的影响研究[D].北京,中央财经大学金融学院,2010.
[20]MODIGLIANI F,MILLER M H.The Cost of Capital,Corporation Finance and the Theory of Investment[J].The American Economic Review,1958,48(3):261-297.
[21]郭春丽.融资结构与公司价值研究——一个综合分析框架及其在中国上市公司的应用[M].北京:人民出版社,2006:36-45.
[22]DANIELSON M G,DOWDELL T D.The Return-Stages Valuation Model and the Expectations Within a firm's P/B and P/E Ratios[J].Financial Management,2001,30(2):61-64.
[23]DE MIGUEL A,PINDADO J.Determinants of Capital Structure:New Evidence from Spanish Panel Data[J].Journal of Corporate Finance,2001,7(1):77-99.
[24]刘春,孙亮,刘娥平.硬约束、可转债发行与大股东行为[J].证券市场导报,2012(7):31-36.
[25]LEWIS C M,ROGALSKI R J,SEWARD J K.Industry Conditions,Growth Opportunities and Market Reactions to Convertible Debt Financing Decisions[J].Journal of Banking&Finance,2003,27(1):153-181.
[26]吴淑琨.股权结构与公司绩效的U型关系研究——1997-2000年上市公司的实证研究[J].中国工业经济,2002(1):80-87.
(1)万科除外,万科两次发行时间分别为2002年和2004年。
基本信息:
DOI：10.14134/j.cnki.cn33-1336/f.2016.08.006
中图分类号:F275;F832.51
引用信息:
[1]程大涛.可转换债券融资对我国上市公司价值的影响研究[J].商业经济与管理,2016,No.298(08):53-63.DOI:10.14134/j.cnki.cn33-1336/f.2016.08.006.
2016-08-15
2016-08-15