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论文编号：	1756
作者编号：	021490
上传时间：	2010/5/24 10:20:14
中文题目：	基于可转换债券发行的我国上市公司业绩影响因素研究
英文题目：	The Study On the Factors of My
指导老师：	张晓农
中文关键字：	可转换债券 公司业绩 大股东行为 关联交易
英文关键字：	Convertible bond Company performance
中文摘要：	可转换债券是以公司债券为载体、允许持有人在规定的时间内按规定的价格转换为公司普通股票的金融工具。它兼有债券和股票的双重特性，其利率不仅比普通债券低，而且还利于发行者调节权益资本和债务资本的比例关系，优化资本结构。正是因为这些特点，可转换债券己成为西方发达国家比较成熟、普遍的金融工具。目前，全球可转换债券市场的资本规模已接近5000亿美元，而每年新发行的可转换债券规模已超过了1000亿美元。近两年，我国可转换债券融资得到了快速发展。虽然截止到2004年底，只有41家上市公司发行了可转换债券，但2003年和2004年，就有29家上市公司通过了证监会的审核，发行了可转换债券。 正是基于可转换债券融资将在我国证券市场和社会经济发展中发挥重要作用，本文试图作进一步的研究，来探讨可转换债券的机制和作用。本文主要探讨中国上市公司在发行可转换债券的过程中，有哪些因素会对公司的未来业绩产生影响。在回顾了国内外已有的理论和研究成果的基础上，本文从两方面进行了研究：大股东在发行可转换债券过程中的不同行为对公司未来业绩的影响以及可转换债券设计条款的不同对公司未来业绩的影响。根据这些因素，本文提出五个假设，并根据中国的可转换债券发行数据，通过配对比较分析以及多元线性回归分析，本文得出如下结论： （一）本文通过实证研究发现，由于我国上市公司发行可转债，最终目的是转股，因此，迫于还本的压力，公司经营者更在乎发行金额的大小，因而可转换债券发行规模的大小对公司业绩的影响更大一些，虽然可转换债券的票面利率通过其治理作用能够一定程度地改善公司业绩，但这种作用非常有限，不足以弥补由于付息所导致的公司利润的减少。 （二）可转换债券发行时，大股东是否参与认购与公司的业绩有显著的关系。大股东积极参与认购可转换债券的，公司业绩一般表现良好，反之，则不是很好。而且，大股东如果以较高比例参与认购上市公司可转换债券，可能反映了上市公司经营状况、发展前景还是比较良好的，不过，大股东如果在发行时以较高比例认购而后又进行减持的，上市公司业绩很可能会出现下滑。 （三）上市公司与大股东的关联交易行为，在一定程度上仍然损害上市公司的利益，应该引起投资者和监管部门的注意。 （四）初始转股溢价的高低并不反映公司未来的业绩，公司为了尽可能地 发行成功，吸引投资者，往往只是进行象征性地溢价。 本文的价值体现在两方面，一是帮助上市公司更加合理的设计可转换债券发行条款以及如何恰当利用这种融资工具；另一方面，为证券监管机构如何进一步规范和监管资本市场，完善相关配套措施提供参考，为投资者提供对策建议。
英文摘要：	The convertible bond is the financial instrument which regards company's ordinary bond as carrier and allows holders to change into the company’s ordinary stock in accordance with the fixed price within fixed time. It has the double characteristics of bond and stock .Its interest rate is not only lower than the ordinary bond , and it benefits to regulating the proportion of equity capital and debt capital. It also optimizes the capital structure. Just because of these characteristics, the convertible bond has become quite ripe and general financial instrument in western developed country. At present, the global capital scale of convertible bond market has already been close to 500 billion dollars, and the scale issued newly every year has been over 100 billion dollars. In the past two years, the convertible bond financing has also got the rapid development in our country. By the end of 2004, only 41 listed companies issued the convertible bond, but in 2003 and 2004, 29 listed companies passed the stock supervisory committee’s verification and issued the convertible bond . Just based on the consideration that the convertible bond financing plays an important role in the social economic development and in our country’s security market, this text attempts to do further research, to probe into mechanism and function of the convertible bond. This text mainly probes into what factors can exert an influence on the future performance of the company during the process of issuing the convertible bond. On the basis of reviewing the existing theory and research results both at home and abroad, this text carry on research from two respects: in the course of issuing convertible bond, how different behaviors of the great shareholders impact on company's future performance and how the different design clauses impact on the company’s future performance. According to these factors, this text proposes five hypothesizes. And based on Chinese convertible bond data, through comparative analysis and plural linear return analysis, this text gets out the conclusion as followed: Firstly, because it is the final purpose that the listed companies in our country issuing the convertible bond is to convert shares, therefore, under the pressure of repaying principal, the companies’ operator take more attention to issuing magnitude. That is to say, the companies’ performance has greater relation with the issuing scale of the convertible bond. Though the coupon rate of the convertible bond can also improve the companies’ performance through its fathering mechanism, it is smaller than the companies’ reduction of profit that companies' paying the interest is devoted to. Secondly, it has prominent relations with the companies’ performance that the great shareholders have to participate in subscription for the convertible bond or not when the convertible bond is issued. If the great shareholders participate in subscribing for the convertible bond actively, the companies' performance generally behaves well. On the contrary, it is bad .Moreover, if the great shareholders participate in subscribing in higher proportion of convertible bond; it probably reflects the future management state of listed company whose development prospect is better. However, if the great shareholders subscribe in higher proportion and then reduce it again, the achievement of listed company will possibly glide. Thirdly, the listed companies’ performance is worse than the companies’ whose convertible bond capital is used on purchase the great shareholders’ assets or subsidiary companies. It proves that the affiliated transaction still damages the interests of the listed company to a certain extent. Though the phenomenon doesn’t behave outstanding, it should bring investor's and supervision department's attention. Lastly, initial to transfer shares high or low prices of it doesn’t reflect the companies’ future achievement that the premium rate is high or not , because the companies often just carry on the symbolic premium rate in order to attracting investors and issuing convertible bond triumphantly. This text’s value embodies in two respects. Firstly, it will help listed company to design convertible bond terms reasonably and appropriately utilize the financing tool. It will provide reference for the securities regulator to further standardize and supervision capital market and improve relevant supplementary measures. At the time, this text hopes that it can offer the counter measure and suggestion to investors.
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