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论文编号：	4251
作者编号：	2120102322
上传时间：	2012/6/6 10:40:19
中文题目：	我国上市公司可转债对公司价值影响的实证研究—基于股权分置改革后的样本数据
英文题目：	The Empirical Study on the Valuation Effects of Listed Company Issuing Convertible bonds : Based on The Samples after Reforming of Non-tradable Shares
指导老师：	王全喜
中文关键字：	可转换债券;上市公司;公司价值;股权分置改革
英文关键字：	Convertible bonds;Listed company;Firm value;Reforming of non-tradeble shares
中文摘要：	可转换债券作为一种能够转换为公司股票的债券，具有股票、债券和期权“三重”属性，既有债券安全的特性，也有转股成功后持有股票增值的潜力，能够满足投资者和融资者双方的需求，且相比增发和配股有其独特的优点，因而得到了市场的青睐，发展迅速。我国的可转债市场虽然起步较晚，但是发展潜力很大，尤其是股权分置改革后，发展势头迅猛。特别是在现阶段，股市处于低迷时期，货币政策紧缩，可转债再次受到了人们的瞩目，被越来越多的公司所采用。在这种情形下，对股权分置改革后我国资本市场中可转债的融资行为进行研究就显得十分必要。本文在对相关文献和理论基础回顾的基础上，首先从理论方面分析了可转债的发行对我国公司价值的影响，并提出了研究假设；其次从短期影响和长期影响两个方面进行了实证研究，结果显示：从短期来看，可转债的宣告效应为负，进一步通过回归分析发现，市净率和资产负债率均与公司在可转债发行公告日的异常收益率显著正相关；从长期来看，上市公司在可转债发行后业绩也出现了不同程度的下滑，但与行业对照组相比，无论是账面财务绩效还是考虑了市场表现的公司价值整体，总体上都要好于行业对比组。最后根据研究中发现的相关问题及研究结论提出了针对我国可转债市场的对策及建议。结合具体实证结果与我国资本市场的特殊情况，认为上市公司只是把可转债当做是一种“迟延”的股权融资，融资背后是无法排除的“圈钱”动机。其次，投资者也只是把可转债当成了一种特殊的有转股期的股权融资，从而在一定程度上支持了Stein的“后门权益”融资假说。
英文摘要：	Convertible bond as a product having characteristics of equity, debt and option can adapt to the requirements of investors and financiers. In the recent years, convertible bonds have been an important financing instrument all over the world. Although the convertible bonds market started later in our country, its development potential will be tremendous. Especially after reforming of non-tradeble shares, it develops more and more quickly. Now in our country, as the equity market is in the state of depression and the government tighten the money supply, so many financers pay more attention to convertible bonds. Under these circumstances, the research about the behavior of the new financing instrument—convertible bonds in company after reforming of non-tradeble shares become very important and necessary. Based on the review of the relevant theory about convertible bonds, this article firstly analyzes the relationship between convertible bonds and firm value from theoretical aspect and makes two main hypothesises. Secondly, this article carries on the investigation into two hypothesises from both short-term market performance and long-term firm’s performance. The empirical studies illustrate that the impact of convertible bonds’issue on firm value is negtive both in the short term and in the long term but better than the control group. Additionally, the regression analysis shows that the abnormal return of share price was primarily significantly positive correlated to PB and debt ratio which is opposite to Liu Ping’s conclusion. Lastly, we also put forward some suggestions on the basis of research. Combined this article’s empirical test results with our country’s capital market, we consider that listed companies just regard convertible bonds as a kind of deferred equity financing tool. On the other side, investors also think convertible bonds as a kind of especial equity financing instrument. These conclusions are favor of “back door”equity financing hypothesis to some extent.
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