摘要
本文以我国2002—2006年期间董事会公告发行可转债的上市公司为样本,运用事件研究法和多元回归方法验证我国上市公司发行可转债是否符合连续融资假说。实证结果表明:业务集中度、转股价格以及公司对发行成本的敏感度三个变量都与公司公告发行可转债的市场反应正相关,但其结果在统计意义上均不显著,这说明连续融资假说理论还不足以解释我国上市公司发行可转债的动机。
This paper analyzes the listed companies which have announced issuing convertible bond between 2002 and 2006, by events study and multiple regressions. The empirical results show that three variables （Focus, Conversion premium ratio, and Assets- habilities ratio after issuing） were positively related to the reaction of stock market to the announcement of issuing convertible bonds, but insignificantly. It indicates that sequential financing hypothesis can not explain the convertible bonds issuing motive of Chinese listed companies.
出处
《财经科学》
CSSCI
北大核心
2007年第8期29-35,共7页
Finance & Economics
关键词
可转换债券
发行动机
连续融资假说
convertible bonds
motive of issuing
Sequential Financing Hypothesis
