发行可转换债券与增发股票公司的财务特征

该文运用对比方法,将发行可转换债券与增发股票公司的财务特征进行比较。单变量分析的结果表明,我国上市公司在发行可转换债券和增发股票选择上,主要可以用权衡理论加以解释,代理理论和信息不对称理论的解释力度较差。而logistic回归分析结果表明,财务危机假设在解释两类证券公司特征的差异上起了关键作用。

Financial Characteristics of Firms Issuing Convertible Bond and of Firms Issuing Common Stock

This paper examines the financial characteristics of firm issuing convertible bond versus firms issuing common stock in option market.The findings of univariate analysis indicate that firms issuing convertible bond have higher ROA and tax rates,and lower debt ratios,bankruptcy risks and larger size than firms issuing common stock.The debt ratios are significantly lower than the target levels for convertible bond issuers and higher than the target levels for common stock issuers.The results of the univariate analysis show that the tradeoff theory provides a better explanation for the differences in the financial characteristics of firms issuing convertible bond and the ones issuing common stock.The results of multivariate analysis show that only debt ratios and firm size are significant.The financial distress hypothesis plays a key role in explaining the differences in the financial characteristics of firms issuing the two types of securities.