可转换债券发行的动机探析

以中国2002年至2004年间发行可转债的上市公司作为研究对象,对其发行可转债的动机进行了理论分析和实证检验。研究结果表明:基于信息不对称的后门融资假说并不能完全解释中国上市公司发行可转债的行为,通过大额筹资有利于上市公司控制权益最大化,标的股票低迷的价格表现是上市公司近几年来热衷于发行可转债的原因所在;同时,诱导性的政府政策进一步促成了近年来可转债市场的快速发展。

An Empirical Analysis on the Motivation to Issue Convertible Bond

Theoretical analysis and empirical examination on Chinese listed companies issuing convertible bond over the period from 2002 to 2004 are conducted.The research results indicate that the back-door financing hypothesis based on the information asymmetry cannot explain thoroughly the behavior of the Chinese listed companies to issue convertible bonds.Large-size financing is beneficial for the maximization of the control equity of the listed companies.The depressed price expression of the target bond stems from the fact that over recent years listed companies have been wild about the issuance of convertible bonds.At the same time,the inducing policies of the government have further impelled the rapid development of the market of convertible bonds over past years.