可转换债券的投资价值研究

可转换债券是兼具债券和股票二重属性的混合资本证券，它的二重属性使其对投资人和发行人都具有独特优势。分析可转换债券的投资价值，主要是预测和比较债券的直接价值和转换价值的大小及差距。     

可转换债券向下修正转股价格的会计处理探析

一、前言随着中国银行、工商银行以及中国石化等大型公司相继在A股市场发行可转换债券（以下简称“可转债”）,可转债的市场规模也日益扩大。与此同时,被视为资本市场金融创新的,认股权和债券分离交易的可转换债券（以下简称“分离债”）,自2006年起,A股市场共发行21只分离债,已过行权期的认购权证共20只,     

基于中国国情的可转换债券分析

可转换债券作为一种兼具“股性“和“债性“的金融衍生工具,因其自身独具的对于投融资双方的诸多优势,在资本市场得到了越来越多的青睐。本文探讨了我国可转换债券的特点、优点、定价及可转换债券市场的发展问题。     

基于中国国情的可转换债券分析

可转换债券作为一种兼具"股性"和"债性"的金融衍生工具,因其自身独具的对于投融资双方的诸多优势,在资本市场得到了越来越多的青睐.本文探讨了我国可转换债券的特点、优点、定价及可转换债券市场的发展问题.     

可转换债券对目标资产负债率动态调整的研究

静态权衡理论认为,公司存在一个适度的目标资产负债率,当公司的资产负债率达到这一点时,公司价值最大。公司选择融资工具的目的之一是优化资产负债率,而可转换债券是调节公司资产负债率的理想工具。从理论分析和实证检验两个方面的研究表明,公司利用可转换债券融资能够实现对目标资产负债率动态调整的目的。更确切地说,是可转换债券转股率的变化导致了公司目标资产负债率的动态调整。     

上市公司可转换债券融资的风险管理分析

可转换债券作为一种新型的金融工具已在我国资本市场得到普遍应用,越来越多的上市公司利用其融资。对此提出应该从根本上进一步完善我国的证券市场融资制度,分析可转债融资存在的风险,积极应对风险的产生,从而有利于证券市场的长远发展。     

可转债上市及转股日的异常收益探讨

本文对可转债上市及转股日前后异常收益分析表明，上市初期累计异常收益与现金流因子成显著正相关，与营运因子成非显著负相关。本文认为，上市初期可转债累计异常收益部分由可转债本身因素来决定，部分由市场的非有效性与心理因素来决定。而转换期前后的累计异常收益完全是由市场的非有效性与心理因素决定的。在转换期前后，公司基本面信息与转债条款信息已在定价中得到反映，转换期前后累计异常收益完全与这些信息无关，可转债价格的异常变化也与这些因素无关。     

Short sales, price pressure, and the stock price response to convertible bond calls

The announcement of a convertible bond call is associated with an average contemporaneous abnormal stock price decline of 1.75% and an ensuing price recovery in the conversion period. A price fall and the subsequent recovery suggest price pressure as the explanation for the announcement effect. However, in general the option to convert is not exercised early and hence, the increase in the number of shares outstanding does not occur at the announcement date. Instead, this paper argues and provides evidence that hedging-induced short selling causes at least part of the short-run price pressure.     

Short‐selling pressure and last‐resort debt finance: evidence from 144A high‐yield risk‐adjusted debt

This study examines why non‐financial publicly traded firms knowingly issue wealth destroying Rule 144A debt, which is associated with a negative announcement return and a higher yield. We provide a plausible ‘demand‐side’ explanation (i.e. last‐resort debt financing) for the motivation for issuing such debt. We also provide evidence as to what drives this negative reaction. Our findings suggest that the negative market impact is mainly driven by short‐selling pressure from convertible bond arbitrageurs.     

吉林省储蓄国债投资者研究

随着我国经济持续增长和利率市场化不断推进,个人投资者资产管理方式及渠道日益丰富,而储蓄国债因品种单一、购买渠道狭窄、流动性不强等因素,与其他投资品种相比失去了往日\"金边国债\"魅力,储蓄国债发行和管理工作面临着挑战。本文从问卷调查入手,深入分析了吉林省储蓄国债投资者的结构特征、行为特点和投资偏好,并就优化期限结构、丰富国债品种、完善发行兑付渠道、强化宣传以及拓展农村市场五个方面提出意见建议,供参考。     

Are non‐audit services associated with firm value? Evidence from financial information system‐related services

The purchase of non‐audit services from incumbent auditors has generated considerable attention. Surprisingly, limited empirical evidence exists on the association of non‐audit services with firm value. Focusing on services related to financial information system (FIS), we find that the market value of equity is greater for firms that purchase FIS‐related services from their incumbent auditors relative to firms that do not. The levels of FIS fees are also positively related to firm value after controlling for total other fees, or total other non‐audit fees. Hence, despite the negative perception associated with non‐audit services, investors regard FIS‐related services as value‐adding activities.     

Forecasting the past: the case of US interest rate forecasts

This study evaluates 10-year US government bond yield forecasts and three-month US Treasury bill rate forecasts for the period between October 1989 and December 2004. In total, 136 forecast time series with approximately 13,800 forecast data were scrutinized, making this the most extensive analysis of interest rate forecasts to date. Not one of the forecast time series proved to be unbiased. In the majority of cases, information from the past was not efficiently integrated into the forecasts. The sign accuracy is significantly better than random walk forecasts in only a very few of the forecast time series. The modified Diebold–Mariano test for forecast encompassing reveals that the information content of most of the forecast time series is lower than that of the naïve forecasts, the simple ARIMA models, the implicit forward rates, or average interest rate expectations. The forecasting process is dominated by the present and past market situation.     

信用风险缓释凭证对企业投资行为的影响——基于融资约束中介效应的实证研究

2018年以来,作为债券融资支持工具的信用风险缓释凭证(CRMW)在我国得到了快速发展。本文采用基于倾向得分匹配的双重差分模型(PSM-DID),利用中国企业数据检验了CRMW产品对企业投资行为的影响。结果显示,我国信用风险缓释凭证的发行促进了非上市企业投资,并且这种促进作用对于融资约束较强的企业更为显著。本文还对CRMW产品通过缓解融资约束促进企业投资的渠道进行了检验,结果发现,CRMW产品对企业融资的促进作用主要体现在信贷融资渠道而非债券渠道。本文结论有助于深化对中国当前资本市场中信用风险缓释凭证的作用效果与作用机制的解读,为政策制定者利用该产品解决民营企业融资难、融资贵的问题提供了更充分的决策参考依据。     

央票发行对债券收益率影响的实证分析

文章通过对于央票招标日各期限央票、国债、金融债二级市场收益率变动特点的描述性统计,以及央票发行量对债券收益率影响的计量分析,实证考察了央票发行对债券市场收益率的影响效应。结果显示,央票招标日债券市场收益率波动性小于日常水平,且二级市场收益率与央票发行利率差值保持在合理波动范围内,体现了货币政策稳定利率的意图。     

意大利城邦的政府债券（下）

通过对意大利城邦的政府债券市场方面进行分析,包括债券持有人和政府债券价值、收益率等相关问题,得出政府债券具有经济性功能和政治性功能,债券收入通过再分配体系促进民生经济发展,以及政府债券和利息权利的交易开启了复杂的投机和投资形式等的结论。