| 上市公司可转换公司债券融资决策研究 |
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| 引用本文： | 翟淑萍,顾群.上市公司可转换公司债券融资决策研究[J].广东金融学院学报,2011(2). |
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| 作者姓名： | 翟淑萍 顾群 |
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| 作者单位： | 天津财经大学统计学院;天津财经大学商学院; |
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| 摘 要： | 基于全流通背景和上市公司集中的股权结构特征,从理论和实证两方面分析了中国上市公司可转债融资决策机制,结果表明在股权流通的背景下,通过可转债方式融资并成功转股,需要上市公司具有较高的盈利前景,否则融资后会降低控制性股东的融资收益,这一条件使得可转债融资方式失去了原有的吸引力。但可转债灵活的条款设计和转股前较低的资金使用成本受到了一些暂时难以进行增发融资的上市公司青睐——可以通过缩短初始转股期、降低初始转股价、放松向下修正转股价条款、严格赎回条款与回售条件等手段,提高可转债转股的可能性,从而间接地实现股权融资的目的。
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| 关 键 词： | 全流通 控制权收益 可转换公司债券 公开增发 |
Research on Listed Company's Convertible Bond Financing Decision-Making |
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| Zhai Shuping , Gu Qun.Research on Listed Company's Convertible Bond Financing Decision-Making[J].Journal of Guangdong University of Finance,2011(2). |
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| Authors: | Zhai Shuping Gu Qun |
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| Institution: | Zhai Shuping~1 and Gu Qun~2 (1.School of Statistics,Tianjin University of Finance and Economics,Tianjin 300222,China,2.Business School,China) |
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| Abstract: | Based on total circulating background and centralized ownership structures of China's listed companies,this paper analyzed the convertible bond financing decision-making behavior of listed companies.The fact is,in the equities circulating environment, convertible bonds issue and successful shares transfer required the high-growth and good earnings prospective of listed companies.Otherwise the controlling shareholders' earnings could be cut down,and this might reduce the attractiveness of convertible bond.Ho... |
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| Keywords: | total circulating private benefits of control convertible bond additional equity offer |
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