中国资本市场融资顺序新证:可转债发行公告效应研究 |
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摘 要: |
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“Pecking order” of Chinese capital market: Effects of convertible bonds’ issue announcements |
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Authors: | Liyan Han Hui Mou Duo Xie Zhi’an Chen |
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Institution: | (1) School of Economics and Management, Beihang University, Beijing, 100083, China;(2) School of Banking and Finance, The University of New South Wales, Sydney, 2052, Australia |
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Abstract: | This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant
negative effects on shareholders’ wealth. We find that when the samples are partitioned by equity component negative market
responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different
from the “pecking order hypothesis” of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond
issuers, we find that the wealth effects are negatively related to equity component, firm size and issue size of convertible
bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity
and market-to-book ratio. The underlying reason of equity finance taking precedence of bond finance in Chinese capital market
can be attributed the to special “two-system-ownership structure” and corporate governance of Chinese listed companies.
Translated from Guanli Shijie 管理世界 (Management World), 2006, (6): 19–27 |
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Keywords: | convertible bonds issue announcements wealth effects pecking order split of stock shares |
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