可转换债券发行的长期股票市场价格绩效研究

应用长期事件研究法,对2000-2004年间发行可转换债券的上市公司的长期市场绩效表现进行了实证研究。研究结果表明,可转债发行前后,可转债标的公司的长期股票价格绩效在绝大多数区间上显著优于行业、规模与权益市值对面值比率的对照组,也显著优于等权加权和总市值加权的综合市场收益率;选择兼有债权和股票期权双重属性的可转债,在一定程度上可以维持标的公司股票价格长期绩效的优良表现。

Research on the Market Price of Long-Run Stock Returns of Convertible Bonds Issuers

Based on the long-term event studies,this paper carried out empirical study on long-run market performance of Chinese listed companies issuing convertible bonds from 2000 to 2004.Our results suggest that before and after convertible bonds offering,as a whole,the long-run stock returns of convertible bonds issuers are better than those of match teams and comprehensive market returns of isobar weighting and total market value weighting.Selecting convertible bonds with the dual attribute will maintain the good performance of long-run performance of stock prices of subject corporate.