可转债发行公司经营绩效实证研究

对中国上市公司2000-2004年间发行的可转债进行研究,统计检验结果发现,可转债发行后两年内,发行公司经营绩效有小幅下降,与行业规模组对比,发行可转债的公司属于绩优公司,发行前后各项绩效指标都高于行业规模组,而与增发配股组比较,二者不存在显著差异,发行后转债组的成长性指标高于增发配股组。

The Operating Performance of Firms Issuing Convertible Bonds

Using a sample of Chinese convertible bond issuers over the period 2000 -2004, this paper investigates the operating performance both prior to and following the issuance of convertible bonds. The result indicates that the operating performance declines slightly in the two years after issuance. Compared with the industry and size matching firms, convertible bond issuers perform better both prior to and following the issuance. This is closely related to the issuing policy of Chinese stock markets. Compared with the equity issuers, there is no significant difference, but the increasing indexes are better than the matched.