可转债融资对上市公司市场价值的长期影响及原因分析

本文从可转债融资对公司买进持有超额收益率和对经营指标的影响两方面分析了可转债融资对公司价值的长期影响,并从盈余管理的角度对产生影响的原因进行了实证分析。实证结果表明,发行可转债后公司股价和经营业绩出现显著的下滑,其原因在于上市公司在可转债发行当年普遍利用盈余管理来提高公司利润。尽管存在这样的负面影响,可转债融资仍然具有很大优势,我国监管部门和上市公司应积极采取措施,促进可转债市场的健康发展。

Analysis on the Long Term Impact of Offering Convertible Bonds on the Shares of Public Companies and the Causes behind the Changes

The article examines how the issuance of convertible bonds may influences BHAR(buy-and-hold adjusted returns) and some operating factors in the long term,and analyzes the determinants of the negative effect from the aspect of earning management.The findings indicate that listed companies may increase their profit by using earning management,which can explain the significant decline of stock price and operating performance of the companies after issuing the convertible bonds.Although it has negative wealth e...