中国上市公司选择可转换债券融资的实证研究

近年来,发行可转换债券成为中国上市公司重要的再融资渠道之一。通过对中国2001~2006年公告拟发行可转债及拟增发的上市公司采用单因素和Logistic多元回归分析,结果表明,资产负债率、市净率与可转债融资选择显著负相关,成长性、经营现金流易变程度与可转债融资选择显著正相关,公司的规模、成立年限、实物资产比例及盈利性对上市公司再融资选择无显著影响。

Empirical Study on the Choice of Convertible Bond Financing in Listed Companies in China

In recent years,the issue of convertible bonds has become one of the most important refinancing methods.Through single factor and Logistic multiple regression analysis of listed companies which were allowed to issue and increase the number of convertible bonds from the year 2001 to 2006,the result show that significant negative correlations exist between asset-liability ratio,market net value ratio and the choice of convertible bond financing;significant positive correlations exist between growing potential,variability of operating cash flow and the choice of convertible bond financing;company size,foundation time,proportion of physical assets,and profitability have insignificant influence on the choice of refinancing of listed companies.