债转股实施前后煤炭上市企业绩效变动研究
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摘要
作为我国传统能源行业,煤炭行业成为了我国新一轮市场化债转股的主要业务合作对象之一。主要采用两种方法来研究债转股实施前后煤炭上市企业绩效的变动趋势,一种是通过计算绩效指标增长率来观察其变动的趋势,另一种是两个相关样本非参数检验法中的Wilcoxon符号秩检验法。通过对我国煤炭上市企业债转股前后经营绩效变动趋势的研究,来探讨债转股政策对企业的影响。实证研究表明,实施债转股企业在实施债转股后和实施前相比,经营业绩出现了上升,与对照组相比,实施债转股企业绩效变动情况略好于整个行业。
As a traditional energy industry in China, the coal industry has become one of the main business partners of China's new round of market-oriented debt-to-equity swaps. Two methods are mainly used to study the trend of the performance of coal listed companies before and after the implementation of debt-to-equity swaps. One is to observe the trend of change by calculating the growth rate of performance indicators, the other is the Wilcoxon sign rank test in two related sample nonparametric tests. Through the research on the change trend of business performance before and after the debt-to-equity conversion of China's coal listed companies, the impact of the debt-to-equity swap policy on enteprises was discussed. Empirical studies showed that the performance of debt-to-equity swaps had increased after the implementation of debt-to-equity swaps.Compared with the control group, the performance of debt-to-equity swaps was slightly better than that of the entire industry.
As a traditional energy industry in China, the coal industry has become one of the main business partners of China's new round of market-oriented debt-to-equity swaps. Two methods are mainly used to study the trend of the performance of coal listed companies before and after the implementation of debt-to-equity swaps. One is to observe the trend of change by calculating the growth rate of performance indicators, the other is the Wilcoxon sign rank test in two related sample nonparametric tests. Through the research on the change trend of business performance before and after the debt-to-equity conversion of China's coal listed companies, the impact of the debt-to-equity swap policy on enteprises was discussed. Empirical studies showed that the performance of debt-to-equity swaps had increased after the implementation of debt-to-equity swaps.Compared with the control group, the performance of debt-to-equity swaps was slightly better than that of the entire industry.
引文
[1]韩沚清.供给侧改革背景下煤炭企业债转股路径与策略研究[J].煤炭经济研究,2017,37(4):10-15.
[2] Elhanan H. The Simple Analytics of Debt-Equity Swaps. American Economic Review[J].1989,79(3):440-451.
[3] Ffrench-Davis R.Debt-equity swaps in Chile[J].Cambridge Journal of Economics,1990,14(1):109-126.
[4]高新阳.煤炭企业稳步推进市场化债转股策略研究[J].会计之友,2017,37(22):2-7.
[5]龙正平.试论债转股的逆向选择和道德风险[J].福建论坛,2000(3):25-26.
[6]张志芳.煤炭企业市场化债转股的实施与成果巩固研究[J].煤炭经济研究,2017,37(4):28-32.
[7]岳福斌.煤炭企业债转股落地难根源探析及其对策[J].中国煤炭,2017(11):5-9.
[8]张雪芳,刘春杰.对可转换债券发行前后企业绩效变动趋势的实证研究[J].上海金融,2007(7):33-36.
[9]丁华.可转债转股对不同产业公司绩效影响的实证分析[J].财会月刊,2012(27):54-56.
[10]孙芳,战彦领,焦道杰.国有煤炭企业市场化债转股操作实践及路径探索[J].煤炭经济研究,2017,37(4):33-38.
[2] Elhanan H. The Simple Analytics of Debt-Equity Swaps. American Economic Review[J].1989,79(3):440-451.
[3] Ffrench-Davis R.Debt-equity swaps in Chile[J].Cambridge Journal of Economics,1990,14(1):109-126.
[4]高新阳.煤炭企业稳步推进市场化债转股策略研究[J].会计之友,2017,37(22):2-7.
[5]龙正平.试论债转股的逆向选择和道德风险[J].福建论坛,2000(3):25-26.
[6]张志芳.煤炭企业市场化债转股的实施与成果巩固研究[J].煤炭经济研究,2017,37(4):28-32.
[7]岳福斌.煤炭企业债转股落地难根源探析及其对策[J].中国煤炭,2017(11):5-9.
[8]张雪芳,刘春杰.对可转换债券发行前后企业绩效变动趋势的实证研究[J].上海金融,2007(7):33-36.
[9]丁华.可转债转股对不同产业公司绩效影响的实证分析[J].财会月刊,2012(27):54-56.
[10]孙芳,战彦领,焦道杰.国有煤炭企业市场化债转股操作实践及路径探索[J].煤炭经济研究,2017,37(4):33-38.