摘要
可转换债券作为一种融资工具,在国际资本市场发挥着越来越重要的作用。本文以最新融资结构理论为依据,以中国上市公司为对象,从融资结构入手,在分析上市公司融资行为、融资结构的基础上,寻找影响上市公司资本结构的因素,探索完善公司治理结构的途径,实现上市公司资本结构优化。本文对中国上市公司可转债融资具有的特征进行分析,在此基础上深入研究可转债融资对资本结构的影响,取得了一定研究进展。
本文的主要创新性工作如下:
第一,针对我国资本市场的制度建设、运行机制与运行环境与西方发达的资本市场有很大差异,论文紧密结合我国实际情况,对我国可转债融资选择问题展开研究,研究成果既可为发行人合理选择可转债融资提供重要的经验借鉴,也可为监管制度和政策的改进提供重要的参考,从而有利于我国可转债市场的发展。
第二,为我国上市公司利用可转债融资和优化资本结构提供了思路。在可转债正式成为上市公司再融资方式之前,上市公司只能通过配股和增发进行再融资,这造成我国上市公司具有强烈的“股权融资偏好”。本文引入可转换债券融资这一方式,同时将可转债融资与增发股票融资进行对比,研究结果表明可转债融资优化资本结构。
第三,从静态权衡理论出发,本文采用Excel和SPSS16.0软件来分析数据,主要采用单变量的描述统计分析、独立样本T检验和Wilcox on Z检验以及二元Logistic回归等方法研究可转债融资与增发股票两种方式是否满足静态权衡理论。考察了可转换债券与增发股票融资在税收利益和财务危机方面以及公司规模方面存在的差异。
实证研究表明,与增发股票相比,资产规模较小、净资产收益率较低、非债务税盾较少、收益波动较大、资产负债率较低的公司倾向于选择可转债融资来达到最优资本结构。研究发现,基于静态权衡理论的税收利益假设和财务危机假设在解释可转债和增发股票公司财务特征的差异上发挥着重要的作用。
我国上市公司通过对可转债和增发股票融资方式的选择,实现了向公司最优资本结构调整的目的,这就对静态权衡理论给出了一个基于中国数据的支持性研究。本文的研究结论对我国上市公司乃至非上市公司利用可转债债券融资,达到最优资本结构有重要参考价值。
By way of financing instrument, convertible bond plays an important function in international capital market. In this paper, according to the financing structure of the latest theory, starting from the financing structure and on the object of China's listed companies, on the basis of analyzing the financing behavior and financing structure of listed companies, looking for the factors that affect the capital structure of listed companies and exploring the ways to improve the corporate governance structure to realize optimization of capital structure of listed companies. In this paper, on the basis of analyzing the characteristics of convertible bond of China's listed companies, studying on the financing convertible bond and the impact to the capital structure has made some progress.
The innovation of this paper as follows:
First, for the system construction, the operating mechanism and environment of China's capital market have differences with Western developed-capital market; the paper integrates closely with the actual situation in our country and study on the option of the convertible bond. The research results not only can provide the important experience of choosing a reasonable financing convertible bonds, but also as the important reference of improving the regulatory system and policies, which is conducive to China's convertible bonds market.
Second, the paper provides a train of thought for using convertible bonds and optimizing the capital structure of China's listed companies. The listed company's refinance only be carried out through the lettings and the additional before the convertible bonds became a way to the listed company refinancing, which resulted in China's listed companies have a strong "preferred equity financing." In this paper, through introducing the manner of convertible bond financing, at the same time, comparing financing convertible bonds with financing issuance of shares, the research results show that the convertible bond financing can optimize capital structure.
Third, starting from the static trade-off theory, this article use Excel and SPSS16.0 software to analyze data, it mainly use a description of a single-variable statistical analysis, T test of independent samples, Wilcox on Z test and Logistic regression methods to research whether the two methods financing convertible bonds and financing issuance of shares meet the static trade-off theory or not. Inspected the differences between financing convertible bonds and financing issuance of shares in terms of taxation benefits, financial crisis as well as the size of company.
The Empirical studies have shown that compared with the issuance of shares, the company which size of assets is larger , profit of net assets is lower , non-debt tax shield is less, fluctuation of earnings is larger, debt radio of assets is lower, has the tendency to select the financing of convertible bonds and achieve the optimal capital structure. The study found that the tax benefits assumptions and financial crisis assumptions, which on the basis of the static trade-off theory played an important role on interpreting the differences of the convertible bonds and the company's financial characteristics of the issuance of shares.
China's listed companies through choosing the issuance of convertible bonds and the issuance of shares to achieve the company's optimal capital structure, which give the static trade-off theory a supporting studies based on China's data. The conclusions of this paper have important reference value to China's listed and non-listed companies to use convertible bond financing and achieve the optimal capital structure.
引文
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