中國可轉債融資市場研究—公開發行可轉債對公司經營績效的影響

Abstract

中國可轉債市場於20世紀90年代起步，2017年在《上市公司非公開發行股票實施細則》等法規修訂後開始迎來爆發。經統計， 2019年全年A股共有130支可轉債發行公告，為2006年的16.25倍；募集資金總額總計為2,749.54億元，為2006年的59.94倍。 本文前半部分意圖描繪中國公開發行可轉債的畫像，首先闡述了中國發行可轉債的基本要素、核心條款、發行條件及方式、相關法律法規等基礎信息，進而透過整理2006年1月1日至2019年12月31日間可轉債發行數據，從市場發行情況、可轉債發行方案、可轉債發行的流程與費用、可轉債的退出方式等不同角度分析了中國可轉債市場的樣貌。 本文後半部分研究了可轉債融資對公司經營績效的影響以及此種影響的相關因素。首先選取、篩選了2006年1月1日至2017年12月31日間的71個可轉債發行樣本，分別以可轉債發行前後的資產報酬率、淨資產收益率等研究指標檢驗了樣本及其對應行業中位數間是否存在顯著差異，進而引入財務槓桿、發行規模、第一大股東持股比、歷史業績變動等解釋變量構建了多元回歸模型，分析了影響可轉債發行公司業績下滑幅度的可能因素。實證結果顯示，上市公司經營績效在可轉債融資後存在下滑的趨勢，發行前公司財務槓桿越高、上市公司規模越小、賬面市值比越低，則上市公司經營績效下滑幅度越明顯。

The convertible bond market in China started in the 1990s, and in 2017 began to break out following the revision of the Regulations on the Detailed Rules for the Non-Public Issuance of Listed Companies. According to statistics, there are 130 convertible bond issuance announcements for A shares in 2019, which is 16.25 times of 2006; the total amount of funds raised is 274.954 billion yuan, which is 59.94 times of 2006. The first half of this article is intended to depict the portrait of China’s public issuance of convertible bonds. First, it describes the basic information, core terms, issuance conditions and methods, relevant regulations of issuance China’s convertible bonds. The article analyzes the market outlook of China’s convertible bonds by studying the data of convertible bond issuance from 2016 to 2019, from different perspectives such as issuance circumstances, process and cost, and the withdrawal method of convertible bonds. The second half of the paper studies the impact of convertible bond on the company's operating performance. Firstly, 71 samples of convertible bond issuance from 2006 to 2017 were selected. Then the samples were tested by the research indicators such as return on assets and return on equity before and after the issuance of convertible bonds, to learn whether there is a significant difference between samples and medians of corresponding industries, from which a preliminary conclusion that there is a downward trend in the operating performance of enterprises after the issuance of convertible bonds is drawn. Furthermore, explanatory variables such as financial leverage, issue size, shareholding ratio of the largest shareholder, and historical performance changes were introduced to construct a multiple regression model. Then the article analyzes the possible factors affecting the decline in the performance of convertible bond issuing companies.