Critical Finance Review 2018, 2018, Vol 7-1

公司为什么发行可转换债券？来自现场的证据

作者：Ming Dong（York University）

Marie Dutordoir（Alliance Manchester Business School）

Chris Veld（Monash University）

摘要：我们利用对公司高管的深入访谈来研究公司发行可转换债券的原因。我们发现，公司发行可转换债券时，他们认为可转换债券是一种比直接债券和股票更便宜的融资形式。通过对证券发行的大量样本分析，证实了这一观点：特征调整后的收益率差价是可转换债券和直接债券之间选择的重要决定因素，而股票估值错误是可转换债券和股票之间选择的重要决定因素。我们的访谈数据也可以验证个别可转换债券理论。当管理层和投资者对公司的风险性持不同意见时，可转换债券比直接债券更适合。然而，风险转移、顺序融资和后门股权理论几乎没有或根本没有得到支持。最后，我们的访谈为投资者需求和金融中介机构对可转换债券发行决策的影响提供了有力的证据，这两个因素在之前的研究中尚不明确。

Why do firms issue convertible bonds? Evidence from the field

James W. Kolari（Texas A&M University）Seppo Pynnonen（University of Vaasa）Ahmet M. Tuncez（Adrian College）

ABSTRACT

We use in-depth interviews with top corporate executives to examine why companies issue convertible bonds. We find that firms issue convertibles when they perceive these securities to be a cheaper form of financing than straight bonds and equity. A large-sample analysis of security offerings confirms this insight by highlighting feature-adjusted yield spreads as a significant determinant of the choice between convertibles and straight bonds, and equity misvaluation as a significant determinant of the choice between convertibles and equity. Our interviews also allow us to verify individual convertible bond theories. We obtain evidence for the theory that convertible bonds are more suitable than straight debt when management and investors disagree about the riskiness of the firm. However, risk shifting, sequential financing, and backdoor equity theories receive little or no support. Finally, our interviews provide strong evidence for the impact of investor demand and financial intermediaries on convertible bond issuance decisions, two factors under-explored by previous studies.

原文链接：

http://cfr.ivo-welch.info/readers/2017/dong-dutordoir-veld.pdf

翻译：董宇佳