上市公司可转债发行动机分析——基于控制权收益视角的实证研究

摘要

In order to explore the impact of shareholders' benefits of control on convertible bond financing behavior of listed companies, the paper selects the data of listed companies issued convertible bonds and seasoned equity offerings from 2006 to 2011, and uses Logistic regression model to analyze the impact of the selected variables on convertible bond financing motivation. The study show that: there is a significant positive correlation between the largest shareholding ratio, net asset value per share, earnings per share and whether to issue convertible bonds.%为了探讨股东控制权收益对上市公司可转债融资行为的影响,本文以2006-2011年我国发行可转债上市公司和增发上市公司为研究样本,运用logistic回归分析方法分析所选变量对可转债发行动机的影响.研究发现:第一大股东持股比例、每股净资产和每股收益三大指标分别与是否发行可转债显著正相关.