CAJ | 학술논문

近年来发行可转债已成为上市公司筹集外部资本的重要融资工具之一.利用Logistic回归分析方法检验了公司财务杠杆、成长性、盈利能力、股权结构、公司规模、募集资金规模及行业因素同上市公司在可转债与增发A股选择倾向之间的关系.实证结果发现,可转债融资选择倾向与财务杠杆呈显著负相关,与公司规模呈显著正相关,与公司盈利能力和募集资金规模呈负相关,但显著性水平较低,与公司成长性、第一大股东持股比例以及行业因素无显著相关性.
근년래발행가전채이성위상시공사주집외부자본적중요융자공구지일.이용Logistic회귀분석방법검험료공사재무강간、성장성、영리능력、고권결구、공사규모、모집자금규모급행업인소동상시공사재가전채여증발A고선택경향지간적관계.실증결과발현,가전채융자선택경향여재무강간정현저부상관,여공사규모정현저정상관,여공사영리능력화모집자금규모정부상관,단현저성수평교저,여공사성장성、제일대고동지고비례이급행업인소무현저상관성.
Convertible debt has been becoming one of important financing instruments for raising external capital of listed companies. The relation of eight factors, financial leverage, growth opportunity, profitability, the largest block shareholder ratio, size of company, size of raising capital, industry factors and preference for financing choice, to convertible debt and SEO were tested by Logistic regression analysis. The results indicated that the preference for choosing convertible debt was related to financial leverage strongly and negatively and was related to size of company strongly and positively. There was low significant relationship between the preferences for choosing convertible debt and profitability and size of raising capital, but there was insignificant relation to growth opportunity, the largest block shareholder ratio and industry factors of company.