CAJ | 학술논문

选择可转债融资为切入点,以2000年至2008年为研究期间,以中国发行可转债的上市公司为初始样本,采用PSM方法对初始样本进行配对以控制样本自选择问题,对再融资后的绩效进行实证检验,进一步探讨引致可转债再融资后绩效下滑的原因。实证检验结果表明,总体而言,发行可转债的公司绩效显著差于配对公司;在可转债转股高峰期,发行可转债的公司通过盈余管理向上调整当年利润,即存在基于转股目的的盈余管理行为;虽然发行前盈余管理反转是可转债发行后绩效下滑更多的原因之一,但是公司治理却能够有效地制约盈余管理反转效应对可转债发行后绩效滑坡的影响;在保持对可转债发行前和转股高峰期的盈余管理予以重点监控外,加强公司治理的建设更是防止发行后业绩下滑的重要举措。
선택가전채융자위절입점,이2000년지2008년위연구기간,이중국발행가전채적상시공사위초시양본,채용PSM방법대초시양본진행배대이공제양본자선택문제,대재융자후적적효진행실증검험,진일보탐토인치가전채재융자후적효하활적원인。실증검험결과표명,총체이언,발행가전채적공사적효현저차우배대공사;재가전채전고고봉기,발행가전채적공사통과영여관리향상조정당년리윤,즉존재기우전고목적적영여관리행위;수연발행전영여관리반전시가전채발행후적효하활경다적원인지일,단시공사치리각능구유효지제약영여관리반전효응대가전채발행후적효활파적영향;재보지대가전채발행전화전고고봉기적영여관리여이중점감공외,가강공사치리적건설경시방지발행후업적하활적중요거조。
Using propensity score matching（PSM） method to control the self-select problem,and selecting the companies which issued convertible bonds during 2000 to 2008 as treatment samples,we try to test the consequences of refinancing.We find that,in general,underperformance after issuing convertible bonds is existed.More interesting,for the first time,we find there are earnings management behaviors for conversion in practice.Specifically,underperformance is insignificant during peak conversion（the second year after issuing）,however after controlling the earnings management,it becomes significant.In addition,in spite of the reversion effects of earnings management before issuing is one of the reasons of underperformance,the good corporate govement can mitigate it.It indicates that besides regulating the earnings mamagement before issuing and coversion period,the more importance is to improve corporate governance of issuing companies.