| 摘要(英) |
By referring to the research results of previous scholars, this study focuses on the listed companies that issued convertible bonds(CBs) in the domestic market from 2010 to 2017. Using event study methodology, the announcement date of the issuance of CBs (ie the day of the board of directors) is regarded as an event day. We study the short-term- three days before and after the event day, and the long-term: the average abnormal returns(AAR) and the cumulative average abnormal returns around three years after the event day. Apart from renewing the announcement effect of domestic issuance of CBs, More importantly, we want to find out the reliable signals by checking the characteristic of CBs, the financial ratios of issue companies, and the changes in shareholding of stakeholders. It hopes to find out some reliable signal that could help investors to choose which CBs worthy to buy or not. By classification will be carried out, and the classification results will be analyzed whether the results of the announcement of the issuance of convertible bonds are significantly different for each group. The signal can be used as a judgment factor for market investors to choose when facing the issue of convertible bonds.
This study has shown that the announcement effect of CBs issue to whole sample companies in the short run, It has a significant positive cumulative average abnormal return, which is different from the conclusions of most foreign studies. But in the long run, the effect of CB’s announcement effect has a significant negative correlation with the cumulative average abnormal return effect, which is the same as most domestic and foreign research results.
The study discovers a significantly negative abnormal return in stock price reaction to the changes of insider’s shareholding in the short-term and long-term.
As oppose to we believe, when stakeholder increase his shares of stock before event day, it might decrease the abnormal return in stock. It is speculated that the reason to create a short-term rise in the stock price might make the value of CB’s conversion right increase. And once investors buy it, the stock price will fall. There is a very different relationship, in which capital expenditure and bank loan repayment represent the company′s future growth expectations and the purpose of improving the company′s financial crisis, respectively. During the long-term event period, there is a significant positive cumulative average abnormal return from half a year to one year. But when keep holding more then the three-years, the cumulative return reversed. Finally, a variable with a more consistent conclusion is that the issuer has a lower base period of financial indicators, such as Tobin′Q, a lower issue size or the company′s total assets, etc., and the accumulated average abnormal return in the long-term has a better return. |
| 參考文獻 |
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二、英文部分
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