A Study on the Impact of Convertible Bond Issuance and Equity Conversion on the Operational Capability of Enterprises——Based on Micro Data of Listed Companies in China
After the promulgation of the new refinancing rules in 2017, the issuance of convertible bonds has become one of the main ways for enterprises to choose financing.Based on the relevant data of the issu-ance and conversion of convertible bonds by Chinese enterprises in 2010-2020, the impact of the issuance and conversion of convertible bonds on the operation ability of enterprises is studied by using the tendency score matching and double difference method.The main conclusions are:the issuance of convertible bonds will improve the solvency and the wealth income expectation of the enterprise, while the impact of the suc-cessful conversion of convertible bonds and the expectation of the enterprise and reduce the leverage ratio of the enterprise;and the effect of the reduction is lower than that of private enterprises.
convertible bond issuanceconvertible bondsoperating abilitytendency score matching
万方数据
