上市公司可转换债券融资的市场时机选择研究.pdf

河北大学
硕士学位论文
上市公司可转换债券融资的市场时机选择研究
姓名:白晶晶
申请学位级别:硕士
专业:会计学
指导教师:贾国军
2011-06
摘要
可转债市场将会是我国证券市场上不可或缺的重要补充和组成部分,为投资者丰富
了投资品种,也为融资者拓宽了融资渠道。文章最后针对所研究的问题提出相应建议,
为完善可转债市场努力。

关键词市场时机选择上市公司可转债融资财务特征

II
Abstract
Abstract
Convertible bond is a financing tool which has nature of stocks and convertible
bond has adventages of both of them,such as long-term potential and fixed pared
with other financing channels,such as IPO,allotment of shares,general bonds,long-term
loan,different financing methods have adventages and disadventages from financing
risks,costs,market access and raising of financing instruments make our
securities market full of more our securities market started later then developed
countries and is not are serious asymmetric information ,irrational
investors and the phenomenon of chosing market timing on financing in our capital
imperfections cause blind spots and wrong messages for investors and issuers.
The trational theory of financing has some defects,such as efficient market and rational
market timing theory is based on behavioral finance makes the
hypothesis of efficient market and limited ration more timing theory reflect the
realty of financing on paper is based on the market timing theory,discuss whether
our panies has market timing when they choose convertible bond as financing,and
according to the conclusion of empirical,the paper points out the market timing factors which
influnce the finance chosing of panies.
This paper follows the logical thinking as theoretical study of domestic and foreign
financing---analysis between behavioral finance theory and trational theory---market timing
theory---analysis on factors of convertible bond market timing selection---empirical---the
most important is the empirical on the conventible bond market timing
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