Empirical study on motivation of issuing convertible bond from the angle of private benefits of control rights in China

被引：0
|
作者：
Xie Gang [1 ]
Wan Di-fang [1 ]
Lv Zhen-yu [1 ]
机构：
[1] Xian Jiaotong Univ, Sch Management, Xian 710049, Peoples R China
来源：
Proceedings of 2006 International Conference on Public Administration | 2006年
关键词：
private benefits of control rights; convertible bond; issuing motivation;
D O I：
暂无
中图分类号：
C93 [管理学]; D035 [国家行政管理]; D523 [行政管理]; D63 [国家行政管理];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ; 1204 ; 120401 ;
摘要：
The former studies explained the motivation of issuing convertible bond (CB) from the point of view on cash flow rights. In China, highly concentrated share structure induces vast private benefits of control rights. This paper studies the abnormal return of CB on the first exchange day and the affective factors on it from the angle of private benefits of control rights. It provides some significant proofs, which approve the reform on dualistic share structures and lay a foundation for forward study of CB on the efficacy and mechanism to dynamically adjust the interest of shareholders as an especial financial tool (option embedded) between equity and debt.
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页码：922 / 929
页数：8
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