【作者】 刘娥平； 刘春；

【机构】 中山大学管理学院；

【摘要】 以可转债融资为切入点,以PSM方法克服传统配对方法的不足和控制样本自选择问题,本文考察了公司再融资后的绩效变化。研究发现,总体而言,可转债发行公司的绩效显著差于配对公司。更有趣的是,本文首次发现了基于转股目的的盈余管理行为,即在可转债转股高峰期,可转债发行公司与配对公司之间的绩效不存在显著性差异,但控制盈余管理后,发行公司的绩效却显著更差。进一步的研究还表明,虽然发行前盈余管理的反转是可转债发行后公司绩效下滑的原因之一,但公司治理却能够有效的制约该反转效应对绩效下滑的影响。这意味着,除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也是防止发行后业绩下滑的重要举措。更多还原

【Abstract】 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,in general,underperformance after issuing convertible bonds is exist.More interesting,for the first time,we find there are earning management behaviors for conversion in practice.Specifically,underperformance is insignificant during peak coversion,however after controlling the earning management,it becomes significant.In addition,in spite of the reversion effects of earning management before issuing is one of the reasons of underperformance,the good corporate govement can mitigate it.It indicate that besides regulating the earning mamagement before issuing and coversion period,the more importance is improving corporate government of issuing companies.更多还原