| Convertible bonds as a kind of both equity and debt,and additional options of a mixture of financial derivatives,overseas investment and financing the favour of both sides,become a more widely applied in the international capital markets and a mature financial derivatives.For more than 20 years in our country economy rapid take-off and under the background of financial market matures,convertible bonds in China's capital market has been widely accepted,on the basis of western traditional financial theory can be thought of,can reasonably through the issuance of convertible bonds is in part up to ease the financial pressure of enterprise face,help to improve enterprise's financial performance.But what about the "chemical reaction" that is rooted in our country's unique legal and financial system?Since the first turn the baoan issuance in our country,the domestic scholar's research areas are mainly concentrated in convertible bonds pricing,terms,design and distribution motivation,etc,for the convertible bond issuance and exploration on corporate financial performance change is relatively lack,and different research methods,research conclusions are also different.Along with the relevant laws and regulations such as "convertible corporate bonds management interim measures" and "measures for the administration of securities of listed companies have issued,the constant improvement of the securities market and the specification,formed the good study and the research significance,and this paper will be based on the latest data and a more stable economic environment under the background of the research of convertible debt financing and corporate financial performance.According to western traditional financial theory can be thought of,reasonable distribution of convertible bonds can to a certain extent,alleviate the pressure of the company's financial,help to improve the company's financial performance,but rooted in the background and the peculiar law of financial system in China will happen "chemical reaction"?Since the first convertible bond issued in our country,the domestic scholar's related research mainly focus on convertible bonds pricing,terms,design and convertible bond issuing motive,etc,for the convertible bond issuance and exploration on corporate financial performance change is relatively lack,and different research methods,research conclusions are also different.Along with the relevant laws and regulations,the continuous improvement of the securities market and the specification,formed the good study and the research significance,this article will focus on research of convertible bonds issued the change of the enterprise's financial performance.First of all,reviews the relevant research literature at home and abroad,analyze and collated and summarized one by one,and on the basis of relying on the traditional financial management theory summarizes the convertible bonds abroad on corporate financial performance,the inner mechanism of convertible bond can be released to some extent,optimize the capital structure,compared with other financing way has a lower cost of financing,and to a certain extent,can reduce enterprise agency cost.Comprehensive existing research and relevant theories concerning the change of the convertible bond financing and its financial performance related assumptions,assuming that issued convertible bonds can promote the promotion enterprise's financial performance,the convertible bonds into shares have a negative influence on corporate financial performance when,at the same time convertible bonds issuance of the company's assets structure,agency cost,firm size and the relation between financial performance analysis.Selected from 2010 to 2016,convertible bonds of a-share listed companies as samples,the selection of financial indicators of factor analysis,draw samples of convertible bonds company comprehensive factor score of corporate financial performance.The comprehensive factor score to financial performance as the dependent variable,multiple regression model is established and then the panel data collected in the regression equation,regression analysis,the results show that the convertible bond financing to issuance of the enterprise's financial performance improves the utility,and turn the financial performance of the enterprise has a negative correlation relationship,based on the research conclusion,issued on the financial performance rising influence factors for further research.Its own cash flow in convertible bonds of listed companies have a certain degree of inhibition,the listed company's free cash flow and financial leverage and the convertible bond issuance of the enterprise's financial performance change is negatively related to firm size and growth and debt issued by the company corporate financial performance has positive correlation.At last,this paper makes a theoretical analysis of the research results and puts forward the opinions and Suggestions on the financing of convertible bonds from the perspective of enterprises.This article is an analysis based on new data,in the smooth development of a more perfect environment to explore the convertible bond issued to the influence of the relationship between corporate financial performance,through the factor analysis method to establish a relatively perfect financial performance comprehensive factor score,based on the focus on the convertible bond issuance of current year and turn on the relationship between corporate financial performance,and attempts to explore the reason,in order to can provide reference for the choice of the financing way of listed companies. |
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