Research On The Influence Of Convertible Bond Financing On The Business Performance Of Listed Manufacturing Companies In China

Convertible bonds as a kind of capital market financing tool,though issuance has been in a low level,but since it has dual nature and unique advantages,in recent years by the investors and investor attention and favor,number and issuing scale exponentially growth,convertible bonds become the new trend in the refinancing of listed companies at present domestic scholars on the study of the convertible bond financing is mostly for the industry,the convertible bond financing on a single industry performance before and after the change and influence factors of less research in the central economic work conference,put forward the key tasks in 2019,Promote the development of manufacturing high quality ranks first,manufacturing industry is the base of founding this power,is an important field of supply side structural reform,manufacturing fundamentally determines a country's comprehensive strength and international competitiveness in this background,this paper takes 2010-2017,convertible bonds in manufacturing listed companies as the research object,the convertible bonds before and after the changes of operating performance and influencing factors of empirical research,in order to correctly choose and use convertible bonds to the enterprise provides the beneficial reference.At first,this paper analyzed from the aspects of theory of convertiblebond financing influence on corporate performance,and on this basis,using Wilcoxon signed rank nonparametric test method,before and after issuing convertible bonds by listed companies of manufacturing year fluctuations in operating performance to carry on the empirical analysis,at the same time,according to the industry's total assets scale BM values such as multiple dimensions as the sample group to select the control group,the horizontal comparison of convertible bond financing efficiency secondly,based on the convertible bond financing the theoretical foundation of the impact on the company's business performance,this paper uses multivariate regression method,from the capital structure of financial risk agency cost and company scale were used to empirically study the reasons for the performance change of listed companies after issuing convertible bonds.The research in this paper shows that :(1)on the whole,listed manufacturing companies can improve their performance in the year when they issue convertible bonds,but their operating performance significantly declines in the first year after they issue bonds;Compared with the industry control group,the profitability and operating capacity of companies issuing convertible bonds are better than those not issuing convertible bonds.(2)the higher the asset-liability ratio of listed manufacturing companies is,the greater the financial leverage coefficient is,the greater the volatility of cash flow is,the faster the performance declines after issuing convertible bonds.However,the larger the company is,the slower the performance decline will be after issuing convertible bonds.