The Influence Mechanism And Empirical Study Of Stock Market Fluctuation On Premium Deviation Of Convertible Bonds Of Chinese Listed Companies

In 2017,two policies and regulations on convertible bonds were issued,which encouraged enterprises to issue convertible bonds and adjusted the purchase method of convertible bonds to credit purchase.The number of convertible bonds issued in China has increased significantly and the market scale has expanded rapidly.Whether convertible bonds can be successfully converted into shares is a matter of common concern for investors,issuing companies and regulatory authorities.However,whether convertible bonds can be successfully converted into shares has a great relationship with the deviation of convertible bond premium and the stock market environment.At present,there are few studies on the relationship between convertible bond premium deviation and stock market environment,and the number of convertible bond samples selected in the study is small,the research time span is small,and the explanation is insufficient.Based on the introduction of two policies and regulations on convertible bonds in2017 and the complete conversion of bear market and bull market in the A-share market from January 2018 to February 2021,this paper selects all eligible convertible bonds in this period to study the relationship between the fluctuation of stock market and the premium deviation of convertible bond.Through the qualitative analysis of the premium deviation of convertible bonds and the quantitative analysis of the multiple regression model of the total sample,it is found that the convertible bond market price is generally higher than its convertible value and the stock market fluctuation has a significant negative correlation with the premium deviation degree of convertible bonds.Based on the overall impact study,the research is divided into four perspectives: the listing plate,industry,issuance scale and issuance rating of convertible bond issuing companies.The research shows that the impact of stock market fluctuations on the premium deviation of convertible bond varies greatly due to the different listing plate,industry,issuance scale and issuance rating of convertible bond issuing companies:(1)The fluctuation of the stock market has a greater impact on the premium deviation of convertible bonds issued by listed companies on the small and medium-sized board,but has no significant impact on the premium deviation of convertible bonds issued by listed companies on the GEM.(2)The fluctuation of the stock market has a greater impact on the premium deviation of the convertible bonds issued by the companies in the daily consumption,industrial and material industries,and a smaller impact on the premium deviation of the convertible bonds issued by the companies in the financial industry.(3)The fluctuation of the stock market has a greater impact on the premium deviation of the convertible bonds with smaller issuance scale and lower issuance rating.