【可转债对经营绩效的影响研究国内外文献综述3800字】

可转债对经营绩效的影响研究国内外文献综述可转换债券是在约定的特定条件下可以转换为公司普通股的一种属于混合金融工具的公司债券。由于其独特的混合性特征，它在公司金融、资金交易和配置资源方面中发挥着重要的作用。在查阅国内外的文献后发现学界对可转换债券发行动机及发行后对公司的股价变化的研究很多，但是关于银行发行可转换债券后经营绩效变化的研究较少。1.1上市公司发行可转债的动因研究关于发行可转债动因的研究，学者一般从可转债的优点着手进行分析，国外学者一些理论表明，管理层可以通过发行可转换证券降低外部融资的各种债务和股权的成本，包括资产替代问题ADDINEN.CITE<EndNote><Cite><Author>Green</Author><Year>1984</Year><RecNum>57</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[1]</style></DisplayText><record><rec-number>57</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637894587">57</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Green,R.C.</author></authors></contributors><titles><title>Investmentincentives,debt,andwarrants</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><dates><year>1984</year></dates><urls></urls></record></Cite></EndNote>[1]、财务风险和信息不对称问题ADDINEN.CITE<EndNote><Cite><Author>Stein</Author><Year>1992</Year><RecNum>59</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[2]</style></DisplayText><record><rec-number>59</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637894894">59</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Stein,J.C.</author></authors></contributors><titles><title>Convertiblebondsasbackdoorequityfinancing-ScienceDirect</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><pages>3-21</pages><number>32</number><dates><year>1992</year></dates><urls></urls></record></Cite></EndNote>[2]、风险不确定性ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1988</Year><RecNum>60</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[3]</style></DisplayText><record><rec-number>60</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637895059">60</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,M.</author><author>Schwartz,E</author></authors></contributors><titles><title>Thecaseforconvertibles</title><secondary-title>JournalofAppliedCorporateFinance</secondary-title></titles><periodical><full-title>JournalofAppliedCorporateFinance</full-title></periodical><pages>5-64</pages><volume>1</volume><number>2</number><dates><year>1988</year></dates><urls></urls></record></Cite></EndNote>[3]以及过度投资问题ADDINEN.CITE<EndNote><Cite><Author>David</Author><Year>1998</Year><RecNum>61</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[4]</style></DisplayText><record><rec-number>61</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637895175">61</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>David</author><author>Mayers</author></authors></contributors><titles><title>Whyfirmsissueconvertiblebonds:Thematchingoffinancialandrealinvestmentoptions</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><dates><year>1998</year></dates><urls></urls></record></Cite></EndNote>[4]。所有这些模式都认为，设计良好的可转换债券将恢复投资激励措施，以便基金经理做出使公司价值最大化的决策。1987年Brennan（1987）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[5]指出，与其他融资工具相比，发行可转债最大的优点是其具备债权和股权双重特性，这样最大的好处在于企业的财务风险对可转债的价值影响不大，当企业经营处于上升期时，会使得可转债的股权价值升高，投资者会倾向于转股获得收益。如果企业发展稳定，可转债的债权价值也会升高，因此可转债价值的高低不会因为企业的财务风险的变化而产生巨大波动，这是发行方发行可转债吸引投资人的主要原因。1992年Essign（1992）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[6]提出市场上的信息并不是完全对称的，公司管理层和资本市场的投资者之间对于信息的把握程度是存在差异的，由此他认为企业进行可转换债券融资的动机是可转债的可转换性，可以轻松地实现在股票和债券之间的切换，使得企业的风险成本减少。Green（1984）ADDINEN.CITE<EndNote><Cite><Author>Green</Author><Year>1984</Year><RecNum>371</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[6]</style></DisplayText><record><rec-number>371</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006875">371</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Green,Richard</author></authors></contributors><titles><title>Investmentincentives,debt,andwarrants</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><pages>115–136</pages><volume>13</volume><dates><year>1984</year><pub-dates><date>03/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.1016/0304-405X(84)90034-5</electronic-resource-num></record></Cite></EndNote>[7]指出可转债是一种具有降低风险的债券，因此企业经营状况不好时可以利用可转债进行融资来解决问题。Stein（1992）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[8]认为企业高管和外部市场的投资者之间存在严重的信息不对称，掌握信息优势的管理层在发行股票时会利用手中的信息优势来抬高发行价格，而市场上的投资者也会基于此压低股票价格，在这种情况下发行可转债可以降低市场上由于信息不对称导致的逆向选择成本，因此那些对自身发展前景持乐观态度的上市企业更倾向于利用可转换债券这一金融工具来进行融资。此后，1998年Mayers（1998）ADDINEN.CITE<EndNote><Cite><Author>Myers</Author><Year>1984</Year><RecNum>363</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[7]</style></DisplayText><record><rec-number>363</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637845298">363</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Myers,Stewart</author><author>Majluf,Nicolas</author></authors></contributors><titles><title>CorporateFinancingandInvestmentDecisionsWhenFirmsHaveInformationThatInvestorsDoNotHave</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><pages>293-315</pages><volume>20</volume><dates><year>1984</year><pub-dates><date>01/01</date></pub-dates></dates><urls></urls></record></Cite></EndNote>[9]研究发现，发行可转债的企业在完成转股以后投资活动更加密集，更重要的是，可转债转股后企业的经营绩效得到了提升，由此上市公司更加青睐可转债这一融资工具。国内学者关于可转债发行动因的研究主要基于公司治理的角度。2009年牛玉科（2009）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[21]提出在可转债的发行过程中，企业往往会通过设计复杂的转换条款来左右发行可转债对于公司原有股东控制权的影响，他通过实证分析得出发行可转债对于约束原有控股股东的控制权具有重要的意义。张宇彤和许林（2020）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[22]也支持这一观点，他们以公司治理的三大问题之一——控股股东对于中小股东的“隧道挖掘”问题为基础，提出由于代理成本的存在，我国的部分企业往往通过发行可转债来解决大股东在公司通过关联交易来进行利益输送的问题。2018年张宇彤（2018）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[23]进一步证实了这一观点，他从可转债的特征入手，认为基于可转债具有期权的属性，这种融资工具可以通过赋予持有人未来将债券转换成股票的权利，协调公司管理层内部利益以及和外部债权人的利益，进而避免三者之间的代理问题。孙恩海（2020）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[24]认为企业使用可转债这一融资工具主要是因为其属于债务融资，相对于股权融资来说，发行可转债对于原有股东控制权的稀释更加有限，并且能通过设计条款进行有效控制，这对于发行企业来说是一种积极作用。1.2可转债融资对上市公司的影响研究国外文献关于可转债融资对上市公司的影响研究主要集中于公司的股价变化，学者们普遍认为发行可转债将导致股价下跌ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[10]。与市场绩效相比，国外针对经营绩效的研究较少。Mikkelson和Partch（1986）ADDINEN.CITE<EndNote><Cite><Author>Wayne</Author><Year>1986</Year><RecNum>53</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[9]</style></DisplayText><record><rec-number>53</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637889641">53</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Wayne</author><author>H.</author><author>Mikkelson</author><author>and</author><author>Megan,M.</author><author>Partch</author></authors></contributors><titles><title>Valuationeffectsofsecurityofferingsandtheissuanceprocess</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><dates><year>1986</year></dates><urls></urls></record></Cite></EndNote>[11]研究表明宣布发行可转换债券的公司的股价下跌了2%，对这种负面公告效应的大多数解释都归因于基金经理和外部投资者之间的信息不对称。如果公司管理层有关于公司的更多消息，那些以最大化现有股东利益为目标的管理层就有动力在公司的股票被高估时进一步发行股票ADDINEN.CITE<EndNote><Cite><Author>Myers</Author><Year>1984</Year><RecNum>54</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[10]</style></DisplayText><record><rec-number>54</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637890197">54</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Myers,S.C.</author><author>Majluf,N.S.</author></authors></contributors><titles><title>Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave</title></titles><dates><year>1984</year></dates><urls></urls></record></Cite></EndNote>[10]。最近基于美国市场数据进行可转换证券发行后的长期表现的研究也报告了股价明显表现不佳的情况。Lee和Loughra（1998）ADDINEN.CITE<EndNote><Cite><Author>Lee</Author><Year>1998</Year><RecNum>55</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[11]</style></DisplayText><record><rec-number>55</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637891144">55</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Lee,Inmoo</author><author>Loughran,L.T</author></authors></contributors><titles><title>Performancefollowingconvertiblebondissuance</title><secondary-title>JournalofCorporateFinance</secondary-title></titles><periodical><full-title>JournalofCorporateFinance</full-title></periodical><dates><year>1998</year></dates><urls></urls></record></Cite></EndNote>[12]通过对1975-1990年期间美国公司发行的986只可转换债券进行样本分析，发现可转换债券发行公司的股票回报表现明显低于市场的平均表现，这种现象不能通过IPO或收益状况来解释。他们记录了发行可转债后的五年中，可转债发行公司的平均年回报率为8.6%，而对照组公司的平均年回报率为11.5%。同时，发债组公司在发行后经营业绩迅速下降。比如，发债组公司的利润率中值从发行当年的5.1%降至可转换债券发行四年后的1.8%。在可转换债券发行后的四年里，资产回报率中值减半，但是对照组公司并没有表现出与发债组相同的经营业绩下降程度。Kang（1996）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[13]等采用日本市场数据，研究同样发现可转换债券发行后长期表现不佳。由于可转换债券具有股权的特征，因此其负面公告效应通常与股价估值过高有关。换言之，当公司股票被高估时，基金经理有动力发行可转换债券。Spiess和Affleck-Graves（1996）ADDINEN.CITE<EndNote><Cite><Author>Spiess</Author><Year>1995</Year><RecNum>56</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[12]</style></DisplayText><record><rec-number>56</rec-number><foreign-keys><keyapp="EN"db-id="vfzztwwz7wfaaxefzvh5a05mp2z00s5vx20v"timestamp="1637892007">56</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Spiess,D.K.</author><author>Affleck-Graves,J.</author></authors></contributors><titles><title>Underperformanceinlong-runstockreturnsfollowingseasonedequityofferings</title><secondary-title>JournalofFinancialEconomics</secondary-title></titles><periodical><full-title>JournalofFinancialEconomics</full-title></periodical><pages>243-267</pages><volume>38</volume><number>3</number><dates><year>1995</year></dates><urls></urls></record></Cite></EndNote>[14]研究同样发现，直接债券和可转换债券发行的公司经营绩效都表现较差，他们在衡量393只可转换债券样本的回报异常时，还根据公司规模和账面市值比效应进行了调整，但是表现不佳的情况依然存在。Kim（2020）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[15]以2001年-2018年韩国发行嵌入式重新固定期权的可转换债券和附带认股权证的债券的企业为样本，发现发行这些可转债的企业的累积异常回报率都出现了显著下降，这表明发行可转债对于企业具有负面的公告效应，可转债融资会迅速对企业的市场价值产生负面影响，进而抑制企业的绩效。除此以外，也有部分学者研究认为可转债对企业经营绩效有正面作用，Abhyankar（2006）ADDINEN.CITE<EndNote><Cite><Author>A</Author><Year>2006</Year><RecNum>364</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[13]</style></DisplayText><record><rec-number>364</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637974795">364</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>A,AbhayAbhyankar</author><author>B,KengYuHo</author></authors></contributors><titles><title>Long-runabnormalperformancefollowingconvertiblepreferenceshareandconvertiblebondissues:NewevidencefromtheUnitedKingdom</title><secondary-title>InternationalReviewofEconomics&Finance</secondary-title></titles><periodical><full-title>InternationalReviewofEconomics&Finance</full-title></periodical><pages>97-119</pages><volume>15</volume><number>1</number><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>[16]研究了1982-1996年期间英国公司在发行可转换优先股和可转换债券后的长期表现异常的公司，结果表明可转换债券发行后公司长期绩效表现没有受到负面影响。国内关于可转债对上市公司经营绩效的研究比较多，汤晶（2007）ADDINEN.CITE<EndNote><Cite><Author>汤晶</Author><Year>2007</Year><RecNum>365</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[14]</style></DisplayText><record><rec-number>365</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637981911">365</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>汤晶</author></authors><tertiary-authors><author>陈收,</author></tertiary-authors></contributors><titles><title>可转债发行公司绩效及其对转股行为的影响</title></titles><keywords><keyword>可转债</keyword><keyword>经营绩效</keyword><keyword>市场表现</keyword><keyword>转股</keyword></keywords><dates><year>2007</year></dates><publisher>湖南大学</publisher><work-type>硕士</work-type><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[25]发现发行可转债后绩效有小幅度下降，但是与对照组相比，发行可转债的公司各项绩效指标均较好，此外发行可转债前后股价没有显著变化，平均累积超额收益率高于对照组，发行可转债对市场股价有一定的正向效应。张立丰（2021）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[5]</style></DisplayText><record><rec-number>370</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1638006765">370</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Brennan,Michael</author><author>Schwartz,Eduardo</author></authors></contributors><titles><title>AnalyzingConvertibleBonds</title><secondary-title>JournalofFinancialandQuantitativeAnalysis</secondary-title></titles><periodical><full-title>JournalofFinancialandQuantitativeAnalysis</full-title></periodical><pages>907-929</pages><volume>15</volume><dates><year>1980</year><pub-dates><date>11/01</date></pub-dates></dates><urls></urls><electronic-resource-num>10.2307/2330567</electronic-resource-num></record></Cite></EndNote>[26]年以委托代理理论为立足点，选择民生银行作为案例，通过DEA模型分析了其发行可转债后经营效率的变化，得出发行可转债对于民生银行的绩效是有提升作用的结论。田芮（2021）ADDINEN.CITE<EndNote><Cite><Author>田芮</Author><Year>2021</Year><RecNum>366</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[15]</style></DisplayText><record><rec-number>366</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637985246">366</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>田芮</author></authors><tertiary-authors><author>王东风,</author></tertiary-authors></contributors><titles><title>非金融上市企业发行可转债对于企业绩效的影响</title></titles><dates><year>2021</year></dates><publisher>辽宁大学</publisher><work-type>硕士</work-type><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[27]选取了2011-2020年发行可转债的上市公司共431家进行可转债对市场绩效和企业绩效的影响研究，结果表明可转债对市场绩效的影响在短期内有负面效应，但长期来看发行可转债的公司业绩有大幅度提升。刘珍妮（2021）ADDINEN.CITE<EndNote><Cite><Author>刘珍妮</Author><Year>2021</Year><RecNum>367</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[16]</style></DisplayText><record><rec-number>367</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637985579">367</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>刘珍妮</author></authors><tertiary-authors><author>金继红,</author></tertiary-authors></contributors><titles><title>可转债融资对企业财务绩效及市场反应的影响研究</title></titles><dates><year>2021</year></dates><publisher>东华大学</publisher><work-type>硕士</work-type><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[28]以亚太机电集团为研究对象，发现该企业在发行可转债后市场反应很好，资本结构得到优化，偿债能力得到提高。张雪芳等（2006）ADDINEN.CITE<EndNote><Cite><Author>张雪芳</Author><Year>2006</Year><RecNum>368</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[17]</style></DisplayText><record><rec-number>368</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637988407">368</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>张雪芳</author><author>刘春杰</author></authors></contributors><auth-address>浙江大学经济学院,浙江大学经济学院浙江杭州310027,浙江杭州310027</auth-address><titles><title>对可转换债券发行前后公司绩效变动趋势的实证研究</title><secondary-title>上海金融</secondary-title></titles><periodical><full-title>上海金融</full-title></periodical><pages>33-36</pages><number>07</number><keywords><keyword>可转换债券</keyword><keyword>经营绩效</keyword><keyword>变动趋势</keyword></keywords><dates><year>2006</year></dates><isbn>1006-1428</isbn><call-num>31-1160/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[29]对2002-2004年发行可转债的31家企业进行可转债对企业经营绩效的影响研究，共选择了七个财务指标作为绩效评价，结果发现公司发行可转债后绩效情况要好于对照组的公司。郭仁美（2007）ADDINEN.CITE<EndNote><Cite><Author>郭仁美</Author><Year>2007</Year><RecNum>369</RecNum><DisplayText><styleface="superscript"font="TimesNewRoman">[18]</style></DisplayText><record><rec-number>369</rec-number><foreign-keys><keyapp="EN"db-id="pzzzsaep0edpswevs9opdpp35rtx05zaprf2"timestamp="1637988563">369</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>郭仁美</author></authors><tertiary-authors><author>吕长江,</author></tertiary-authors></contributors><titles><title>可转换债券融资企业的效率研究</title></titles><keywords><keyword>可转换债券</keyword><keyword>风险</keyword><keyword>资本成本</keyword><keyword>财务绩效</keyword><keyword>效率</keyword></keywords><dates><year>2007</year></dates><publisher>吉林大学</publisher><work-type>硕士</work-type><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[30]对2000年后发行可转债的35家上市公司进行研究发现可转债发行规模与杠杆比例呈正比。肖唯涵（2017）ADDINEN.CITE<EndNote><Cite><Author>Brennan</Author><Year>1980</Year><RecNum>370</RecNum><DisplayText><styleface="superscript"fon