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Zhang, Chuxin (2020) The Influence of Convertible Bond Financing on the Operating Performance of Chinese Companies. [Dissertation (University of Nottingham only)]

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Abstract

China's convertible bond market has been gradually prospering since

2017. Because of its dual attributes of equity and debt, it is also

favored by investors, and the China Securities Regulatory

Commission has continuously introduced new policies to encourage

the development of the convertible bond market. This article mainly

studies the main impact of the issuance of convertible bonds on the

operating performance of listed companies and explores the reasons

behind the impact

This article first uses the Wilcoxon rank-sum test method to test the

fluctuations in the operating performance of listed companies that

issued convertible bonds from 2010 to 2017. The indicators to

measure operating performance include ROA, Profit margin,

operating cash flow per share, etc. Multiple indicators. At the same

time, this paper selects a control group for the sample group

according to multiple dimensions such as industry and BM value to

compare the differences between the two groups. This paper takes

ROA of listed companies as a substitute variable for operating

performance, and regresses ROA and Debt to equity ratio, Proportion

of largest shareholders, Book to market value ratio and other

variables to explore the reasons that affect the performance of listed

companies. The research in this article shows that: The operating

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performance of listed companies after the issuance of convertible

bonds from 2010 to 2017 has experienced significant declines in

varying degrees, and the above performance reached the highest

point at the end of the year before the issuance of bonds or the year

of issuance. Significant differences also appeared in some financial

indicators during the comparison with the control group. The high

level of Proportion of largest shareholders, Book to market value ratio,

asset turnover ratio, the more they will promote listing the company's

performance is improving. At the same time, the increase in debt to

equity ratio, and R&D to income ratio will reduce the performance of

listed companies in the short time.

Item Type:	Dissertation (University of Nottingham only)
Depositing User:	ZHANG, Chuxin
Date Deposited:	14 Dec 2022 12:14
Last Modified:	14 Dec 2022 12:14
URI:	https://eprints.nottingham.ac.uk/id/eprint/61837

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