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本文在综合了国外资本结构理论和国内以前对主板市场的相关研究经验,运用事件研究方法和回归分析,对我国中小板上市公司发行债券前后对其公司股价的影响反应进行理论研究,并对实证结果进行具体分析。研究结果表明市场对于中小板上市公司发行债券前的宣告一般持乐观态度,然而最终发行债券的结果却往往差强人意,使得债券发行前后作为样本的中小板上市公司的的股票平均异常收益率呈现先正后负的变化趋势。在具体影响方面,中小板上市公司的成长性和资产负债率与累积异常收益率成正相关;在债券自身特征方面,发行利差以及赋予投资者回售等权利则会使公司股价出现明显的负面效应。
Based on the theory of foreign capital structure and domestic previous research on the main board market, this paper uses the event research method and regression analysis to study the influence of the listed companies on the company’s stock price before and after the issuance of bonds. The results of a specific analysis. The results show that the market generally optimistic about the announcement of the issuance of bonds before the listing of small and medium-sized companies. However, the final bond issuance results are often unsatisfactory. The average abnormal return rate of the listed companies before and after the issuance of bonds shows a positive anomaly Negative change trend. In terms of specific impact, the growth and debt-to-asset ratio of listed companies in small and medium-sized listed companies are positively correlated with the cumulative abnormal return rate. In terms of their own characteristics, issuance of interest spreads and giving investors the right to sell back their shares will cause a significant negative share price effect.