金融學(xué)專業(yè)外文翻譯-----市場上發(fā)行可轉(zhuǎn)換債券的反應(yīng)

1、<p>　　本科畢業(yè)論文外文翻譯原文</p><p>　　外文題目：Market reaction on convertible bonds offering： </p><p>　　An a gency cost of free cash flow perspective </p><p>　　出 處：<<美中經(jīng)濟(jì)評論: 英文

2、版>> 2008年 第2期 </p><p>　　作 者：LI Xiao-jun ，WANG Ping xin </p><p><b>　　原 文：</b></p><p>　　Market reacti

3、on on convertible bonds offering：</p><p>　　An a gency cost of free cash flow perspective</p><p>　　LI Xiao-jun ，WANG Ping xin </p><p>　?。?．School o『Management，Xi an Jiaotong Universi

4、o；Xi an 710049．China；2．School ofFinance and Economics，Hangzhou Dianzi UniversiO,HangJ~ou 310018，China）</p><p><b>　　ABSTRACT</b></p><p>　　By investigating “announcement effects”of 48

5、CBS and 439 pure equity offering in Chinese A—share listed companies，this paper finds that，in general，convertible bonds issue announcement may elicit a negative stock price response，firms with convertible bonds issue ann

6、ouncement experience significantly higher mean of abnorm al returns than firm s with equity issue announcement， and the fallen stock price is positively related to ofering size，and negatively related to debt／asset ratio．

7、 Further,we fin</p><p>　　Key words：event—study methodology；convertible bonds；agency costs of flee cash flow</p><p>　　Introduction</p><p>　　Firms making capital structure decisions c

8、an choose to issue securities that have both equity and debt components rather than issue pure equity and debt．Convertible bonds(CBS)loans share this characteristic．Studies of announcement effect with regard to convertib

9、le bond issued by companies from the United States confirm the hybrid nature of these finance instruments． Smith(1 986)? and Eckbo and Masulis(1995) I ’Dresent overviews of the relevant literature which show the followin

10、g results． First，t</p><p>　　In this paper we will present empirical evidence on the announcement effects of CBS from China capital market．Differ from previous studies， this study extends agency costs theory

11、and posits that sharehOlder determine their reaction to equity and CBS issues on firm reputation regarding the abuse of free cash flow． The empirical results suggest that firms with CBS ofering announcement experience si

12、gnificantly higher mean of abnormal returns than lirms with eqmty ofering announcement，but in genera1</p><p>　　Data and research methodology</p><p>　　2．1 Sample selection</p><p>　　W

13、 e use the annOuncements of CBS and pure equity that were issued from January 2001 to December 2005 by China A—shares listed companies．During this period a total of 48 CBS and 455 equities were announced．1 6 equities wer

14、e eliminated because the completed set of data on the pre—event period was not available from China Stock Market&Accounting Research Database(CSMAR)．Therefore，we can use 48 announcements of CBS and 439 pure equities

15、</p><p>　　2．2 Research variable</p><p>　　To proxy for free cash flow for each firm，following Le hn and Poulson(1 989) ?！畐e calculated a measure of undistributed cash flow(UCF)for the year immedi

16、ately precedifig the year of the going announcement issuance．This variable is defined as：</p><p>　　UCF= INC— TAX— INTEXP—PEDDIV— COMDIV</p><p>　　Where：INC is the operating income before deprecia

17、tion；TAX is the total income taxes minus the change of deferred taxes from the previous year to the curent year；INTEXP is denotes gross interest expense on short—term and long。term debt；PEDDIV means total amount of prefe

18、red dividend requirement on cumulative preferred stock and dividends paid on noncumulative preferred stoc k；COM DIV is the total dollar amount of dividends declared on common stoc k；UCF is standardized by the market valu

19、e of equity</p><p>　　To proxy for growth prospects for each firm，we calculate the average annual percent increase in net sales preceding the going announcement issuance</p><p>　　Em pirical resul

20、ts</p><p>　　3．1 Announcement efects of growth and free cash flow characteristics</p><p>　　We posit that shareh olders will respond more favorably to CBS and equity issue announcement if manageme

21、nt has fl favorable track record．To test this hypothesis，we divide 48 CBS and 439 equity sample firms into high undistributed cash flow group and low undistributed cash flow group according to variable CF mean respective

22、ly．Similarly，according to the mean of sale growth ratio(SGR)，we can divide sample firms into high</p><p>　　growth firm s and low growth firms respectively．Since variable CF and SGR are not matching，the whole

23、 sample firms are divided into four groups．We denote these groups as groups 1(high CF and low growth group)，groups 2 (high CF and high growth group)，groups3(1ow CF and low growth group)and groups 4(1ow CF and high growth

24、 group)respectively．In Table 2，the announcement effect of convertible bond and pure equity for group I(those with high CF and low growth)and group 4(those with low CF and high grow</p><p>　　The results from

25、Tables 2 show that，on average，the group 4 sample firms have higher announcement valuation effect(they are less negative)than groupI sample firms for all four event windows around both CBS and pure equity．These results in

26、dicate difference between the two types of firms virtually．Thus，our empirical results show that there is a less stock price decline about issuance of CBS in less undistributed cash flow and more growth opportunity firms．

27、</p><p>　　Conclusion</p><p>　　The free cash flow theory suggests that equity issues result in increases in nonbonded funds available to managers，and these nonbonded funds carry agency costs that

28、 reflect expected misuse of these funds to benefit managers．Through comparing the issuance announcement effect of 48 CBS with 439 pure equity，this paper find convertible bonds offering announcement may elicit a negative

29、stock price response，and in general，the firms offering announcement of CBS experience significantly higher mean abno</p><p>　　Further，this article extends the argument and posits that shareholders misuse of

30、these funds but determine their reactions to CBS and equity issue announcements on the basis of manager’s reputation for misusing free cash flow．Specifically，we test the impact of undistributed cash flow and growth oppor

31、tunity by the firm on shareholder reaction to CBS and equity issue announcement．We present evidence that stock price decline is positively related to offering size，and negatively related to debt／asse</p><p>

32、<b>　　譯 文：</b></p><p>　　市場上發(fā)行可轉(zhuǎn)換債券的反應(yīng)：一個自由的現(xiàn)金流的角度來看成本代理機(jī)構(gòu)</p><p>　　摘要Introductionzaiyao摘要</p><p>　　通過調(diào)查“公告效應(yīng)“48 CBS和439中的A股上市公司的純股票發(fā)行，本文認(rèn)為，在一般情況下，可換股債券發(fā)行公告可能引起股價的負(fù)反應(yīng)，與發(fā)行可

33、換股債券公告經(jīng)驗的公司顯著較高的平均比。與股票發(fā)行公司宣布s畸形人回報，股票價格的下跌是正相關(guān)大小，呈負(fù)相關(guān)，債務(wù)/資產(chǎn)比率。此外，我們發(fā)現(xiàn)未分配利潤現(xiàn)金流量和更多的增長機(jī)會，這些公司經(jīng)驗更明顯高于未分配現(xiàn)金流和低增長的機(jī)會，公司的價格發(fā)生變化由實證證據(jù)與自由現(xiàn)金流的代理成本理論的預(yù)測組成。</p><p>　　關(guān)鍵詞：事件研究方法，可轉(zhuǎn)換債券，現(xiàn)金流量的代理成本逃離</p><p>&l

34、t;b>　　簡介</b></p><p>　　企業(yè)資本結(jié)構(gòu)作出的決定可以選擇發(fā)行證券的股權(quán)和債務(wù)問題的組件，而不是單純的股票和債券債務(wù)?？赊D(zhuǎn)換股債券（哥倫比亞廣播公司）貸款就是這一特點。公告關(guān)于可轉(zhuǎn)換債券由美國公司所發(fā)行的影響研究證實了這些融資工具的混合性質(zhì)。史密斯（1986）和Eckbo和Masulis（1995）的相關(guān)文獻(xiàn)綜述中，顯示以下結(jié)果。首先，新債發(fā)行量不與任何重大的股價反應(yīng)。其次，新

35、股票發(fā)行是一個顯著負(fù)相關(guān)的股票價格反應(yīng)。最后，佛羅里達(dá)州的哥倫比亞廣播公司已發(fā)行債務(wù)和元素與一個顯著股票價格的下降將是比純股票發(fā)行相關(guān)的跌幅為小。哥倫比亞廣播公司發(fā)表的一些研究日本和荷蘭的公司。然而表明，這些事件是不相關(guān)的重大股價反應(yīng)，而且，若某些情況下，他們甚至有顯著的正副教授股價反應(yīng)。</p><p>　　在本文中，我們將提交一份關(guān)于從哥倫比亞廣播公司從以前的研究中國資本市場.列出公告效應(yīng)的實證證據(jù)，這項研究

36、擴(kuò)展代理成本理論和斷定，確定股東對公司聲譽的反應(yīng)，股票和CBS的問題是關(guān)于濫用自由現(xiàn)金流量。實證結(jié)果表明，與CBS公司公布的經(jīng)驗相比明顯高于平均比。哥倫比亞廣播公司公布公告可能引起股價問題，佛羅里達(dá)州的負(fù)面結(jié)果與自由現(xiàn)金流。本文的理論是，首先為其余的代理費用。其次為數(shù)據(jù)和事件研究的方法，包括結(jié)構(gòu)性的預(yù)測是一致的。最后是實證結(jié)果顯示。</p><p><b>　　數(shù)據(jù)和研究方法</b><

37、/p><p><b>　　樣本選擇</b></p><p>　　我們使用純CBS和所有者權(quán)益中由中國發(fā)出一個上市指令。在此期間有48 CBS和455股票總股份2001年1月至2005年12月公布了16股票被淘汰，因為成套關(guān)于會前活動期間的數(shù)據(jù)不是來自中國證券市場與會計研究數(shù)據(jù)庫（CSMAR）提供。因此，我們可以使用48的宣布，CBS和439純股票。</p>

38、<p><b>　　研究中的變量</b></p><p>　　要為每家公司的現(xiàn)金流，代理下列樂HN和波爾森（1 989）。我們立即計算變量并公告結(jié)果。每年的未分配現(xiàn)金流（UCF）測量被定義為：UCF= INC— TAX— INTEXP—PEDDIV— COMDIV</p><p>　　其中：INC是折舊前營業(yè)收入，它是稅收總收入減去遞延稅款比上年同期變動值。

39、INTEXP是指短期和長期債務(wù)的利息開支總額。PEDDIV的方式是累積優(yōu)先股，首選股票表示支付的股息，優(yōu)先股股息總額的要求。COM的DIV是股利的總金額宣布共同抵押。佛羅里達(dá)中央大學(xué)是由CF卡在同一時期獲得公平的市場價值標(biāo)準(zhǔn)。以股權(quán)的市場價值定義為流通股市場加上股份權(quán)益。</p><p>　　要為每個代理公司的增長前景，我們計算了在發(fā)行前將公布的凈銷售額平均每年增長百分比。</p><p>

40、;<b>　　結(jié)果</b></p><p>　　公告增長結(jié)果和現(xiàn)金流特性</p><p>　　我們斷定這將響應(yīng)更積極的CBS和股票發(fā)行公告，如果管理層有良好的跟蹤記錄給佛羅里達(dá)州檢驗這一假設(shè)，我們分48 CBS和未分配利潤439股權(quán)轉(zhuǎn)換成高現(xiàn)金流組和低未分配利潤組樣本公司的現(xiàn)金流根據(jù)變量的意思，按平均銷售增長比率（SGR的），我們可以分為高采樣公司和低增長的公司增長的

41、公司分別。由于CF和SGR的變量不匹配，整個樣本公司分為四個組。我們記為組1（高CF和低增長組），組2（高纖維和高成長組），組3（1ow這些群體的CF卡和低增長組）和組4（1ow CF和高成長集團(tuán)）。可轉(zhuǎn)換債券和組1（高，低增長的CF卡）和第4組純股本宣告效果（低者CF和高增長）進(jìn)行了比較。</p><p>　　平均而言，4組樣本公司公布的估值效應(yīng)有較高的比，組1樣本公司（他們是少負(fù)）的所有四個CBS和兩邊都純利

42、率。結(jié)果表明兩者之間的區(qū)別。因此，這類型的公司，我們的實證結(jié)果表明，有一對哥倫比亞廣播公司不發(fā)行股票在更短的現(xiàn)金流和未分配利潤更多增長機(jī)會的公司價格下降。</p><p><b>　　結(jié)論</b></p><p>　　自由現(xiàn)金流理論認(rèn)為，股票發(fā)行中資金提供給管理人員，這些資金增加的結(jié)果進(jìn)行的機(jī)構(gòu)，反映預(yù)期這些資金的濫用。比較了哥倫比亞廣播公司發(fā)行公告48純股本成本的影

43、響，本文發(fā)現(xiàn)可轉(zhuǎn)換債券發(fā)行公告可能引起負(fù)面股價反應(yīng)，而在一般情況下，公司公告招股哥倫比亞廣播公司的經(jīng)驗明顯高于平均比，而且發(fā)現(xiàn)公司是類似于美國的結(jié)果異常報酬美國混合債券，但不根據(jù)以前的中國和日本的債券發(fā)行公告。</p><p>　　此外，這篇文章的論點，并假定延伸，股東濫用這些資金，但決定他們的反應(yīng)和對哥倫比亞廣播公司的經(jīng)理對濫用自由現(xiàn)金流。尤其對聲譽的基礎(chǔ)資產(chǎn)的問題通知，我們測試未分配現(xiàn)金流和增長機(jī)會的影響對股

44、東的反應(yīng)，哥倫比亞廣播公司和股票發(fā)行公布。我們公司的研究表明，股票價格下跌是正相關(guān)的發(fā)行規(guī)模，并呈負(fù)相關(guān)，債務(wù)（為哥倫比亞廣播公司和純股票資產(chǎn)比例濫用問題的能力），和環(huán)境公平競爭。在國有銀行商業(yè)化，這是由于新生的經(jīng)濟(jì)轉(zhuǎn)型，在一定的財政需要加上自己的行為，社會拖延，經(jīng)濟(jì)制度本身仍然是國家國有銀行。如佛羅里達(dá)州的機(jī)制是目前存在的需求。經(jīng)濟(jì)一直隱藏在國有銀行體系的資金需求，如政府。政府不希望看到的，它也改變了?！翱吹靡姷氖帧庇兄刃虻爻冯x，“隱