我國可轉(zhuǎn)換債券的價值影響因素分析.pdf

1、浙江大學(xué)碩士學(xué)位論文我國可轉(zhuǎn)換債券的價值影響因素分析姓名：沈靜申請學(xué)位級別：碩士專業(yè)：企業(yè)管理指導(dǎo)教師：凌春華20051101浙江大學(xué)碩士學(xué)位論文我國可轉(zhuǎn)換債券的價值影響因素分析ABSTRACTConvertiblebondsarecomplexfinancialinstrumentsandinvestmentvehiclescombiningthecharacteristicsofstoekgandbonds，widelyusedin

2、financemarketInChinaconvertiblebondscomeintopublic’Seyesightgradually、ⅣithdevelopingdiversifiedcapitalmarketSinceFisher(1972)firstreportedasignigicantunderpricingforinitialpublicofferingofCOlTlnlonstock，thereareabundantr

3、esearchesaboutmarketbehaviorofsecuritiesinfinanceEventhoughitiSofconsiderationtoinvestors、fund—acquirers、securityregulatorsandSOonthereisnoprofoundstudyaboutconvertiblebondsperformanceandeffectfactorsOnthebaseofpreviouss

4、tudies，thispapermakessomeresearchesintheseaspectsconsideringChina’SactualstatusWecollectagreatdealdatumandinvestigatethepricingofconvertiblebondslistedontheShanghaiStockExchangeandShenzhenStockExchange，andobservethediffe

5、rencebetweenmarketpriceandmodelvalueAccordingtoitscharacteristicswedivideeffectfactorsintoexternalrisk、straightdebtcomponentriskandequitycomponentriskWealsoselectrepresentativeindexestomeasureeachpartriskInaddition，weadd

6、otherindexes，such嬲moneynessandmaturityneresultmdicatesthat也etheoreticalvaluesfortheanalyzedconvertiblebondsareonaverage1632％(significantatthe00llevel)higherthantheobservedmarketpricesnleempiricalregressionanalysisshowsth

7、atconvertiblebond’SunderestimateiSsignificantnegativelyrelmedto口、moneynessandduration111eexplanmionpowerofregressionmodeliS668％Wealsodocumentsimilaranalysisatissuedateandfindthat∥hasasignificantinflunceonthedependentvari

8、ableAtlastwepresenttheexploreanalysisandtheresultindicatesthatconvertiblebond’Sunderestimatehaspositiverelationwithconversionpremiuminsteadofcorporation’Sfinancialcondition、growthopportunityandSo01％Keywords：Convertiblebo