外文翻译--市场上发行可转换债券的反应：一个自由的现金流的角度来看成本代理机构.docVIP

本科毕业论文外文翻译原文 外文题目：Market reaction on convertible bonds offering： An a gency cost of free cash flow perspective 出 处：美中经济评论: 英文版 2008年 第2期 作 者：LI Xiao-jun ，WANG Ping xin Market reaction on convertible bonds offering： An a gency cost of free cash flow perspective LI Xiao-jun ，WANG Ping xin （1．School o『Management，Xi an Jiaotong Universio；Xi an 710049．China；2．School ofFinance and Economics，Hangzhou Dianzi UniversiO,HangJ~ou 310018，China） ABSTRACTBy investigating “announcement effects”of 48 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 announcement 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． Further,we find those firms with less undistributed cash flow and more growth opportunity experience significantly higher price resportse than firms with more undistributed cash flow and less growth opportunity． The empirical evidence consists with the predictions of the agency costs of free cash flow theory． Key words：event—study methodology；convertible bonds；agency costs of flee cash flow Introduction Firms making capital structure decisions can 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 convertible 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 following results． First，the issuance of new debt is not associated with any significant stock price reaction． Second，the issuance o