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Empirical studies of changes in company performance trends before and after the issuance of convertible bonds

Author: ZhangXueFang From: www.yourpaper.net Posted: 2009-04-01 18:29:51 Read:
Abstract: convertible bonds as a financial innovation products, corporate finance theory holds that it is beneficial to improve corporate performance, this paper through the research of China's listed companies to issue convertible bonds operating performance before and after the change in trend, study after the convertible bonds issued if there is conducive to the listing of the company's business performance improve. To do this select 31 non-financial listed companies from 2002 to 2004, China's actual issuance of convertible bonds as issued set of samples, and at the same time to build an industry control group sample, the study found, the issue of the set of samples after the issuance of the convertible bonds and issue compared to the results of operations, a significant decrease is not reflected in the advantageous features of our convertible bonds; However, compared with the control group of the same industry, the overall the issued group's performance with minor good in the control group.
Keywords: convertible bonds; operating performance; changing trend
First, the sample selection, determination of corporate performance evaluation, and research methods
(A) the selection of the sample
The paper selects the 2002, 2003 and 2004, the actual issuance of convertible bonds of listed companies of the 31 non-financial industries as the issue of the group of samples (see Table 1), A Comparative Study of the previous year in the issuance of convertible bonds issued that year and after the release of the second years relevant indicators of the presence or absence of change; article to other companies in the same industry where every listed company in the issuance of groups of samples build an industry control group sample, of industries control group sample performance indicators using the average of the same industry, performance and industry of the issue of the group sample control group samples were compared.
The date of issue of the convertible bonds from the huge influx of SEEC prospectus announcement www.cninfo.com.cn announced data on performance indicators of its annual data, from CSMAR database. Statistical software using SPSS13 0.
(B) Performance Evaluation Indicator Selection
Company performance evaluation index system can be divided into the class financial indicators and non-financial indicators, the former including profitability indicators, solvency indicators, which include product quality, market share, customer satisfaction, and company risk indicators, due to non-financial indicators is often difficult to collect quantitative data, and different companies, different industries comparability relatively poor, so this paper to study the changes in the listed companies' financial indicators.
Table 1 issued set of samples Company Name



























































































































No.

Stock code

Stock Name

No.

Stock code

Stock Name

1

0002

Vanke

17

600236

The crown power

2

0301

Wujiang Silk

18

600567

Shanying

3

0729

Yanjing Beer

19

600726

Longdiangufen

4

600087

Nanjing Water Transport

20

600795

GD Power

5

600220

Jiangsu Sunshine

21

0002

Vanke

6

0069

OCT A

22

0488

The Chenming

7

0629

New Steel and Vanadium

23

0822

Shandong Haihua

8

0630

Tongdu Copper

24

0932

Valin

9

0930

BBCA Biochemical

25

0937

The Jinniu Energy

10

0936

Huaxi Village

26

600010

Gangliangufen

11

0959

Shougang

27

600037

The Vancouver Cable

12

600001

Handan Iron & Steel

28

600219

The Nanshan Industrial

13

600096

Yuntianhua

29

600317

Yingkou Port

14

600117

Xining Special Steel

30

600418

JAC

15

600177

Younger

31

600874

Capital Environmental Protection

16

600196

The revival Industrial

In this article to refer to China's Ministry of Finance, Economic and Trade Commission, DuPont analysis performance evaluation, promulgated in 1996, the state-owned capital rules for the operation of a common and comprehensive financial analysis methods, focusing on considered to reflect the profitability of listed companies, subordinated debt capacity, growth and cash flow situation assessment indicators, specifically selected interest coverage ratio, earnings per share, net cash flow from operating activities per share, operating income, net profit margin, return on total assets, return on equity and the main business revenue growth rate of seven indicators as the main indicators of the performance study (see Table 2).
Table 2 corporate performance evaluation
























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No.

Variable

Variable name

Calculation

Unit

1

LB

Interest coverage ratio

Equal to EBIT and interest expense ratio

-

2

MR

Earnings per share

The ratio of the number of ordinary shares of equal profits that can be used for the allocation of ordinary shares outstanding

$

3