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)-金融財政(編輯修改稿)
2025-02-24 01:31 本頁面
【文章內(nèi)容簡介】 vious year to the curent year； INTEXP is denotes gross interest expense on short—term and long。 term debt；PEDDIV means total amount of prefered 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 mon stoc k； UCF is standardized by the market value of equity for the same period of getting CF． The market value of equity is defined as the market valve of tradeable shares plus the equity of untradeable shares． To proxy for growth prospects for each firm， we calculate the average annual percent increase in sales preceding the going announcement issuance Em pirical results 3． 1 Announcement efects of growth and free cash flow characteristics We posit that shareh olders will respond more favorably to CBS and equity issue announcement if management 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 respectively． Similarly， according to the mean of sale growth ratio(SGR)， we can divide sample firms into high growth firm s and low growth firms respectively． Since variable CF and SGR are not matching， the whole 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 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 growth)are pared． The results from 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 indicate 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． Conclusion The free cash flow theory sugge
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