| Residential College | false |
| Status | 已發表Published |
| Convertible Bonds and Firm Value: Evidence from China | |
LI PO ; QUE TINGTING ; XIE JING; ZHONG YUXIANG
| |
| 2024-08 | |
| Conference Name | 2024 Symposium on Financial Reporting and Management in the Era of Intelligent Manufacturing |
| Conference Date | August 9, 2024 |
| Conference Place | Ningbo, Zhejiang |
| Country | China |
| Abstract | Utilizing data on convertible bond issuances by Chinese firms, this study demonstrates that firms issuing convertible bonds exhibit significantly higher market value, the finding still holds in difference-in-difference tests and is not sensitive to robustness tests. We find that the positive effect of convertible bond issuance on firm value is driven by its impact on increasing the firm’s investment efficiency. The positive impact on firm value is particularly pronounced among state-owned enterprises, firms operating in environments with greater transparency, and firms with fewer financial constraints. Finally, we observe that the positive impact of convertible bond issuance on firm value decreases over time. |
| Keyword | Convertible Bonds Firm Value Investment Efficiency Information Environment |
| Language | 英語English |
| WOS Research Area | Business & Economics |
| WOS Subject | Business, Finance |
| Document Type | Conference paper |
| Collection | DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS |
| Affiliation | 1.University of Macau 2.University of Macau 3.University of Macau 4.Huazhong University of Science and Technology |
| Recommended Citation GB/T 7714 | LI PO,QUE TINGTING,XIE JING,et al. Convertible Bonds and Firm Value: Evidence from China[C], 2024. |
| APA | LI PO., QUE TINGTING., XIE JING., & ZHONG YUXIANG (2024). Convertible Bonds and Firm Value: Evidence from China. . |
| Files in This Item: | There are no files associated with this item. | |||||
Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.
Edit Comment