| Summary: | China's convertible bond market has been gradually prospering since
2017. Because of its dual attributes of equity and debt, it is also
favored by investors, and the China Securities Regulatory
Commission has continuously introduced new policies to encourage
the development of the convertible bond market. This article mainly
studies the main impact of the issuance of convertible bonds on the
operating performance of listed companies and explores the reasons
behind the impact
This article first uses the Wilcoxon rank-sum test method to test the
fluctuations in the operating performance of listed companies that
issued convertible bonds from 2010 to 2017. The indicators to
measure operating performance include ROA, Profit margin,
operating cash flow per share, etc. Multiple indicators. At the same
time, this paper selects a control group for the sample group
according to multiple dimensions such as industry and BM value to
compare the differences between the two groups. This paper takes
ROA of listed companies as a substitute variable for operating
performance, and regresses ROA and Debt to equity ratio, Proportion
of largest shareholders, Book to market value ratio and other
variables to explore the reasons that affect the performance of listed
companies. The research in this article shows that: The operating
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performance of listed companies after the issuance of convertible
bonds from 2010 to 2017 has experienced significant declines in
varying degrees, and the above performance reached the highest
point at the end of the year before the issuance of bonds or the year
of issuance. Significant differences also appeared in some financial
indicators during the comparison with the control group. The high
level of Proportion of largest shareholders, Book to market value ratio,
asset turnover ratio, the more they will promote listing the company's
performance is improving. At the same time, the increase in debt to
equity ratio, and R&D to income ratio will reduce the performance of
listed companies in the short time.
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