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本文在我国上市公司具有较强的股权融资倾向的前提下,结合国内外的相关理论和我国的实际情况,提出了六个关于可转换债券发行动机影响因素的假设,通过Logistic模型回归证实资产负债率、盈利能力和市净率与上市公司发行可转换债券的动机负相关,成长性与发行动机正相关,第一大股东持股比例和资本规模没有通过显著性检验。
Based on the relevant theories both at home and abroad and the actual situation in our country, this paper puts forward six hypotheses on the influencing factors of the motivation of convertible bonds issuance, and confirms the assets and liabilities through the regression of Logistic model The rate, profitability and net book value are negatively related to the motivation of listed companies to issue convertible bonds. Growth is positively correlated with the issuance motivation. The largest shareholder’s shareholding ratio and capital scale do not pass the significant test.