| For a long time,private placement has been the most dependent refinancing tool for listed companies,and its financing scale far exceeds other refinancing methods.The introduction of new refinancing regulations in 2017 has imposed strong constraints on equity refinancing instruments represented by private placement.Since then,the scale of private placement of listed companies has declined sharply.At the same time,the convertible bonds,which were relatively unpopular in the past,have been uncharacteristically,and the issuance scale has continued to soar after 2017.This article takes the introduction of the new refinancing regulations as the research background,and mainly discusses the changes in the refinancing preferences of listed companies’ convertible bonds before and after the introduction of the new regulations.Since convertible bonds have the attribute of equity financing,this article further focuses on the equity financing preferences of convertible bond financing companies,pays attention to the behavior characteristics of companies with strong equity financing tendencies,and examines whether such companies have obvious information manipulation behaviors.First of all,this paper analyzes my country’s refinancing policy and finds that the system threshold for private placement before the new refinancing regulations is the lowest,and that listed companies are the most convenient and efficient to refinance through private placement.The promulgation of new refinancing regulations has greatly restricted the behavior of listed companies to increase arbitrarily,but the financing of convertible bonds is almost unaffected.Convertible bonds with dual attributes of equity and debt can be used as the best alternative method of company equity financing.Therefore,convertible bonds have certain institutional advantages after the new regulations.Secondly,this paper conducts regression analysis on the sample companies before and after the new refinancing regulations,confirming that the introduction of the new regulations has indeed increased the refinancing preferences of listed companies’ convertible bonds.Then,this article takes the companies that actively lowered their stock prices as the treatment group,and selects the control group from the listed companies that implement convertible bond financing through the propensity score matching method,and regresses the overall sample composed of the treatment group and the control group.The analysis confirms that listed companies that issue convertible bonds and have strong equity financing tendencies are more likely to have information manipulation behavior.Finally,this article puts forward reasonable suggestions based on the research results,hoping that the regulatory authorities can effectively guide or supervise the behavior of listed companies and investors,ensure that listed companies use refinancing tools rationally,and promote the healthy development of the capital market. |
