单位配股对债券持有人的财富影响:来自澳大利亚的证据

IF 1.6 Q3 BUSINESS, FINANCE

Australasian Accounting Business and Finance Journal Pub Date : 2023-01-01 DOI:10.14453/aabfj.v17i4.08

Siti Nurhidayah Mohd Roslen, Cheng Fan Fah, N. Abdul Rahim

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引用次数: 0

摘要

本文考察了澳大利亚企业的债务持有人的财富效应，以及决定企业发行单位股决策的因素。样本包括2000年至2014年的638次观测。违约概率一直被用作衡量债务持有人财富的指标。我们还利用概率模型来衡量企业发行单位股权的决定因素。作为稳健性检验，还提出了logit模型。根据Schultz(1993)的顺序融资假说和chemmanr和Fulghieri(1997)的信号传导假说，我们发现规模小、发行收益低、风险高、管理层持股率低、增长前景积极的公司倾向于发行单位权。我们也得到了支持杠杆风险降低假说的研究结果，即债务持有人的收益受到较低财务杠杆的有利影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Wealth Impact of Unit Rights Offerings to Debt Holders: Evidence from Australia

We examine the debt holders' wealth effect of Australian firms and the factors that determine firms' decision to issue unit rights. The sample consists of 638 offerings observations spanning from year 2000 to 2014. Probability of default has been used as the proxy for debt holders wealth. We also use probit model to gauge determinants of firms' choice in issuing unit rights. As the robustness test, logit model was also presented. Aligned with Sequential Financing Hypothesis by Schultz (1993) and Signaling Hypothesis as in Chemmanur and Fulghieri (1997), we find that firms with small size, low issuance proceeds, high risk, low managerial ownership and positive growth prospect tend to issue unit rights. We also obtain findings that support to Leverage Risk Reduction Hypothesis which suggest that debt holders' return is favorably affected by lower financial leverage.

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来源期刊

Australasian Accounting Business and Finance Journal BUSINESS, FINANCE-

CiteScore

3.90

自引率

15.80%

发文量

审稿时长

24 weeks

期刊介绍： The Australasian Accounting, Business and Finance Journal is a double blind peer reviewed academic journal. The main focus of our journal is to encourage research from areas of social and environmental critique, exploration and innovation as well as from more traditional areas of accounting, finance, financial planning and banking research. There are no fees or charges associated with submitting to or publishing in this journal.