We survey institutional investors on the convertible bond issuance decision. Investors believe that convertibles are preferred over equity in order to avoid equity dilution. We also find support for traditional convertible bond issuing theories, such as the backdoor equity, sequential financing, risk shifting, and risk disagreement models. Investors attribute little importance to factors that make convertible bonds more attractive for hedge funds such as volatility and dividend payments on the underlying stocks. This latter result is likely related to the smaller role that convertible arbitrage activity started to play in this market.

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投资者如何看待可转债发行决策？

我们就可转债发行决策调查了机构投资者。投资者认为，为了避免股权稀释，可转换债券优于股权。我们还找到了对传统可转换债券发行理论的支持，例如借壳股权、顺序融资、风险转移和风险分歧模型。投资者不太重视使可转换债券对对冲基金更具吸引力的因素，例如基础股票的波动性和股息支付。后一种结果可能与可转换套利活动开始在该市场中发挥的作用较小有关。