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向下修正条款是可转换债券募集条款中的一项触发性条款。本文以向下修正条款的触发与可转换债券发行公司的股票价格异常回报的关联程度为研究目的,分别采用传统和修正的事件研究法,对可转换债券向下修正的频率及其对股价影响的幅度和深度进行了研究。分析结果说明,没有明显的证据支持样本公司向下修正转股价行为会影响股票价格的波动。通过比较样本公司条款的异同,结合实证研究结论,本文给出了未来可转换债券向下修正转股价条款设计原则和建议。
The downward revision clause is a trigger clause in the convertible bond offer clause. In this paper, the relationship between triggering of downward revision clauses and abnormal returns of stock prices of convertible bond issuers is used as the research purpose. The traditional and revised event research methods are respectively used to analyze the frequency of the downward correction of convertible bonds and its impact on the stock price The magnitude and depth of the study. The results of the analysis show that there is no clear evidence to support the sample company to revise the stock price behavior will affect the stock price fluctuations. By comparing the similarities and differences of the sample companies and combining with the conclusion of the empirical research, this paper gives the design principles and recommendations for the future revision of the convertible bonds terms.