신주인수권부사채와 전환사채의 차별적인 발행동기 및 시장반응에 관한 연구: 한국 상장기업을 대상으로

The purpose of this study is to compare and analyze the firm’s issuance motives for bonds with warrants and convertible bonds. In addition, this paper examines the market reaction to bonds with warrants and convertible bonds in stock market. Using a sample of 2,071 firms listed on the Korea Stock Exchange from 2000 to 2018, we find that there is a significant and positive relationship between the market-to-book ratio and the issuance of convertible bonds, but not significant for bonds with warrants. The results suggest that convertible bond issuance is preferred by firms with high growth opportunities. Second, we find that there are significant and positive and negative relation, respectively, between the market price-to-book value dummy and issuance of convertible bonds and bonds with warrants, indicating that companies with high growth opportunities prefer issuance of convertible bonds. Third, we find that there are significant and negative relationship, respectively, between the large share ownership dummy and issuance of convertible bonds and bonds with warrants, suggesting that the issuance motive of convertible bonds and bonds with warrants is associated with the increase in the large shareholder ownership. Fourth, we find that there is a significant and positive relationship between the 2008 financial crisis period and the issuance of bonds with warrants. Fifth, we find that the announcement effects of both bonds with warrants and convertible bonds are significantly positive, the cumulative abnormal returns are higher for bonds with warrants than for convertible bonds. The results show that the issuance of bonds with warrants contributes more to the increase in shareholder wealth.