전환사채와 시장리스크에 관한 실증연구: 한국 상장기업을 대상으로

This study examines the relationship between convertible bond issuance and market risk, using panel data from 2,389 Korean listed firms spanning 2012 to 2023. The findings reveal a significantly positive relationship between convertible bonds and market risk, indicating that the issuance of convertible bonds exacerbates market risk. This result contrasts with prior studies suggesting that convertible bonds mitigate the market risk of issuing firms. Furthermore, our analysis demonstrates that when leverage and growth opportunities are considered, convertible bonds exhibit a significantly negative relationship with market risk. This suggests that firms with high leverage can improve their capital structure, while those with substantial growth opportunities can mitigate market risk by aligning investor expectations. Conversely, large shareholder ownership and foreign ownership were found to have no significant impact on the relationship between convertible bonds and market risk, indicating that these ownership structures neither mitigate nor amplify the market risk associated with convertible bond issuance. This study underscores that while convertible bond issuance is an effective instrument for corporate financing, it may also increase market risk, potentially reducing firm value. Accordingly, firms are advised to design issuance strategies that consider financial characteristics such as leverage and growth opportunities, while investors are encouraged to incorporate these factors into their investment decisions.