リキャップCBを通じた資本調整行動とその決定要因, The Determinants of Recapitalization through Issuing Convertible Bond and Capital Structure Adjustment Behavior

慎 塚原, Makoto Tsukahara, 康二 寺嶋, Koji Terashima, 惟美 積 and Koreyoshi Seki

No 233, Working Paper Series from Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School

Abstract: 本稿の目的は，「リキャップCB」と呼ばれる特殊な資本政策を実施する企業の経済的動機を実証的に解明することにある。本稿の発見事項として，第1に，既存株主に対する配当を相対的に金額の小さい転換社債権者への支払利息に置き換えること，第2に，必ずしも企業価値の増大に直結しない，収益性指標をみかけ上改善すること，を目的として当該資本政策が実施されているという証拠が得られた。, We provide an empirical analysis concerning the determinants of capital structure adjustment behavior combining convertible bond issuance and share repurchases. The analysis suggests that there are two determinants: first, the replacement of dividends to existing shareholders with interest paid to convertible creditors in relatively small amounts, and second, the apparent improvement in profitability indicators that do not necessarily lead directly to an increase in corporate value.

Keywords: 最適資本構成; 転換社債; 自社株買い; 裁量的行動; リキャップCB; Optimal Capital Structure; Convertible Bond; Repurchases; Discretionary Behavior; Recapitalization (search for similar items in EconPapers)
Date: 2020-04
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