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首页> 外文期刊>AESTIMATIO: the IEB International Journal of Finance >Use of hybrid debt early redemption during the financial crisis
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Use of hybrid debt early redemption during the financial crisis

机译：在金融危机期间使用混合债务提前赎回

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The goal of the paper is to analyse the changes in financing conditions of enterprises using convertible bonds, especially those enhanced by the early redemption call/put option. The study was conducted over two periods: before and after the global financial crisis outbreak. The paper has been hypothesized, confirming the use of the call/put option to raise capital on better terms compared to traditional hybrid debt. The study involved the major characteristics of convertible bonds issued by US non-financial corporations before and after the crisis of 2008. To evaluate the differences between the characteristics of bonds, statistical analysis based on significant differences test, t -test for independent samples, the Mann-Whitney test and two-factor analysis of variance were employed. The analysis shows that the worse the economic conditions, the shorter the debt maturity, conversion time and conversion premiums. An increased conversion ratio was also observed. These changes, however, are lower for bonds enhanced by the call/put option. This means that the financial crisis has worsened the conditions of hybrid financing. The call/put option eased this change by reducing the financial distress between the company and investors.
机译：本文的目的是分析使用可转换债券的企业融资状况的变化，特别是那些通过提前赎回赎回权/认沽期权得到增强的可转换债券。该研究分两个阶段进行：全球金融危机爆发之前和之后。有人假设该文件，证实了使用看涨期权/看跌期权以比传统混合债务更好的条件筹集资金。该研究涉及美国非金融公司在2008年危机之前和之后发行的可转换债券的主要特征。为了评估债券特征之间的差异，基于显着性差异检验的统计分析，独立样本的t检验，采用Mann-Whitney检验和方差两因素分析。分析表明，经济状况越差，债务期限，转换时间和转换溢价越短。还观察到转化率增加。但是，对于通过看涨/卖出期权增强的债券而言，这些变化较小。这意味着金融危机使混合融资条件恶化。买入/卖出期权通过减少公司与投资者之间的财务困境缓解了这种变化。

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