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首页> 外文期刊>International Journal of Business and Management >Firm Characteristics and the Choice between Straight Debt and Convertible Debt among Malaysian Listed Companies
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Firm Characteristics and the Choice between Straight Debt and Convertible Debt among Malaysian Listed Companies

机译：马来西亚上市公司的公司特征和直债与可转债之间的选择

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The study investigates the relationship between firm specific characteristics and choices between straight debt and convertible debt issuances by Malaysian listed companies. The unique irredeemable feature of most convertible debts issued in Malaysia and the fast growth of the Malaysian bond market following the Asian economic crisis render this study to be conducted. Seven firm characteristics variables were selected based on previous literature namely tax consideration, debt ratio, tangibility, firm size, growth opportunities, profitability, and net operating cash flow. The result concludes that relatively smaller companies with lower debt tax shield, higher debt ratio, lower profitability and lower growth opportunity are more likely to issue convertible debt. The findings are consistent with the trade-offs theory where tax consideration and bankruptcy are given due attention in financing decision but does not provide support for the ‘risk shifting hypothesis’ and ‘backdoor listing hypothesis’.
机译：这项研究调查了马来西亚上市公司的公司特定特征与直接债务和可转换债务发行之间的选择之间的关系。在马来西亚发行的大多数可转换债券独特的不可赎回特征以及亚洲经济危机后马来西亚债券市场的快速增长使得这项研究得以开展。根据以前的文献选择了七个公司特征变量，即税收考虑，债务比率，有形性，公司规模，增长机会，盈利能力和净经营现金流量。结果表明，相对较小的公司具有较低的债务税收抵免，较高的债务比率，较低的盈利能力和较低的增长机会，它们更有可能发行可转换债券。这些发现与权衡理论相一致，在权衡理论中，税收考虑和破产在融资决策中得到了应有的重视，但并未为“风险转移假说”和“后门上市假说”提供支持。

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