Why Do European Firms Issue Convertible Debt?
通过对欧洲管理者的调查，发现多数公司发行可转换债券是为了延迟股权融资或增加债务吸引力，其灵活性满足了不同公司的融资需求。
Abstract We survey European managers to gain some insights into motivations of convertible issuance. Our analysis shows that a majority of firms issue convertibles as ‘delayed equity’ and as ‘debt sweetener’. Managers also use convertibles to avoid short‐term equity dilution and to signal firm's future growth opportunities. We document a large cross‐sectional variation across firms in rationales for issuing convertibles and find mixed support for most theoretical models. Our evidence suggests that the popularity of convertibles is driven primarily by their versatility in adjusting their design to fit the financing needs of individual firms, and by their increased demand among institutional investors.