2024-03-28T10:11:21Z
https://nagoya.repo.nii.ac.jp/oai
oai:nagoya.repo.nii.ac.jp:02005329
2023-04-04T01:21:18Z
659:853:854:1680504467577
優先株式を用いた債務の株式化実施企業の財務的特徴
Financial Characteristics of Firms Implementing Debt Equity Swap Using Preferred Stock
塚原, 慎
TSUKAHARA, Makoto
open access
Preferred Stock
Debt Equity Swap
Financial Instruments with Characteristics of Equity
Insolvency
The purpose of this paper is to understand the financial characteristics of firms that issue preferred stock in the Japanese institutional and economic environment. In particular, I focus on the financial characteristics commonly possessed by firms that implement debt equity swaps using preferred stock (PS-DES). The results of the analysis are as follows. First, in the period immediately prior to the issuance of preferred stock, firms are less solvent, profitable, and have lower growth potential than the average of firms in the same industry in the same year.Second, we find evidence that PS-DES firms tend to be more insolvent in the short term. Third, we find that both PS-DES and PS-NOTDES firms tend to improve their solvency and profitability before and after the implementation of capital actions, although they are still below the industry average for the same year. The degree of recovery was relatively greater for PS-DES firms than for PS-NOT-DES firms, suggesting that firms continued to try to secure liquidity and reduce interest-bearing debt to avoid bankruptcy after the implementation of their capital policies.
「制度会計における課題」特集
名古屋大学大学院経済学研究科
Graduate School of Economics Nagoya University
2023-03
jpn
departmental bulletin paper
VoR
https://doi.org/10.18999/ecos.70.3.59
http://hdl.handle.net/2237/0002005329
https://nagoya.repo.nii.ac.jp/records/2005329
10.18999/ecos.70.3.59
https://doi.org/10.13039/501100001691
日本学術振興会
Japan Society for the Promotion of Science
20K13649
既存の財務会計システムが企業の資本構成調整行動に及ぼす影響に関する実証研究
0022-9725
2434-5741
経済科学
The Economic Science
70
3
59
75
https://nagoya.repo.nii.ac.jp/record/2005329/files/07_TSUKAHARA-Makoto.pdf
application/pdf
1.2 MB
2023-04-04