It has a cumulative abnormal return of -0.36% over the period [0,1]. And the analysis shows that announcement effects of CBo have a significant positive share marker response. It has a cumulative abnormal return of 0.39% over the period [0,1].

• 实证结果发现；我国上市公司董事会通过发行可转换债券后；二级市场股票价格表现为显著下降；[0；1]时间窗口的累计超额收益率为-0.；36%25；而上市公司发布发行可转换债券公告后；二级市场股票价格表现为显著上升；[0；1]时间窗口的累计超额收益率为0