為什麼很多上市公司選擇在發布財報過後幾天內發行債券？而不是其他時間點？是基於什麼考慮呢？

01-04

經常看到美國上市公司在發布業績之後，就發行了多少債券，這種考慮是為什麼？是因為業績好看，所以讓評級機構定一個不錯的評級嗎？
這是個「潛規則」嗎？

Thanks for inviting. I can only think of some minor reasons rather than a specific major one.

Generally both the corporation and investors want it post-earning rather than pre.

Corporation wants it coz issuing debt raises leverage, and companies don"t really want that in their earnings.

Investors want it too coz they want to make sure the fundamentals of the company seem reasonable. And investors can generally get a feel of what the purpose of this fundraising.

Of course sometimes when a company doesn"t have good earnings, conceptually it would want to issue before the earning release, but instead this would just look super suspicious and would raise a huge red flag. So I think they would still prefer to spin the story and explain why this quarter was bad in their earnings calls, rather than keeping investors in the dark before the issuance.

And there are also special occasions that a company issue debt for a specific goal. If everyone already knows the company well and understands the occasion, it doesn"t really matter when the earning is. VZ"s big deal was last Sept, and their earning was one month later in Oct.

So I guess in a way, it can be viewed as a "潛規則".

債券畢竟會增加財務報告上的負債，說白了就是不好看，會影響相關的財務比率和leverage。尤其是在財報本來就不太好的情況下，借債籌資放在財報後是可以理解的。

這確實是一方面的因素，還有一個重要因素是，發行債券影響公司資產負債比例，從而引起一系列連鎖反應，將對報表產生巨大影響。其他原因就讓大神們說吧。

不知道對不對哈，純交流：上市後通過發行債券進行股票回購，從而引起市場上股價上升，同時，發行債券獲得的現金成本要比做為收益獲得的現金成本低（這主要是由於美國稅法引起的），這樣就企業職業經理人及股東手上的股票就值錢