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    題名: 發行可轉換公司債公司的資產規模對ROE之研究
    其他題名: A study of issuing the convertible bond to the ROE
    作者: 黃盟凱;Huang, Meng-Kai
    貢獻者: 淡江大學財務金融學系碩士在職專班
    謝劍平;聶建中
    關鍵詞: 可轉換公司債;股東權益報酬率;負債比率;縱橫門檻平滑移轉模型;Convertible Bonds;ROE;Earnings Per Share(EPS);Debt Ratio(DEB);Price-to-Book Ratio(P/B);Panel Smooth Threshold Regression Analysis
    日期: 2015
    上傳時間: 2016-01-22 14:47:52 (UTC+8)
    摘要: 本研究以2010年1月1號至2011年12月31號發行可轉換公司債的公司為探討目標。以國內有發行可轉換公司債上市櫃公司的總資產對ROE的變化,並分析股價淨值比、負債比率、每股盈餘等變數對ROE是否存在非線性的關係,觀察台灣上市櫃發行可轉換公司債公司之總資產對ROE是否存在平滑移轉效果,及為可轉換公司債是否為ROE產生變化轉折的重要因素。
    根據實證結果顯示,得知發行可轉換公司債公司之總資產對ROE之間具有平滑移轉效果,存在一個轉換門檻值,當總資產低於門檻時,股價淨值比對ROE為正相關,負債比對ROE並無影響,每股盈餘對ROE也是正相關;當總資產高於門檻時,股價淨值比對ROE轉為負相關,負債比對ROE一樣無影響,而每股盈餘對ROE為正相關。
    This research investigating the traded firms issuing convertible bonds (CBs) from 2010 to 2011 in Taiwan, aims to explore the changes between their total assets and ROE, analyze whether a non-linear effect exists between the PBR, leverage, and Earning Per Share (EPS) as variables and ROE, and observe whether those firms'' total assets have smooth transition effect on ROE and the CBs could become a profound factor that changes the ROE.
    According to the empirical results of this study, the total assets of the firms issuing the CBs have a smooth transition effect on the ROE and a threshold value if found. While the total assets are lower than the threshold value, a positive relation exist between the PBR, EPS and ROE but debt to total assets ratio has no effects on ROE. As the total assets become higher than the threshold value, it is found that only the PBR would affect the ROE negatively. The debt to total assets ratio still has no effects on the ROE while the EPS would affect the ROE positively.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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