目前銀行發行次順位金融債，以降低銀行放款風險，然而發行後對銀行體質是否改善？ 所以本文以銀行發行次順位金融債之基本發行條件、相關法令與市場實務現況為出發點，嘗試選出適當變數及模型，挑選十家本土銀行為樣本，來探討樣本銀行與發行次順位金融債間的關聯性，對該發行銀行是否存在短期的影響？如確實改善銀行體質，短期影響效果如何?再者，以發行次順位金融債之多項特徵變數(發行條件和發行期間)進行三因子及累積平均異常報酬分析的實證，找出可以解釋影響銀行體質之因素。 Banks issue subordinated debt in order to reduce lending risk, however, is there any significant improvement in banks’ capital structure after the issuance? We select 10 local banks in Taiwan as sampling and use Fama-French 3-factor model and Cumulative Average Abnormal Return to evaluate the short-term effect in stock return. After that, the purpose of this study is to provide a comprehensively empirical review on the local regulatory, issuing condition, banks’ capital structure and asset quality and try to find out the correlation among each factor as aforementioned.
