台灣上市(櫃)公司發行普通公司債與可轉債前後股價行為之比較

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 學位論文 > Item 987654321/114050

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题名:	台灣上市(櫃)公司發行普通公司債與可轉債前後股價行為之比較
其它题名:	A comparative study of the stock price behavior of issuing straight bonds and convertible bonds in Taiwan
作者:	劉哲銘;Liu, Zhe-ming
贡献者:	淡江大學財務金融學系碩士在職專班顧廣平
关键词:	公司債;平均異常報酬;普通股股價;事件研究法;Bonds;AR;Event Study;Stock price
日期:	2017
上传时间:	2018-08-03 14:40:02 (UTC+8)
摘要:	本研究以1996至2015年間，曾發行普通公司債、國內可轉債與國外可轉債之台灣上市（櫃）公司為研究樣本，利用事件研究法分別檢定普通公司債、國內可轉債與國外可轉債發行前後10個交易日之普通股股價變化。全部樣本股價對發行公司債之事件提前顯著正向反應，並持續至發行日結束。發行國內可轉債結果如同全部樣本，但其股價反應程度明顯高於全部樣本；以及股價對發行國外可轉債前後曾存在顯著之正向反應效果，但其反應程度顯著小於發行國內可轉債。最後，普通公司債發行前後其股價並沒有存在顯著異常之現象，即投資人似乎對此事件並沒有產生任何之反應。 In this study, from 1996 to 2015, has issued ordinary corporate bonds, domestic convertible bonds and foreign convertible bonds listed in Taiwan (cabinet) companies as research samples, the use of incident research methods were tested ordinary corporate bonds, domestic convertible bonds and Foreign shares before and after the issuance of 10 trading days before the common stock price changes. All sample prices are significantly positive for the issuance of corporate bonds and continue until the end of the issue date. The issue of domestic convertible bonds is the same as the whole sample, but its share price is significantly higher than that of the whole sample; and the stock price has a significant positive effect before and after the issuance of foreign convertible bonds, but the degree of reaction is significantly less than the issue of domestic convertible debt. Finally, there was no significant abnormality in the stock price before and after the issuance of ordinary corporate bonds, that is, the investor did not seem to have any reaction to the incident.
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