實證結果顯示，驗證了發行可轉換公司債在事件期間有顯著的正或負之異常報酬率發生。其原因在一般實務中普遍認為，發行公司之大股東普遍在發行可轉換公司債對股價具有操縱的效果。在不同獲利能力、獲利成長性及產業別之樣本公司上，顯示其皆有正或負的異常報酬產生。但不具有顯著的異常報酬。 In this study the firms that issue convertible bonds in the open traded and over-the counter markets were used as sample. In addition, we employed the Market model research method to explore the effect of the announcement of issuing convertible bonds on the stock price in the issuance date. In this study we discussed not only the influence of the issuance of convertible bonds on stock returns, but also its impact on companies with different profitability and profitability growth, and on various kind of industry. Our study result differs from previous work in at least two aspects. The result reveals that there are significantly negative abnormal returns on the board meeting date, but there are not on the issuance date. The study also shows that the effect on companies with different profitability, profitability growth, and various kind of industry were not significant.