| 摘要: | 自民國89年國內第一檔可轉換公司債遠東紡織發行後，可轉換公司債在近年台灣金融市場已成為企業籌資所不可或缺的工具，本研究主要探討當企業發行可轉換公司債時，對其中長期股價報酬所產生的影響，本文以民國91年8月至98年9月間的台灣公司債市場之可轉換公司債，其中排除可交換公司債、附認股權公司債和海外可轉換公司債三部分；經過後述樣本篩選方法的挑選後，最後以這段樣本期間中，620檔國內可轉換公司債作為研究樣本，進行實證探討。本文從過去文獻中發現，國內企業發行可轉換公司債之動機多因籌措資金成本較低，可有效降低利息支出。對於目前台灣可轉債發行公司對股價績效影響的文獻已有不少，但是實證結果不一，所以本文以台灣可轉債公開說明書之基本發行條件、相關影響法令與市場實務現況為出發點，嘗試選出適當變數來建立一個最接近台灣可轉債市場的模型，探討影響可轉債發行公司對其股價是否存在長短期的影響，且若存在所謂的異常報酬，何種事件造成的影響效果較大?影響會長達多久?再者，以國內可轉債之多項財務變數做因子模型迴歸分析的實證方法，找出可以解釋影響發行公司長短期績效因素之實證結果來說明台灣可轉債發行市場。
Since the first domestic convertible bonds of Far Eastern Textile Co., Ltd. were launched in 2000, the convertible bonds have become an indispensable tool for financing in Taiwan’s financial markets in recent years. This study aims to explore its impact on the long-term stock returns when enterprises issue convertible bonds, and this article uses the convertible bonds in Taiwan’s corporate bond market from August 2002 to September 2009, excluding three parts, namely, exchangeable bonds, bonds with warrant, and overseas convertible bonds. After the selection by sample screening method as described later, 620 lots of domestic convertible bonds were finally selected as the research sample to conduct the empirical study. This article found in the past literature that the motives of domestic enterprises to issue convertible bonds are mostly due to lower cost for financing and being able to effectively reduce the interest payments.
There has been quite some literatures studying about the impact of current Taiwan’s convertible bond issue company on stock price performance, but the empirical results are inconsistent. Therefore, this paper uses the basic issue terms, the relevant decree, and the status of market practice on Taiwan convertible bond prospectus as the starting point, trying to select appropriate variables to establish a model closest to the convertible bond market in Taiwan to explore whether the convertible bond issue companies have long-term or short-term impact on their stock price or not, and if there exists a so-called abnormal returns, what kind of incident makes larger impact? How long the impact will last? Furthermore, use variety of financial variables of domestic convertible bonds as factor for empirical model regression methods to find out the empirical results that can explain the factors that affect the short and long term performance of the issue companies to explain the phenomenon of Taiwan convertible bonds issue market. |
