本文之研究期間為1989年1月至2006年12月為止，以188家於這段期間首次發行海外可轉換公司債的上市(櫃)公司為研究對象，主要是探討樣本公司於發行海外可轉換公司債後之長期投資績效與長期營運績效。長期股票投資績效分析結果顯示無論採用何種方法衡量，所獲取之平均異常投資績效均為負值，投資者若於公司發行海外可轉換公司債後購買股票且長期持有，其平均報酬劣於基準之平均報酬。 長期營運績效之分析結果顯示台灣上市(櫃)公司於發行海外可轉換公司債後，股東權益報酬率呈現逐年衰退之現象，且顯著低於同產業，即其獲利能力相對較差。總資產週轉率呈現先降後升的現象，其資產之使用效率優於相同產業，惟仍不及發行之前，但此結果不具統計上之顯著性。最後，結果顯示台灣上市(櫃)公司於發行海外可轉換公司債後，其平均資本結構改變，舉債增加、槓桿程度上升，長期償債能力衰退。 This thesis was conducted during January 1989 till December 2006, based on the 188 samples that issued Euro Convertible Bond (ECB) at first time in Taiwan Stock Exchange Corporation and Over-the-Counter Market (TSEC&OTC) performances. The empirical results show that regardless of which method the average abnormal performance were showed down in the long run, if the investors purchase these company stock and hold for long-terms after issued ECB, the average returns is worse than standard. The Long run operating performance results show that Taiwan Stock Exchange Corporation and Over-the-Counter Market (TSEC&OTC) after issued ECB the return on equity (ROE) drops every year, and present significantly lower than the other same industries, which means in poor profitability. In the other hand, total assets turnover (SALETA) better than the other same industries but still not come back the level that before issued ECB. In the end, the result simply shows the asset structure after issued ECB has significant changes, debt of company increased and debt-paying ability to fail.