資本市場為企業外部融資的重要途徑之一，就現階段國內資本市場而言，較為流行的籌資工具有普通股現金增資、可轉換公司債及一般公司債第三種，各有其優缺點。本研究針對此三種融資方式，分別觀測融資前後公司績效的變動趨勢，進行融資後的績效評估，並探討融資額度對融資後公司績效之影響。 本研究所採用之樣本為民國77年至82年9月間，曾進行普通股現金增資、一般公司債融資及可轉換公司債融資之台灣股票上市公司，共112件。以樣本公司之財務季報表為研究依據，實證研究結果顯示：(1)大致而言，三種融資方式間，公司績效之優劣順序依次為：一般公司債融資、可轉換公司債融資、現金增資，符合融資順位理論。(2)採用現金增資和發行一般公司債的公司，融資後的公司績效大都較融資前的平均績效差；且以發行一般公司債的公司績效下降幅度較大，達顯著水準。而發行可轉換公司債之公司，融資後的績效可能高於或低於融資前的平均績效，變動方向較不確定。(3)各融資方式融資後的績效變動量，大都與融資額度呈負相關，亦即融資的額度愈大，融資後績效的下降幅度也就愈大，且此相關性以發行一般公司債的公司最為明顯。 This study focus on three methods of external financing, including issuing common stock, straight debt, and convertible debt. To observe the change of corporate performance around External Financing and to discuss the corporate performance after financing under the influence of the amount of financing. The final samples consist of eighty-two issuance of common stock, fourteen issuance of straight debt, and sixteen issuance of convertible debt. After empirical analysis, this study can draw following conclusions:(1)Generally speaking, the order of corporate performance is straight debt issued, convertible debt issued, and common stock issued. (2)Firms issuing straight debt experience statistically significant decline in performance after issue versus before issue. Firms issuing common stock experience lower corporate performance following issuance. Firms issuing convertible debt experience higher or lower corporate performance after issue versus before issue. (3)The differences of performance between before-issuance and after-issuance periods have negative relations to the amount of issuance.
