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系統識別號 U0026-0812200911322561
論文名稱(中文) 國內上市上櫃公司發行可轉換公司債影響因素及宣告效果之探討
論文名稱(英文) The Influential Factors of Convertible Bonds Issuance and Its Impact on Stock Price in Taiwan
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 93
學期 2
出版年 94
研究生(中文) 江慕行
研究生(英文) Mu-Hsing Chiang
電子信箱 mschiang@alumni.nccu.edu.tw
學號 r8692113
學位類別 碩士
語文別 英文
論文頁數 49頁
口試委員 指導教授-李宏志
指導教授-賴秀卿
口試委員-張紹基
口試委員-陳嬿如
中文關鍵字 海外可轉換公司債  可轉換公司債  公司治理  宣告效果 
英文關鍵字 Announcement Effect  Corporate Governance  European Convertible Bond  Convertible Bond 
學科別分類
中文摘要   本研究使用邏輯斯迴歸來探討發行可轉換換司債的影響因素,並針對其宣告效果作研究。

  實證結果顯示財務變數相較於非財務變數,對可轉債的發行有較佳的解釋能力。另外國內可轉債在宣告日前一天到宣告日相較於配對公司有顯著的正向累積異常報酬。




英文摘要  Although some papers have discussed the issuance of convertible bonds by companies in Taiwan, they only focused on the financial factors of issuers and their sample only comprise convertible bonds or European convertible bonds. Moreover, there are many new issuances of convertible bonds surging during 2003 to 2004. Are the influential factors of the decision made by these issuers and the announcement effect on stock price same as previous ones? We want to investigate this topic by covering more samples.

 Does the motivation of convertible bond issuance contain the insiders’ selfish motivation? A malfunctioned board of directors may make financing decision which is harmful to shareholders’ interest. Hence, we will examine if the non-financial factors of corporate governance have impact on the decision of issuing convertible bonds.

 This research includes two parts. One is to use logistic regression to investigate the characteristics of convertible bond issuers. The other is to use event study method and Ohlson model to inspect the impact of convertible bond issuance announcement on stock price.

 The empirical results show that market-to-book ratio and long-term debt ratio have significant impact on both CB and ECB issuance. Besides, among four non-financial variables, only stock holding ratio by institutional investors reach 10% significant level for CB issuance. When the CAR (0,1), CAR (-1,0) and CAR (-1,1) of the announcement of CB and ECB issuance are compared to paired sample without issuance of CB and ECB, we find only CAR (-1,0) of the announcement of CB is significantly positive, which confirm the result of Ohlson model that the announcement of convertible bond issuance is a good news for investors in Taiwan..





論文目次 Chapter 1 Introduction………………………………………………………………1
1.1 MOTIVATION AND BACKGROUND……………………………………………………1
1.2 OBJECTIVE…………………………………………………………………………2
1.3 CONTRIBUTION………………………………………………………………………2
1.4 ORGANIZTION………………………………………………………………………2
Chapter 2 literature review…………………………………………………………4
2.1 THE MOTIVATION FOR ISSUING CONVERTIBLE BOND……………………………4
2.1.1 Reduce Interest Rate Cost…………………………………………………4
2.1.2 Agency Problem……………………………………………………………5
2.1.3 Adverse-Selection Problem………………………………………………6
2.1.4 Sequential Financing……………………………………………………7
2.2 CORPORATE GOVERNANCE THEORY………………………………………………8
2.2.1 The Composition Of Board Of Directors.……………………………8
2.2.2 The Characteristics Of Board Of Directors………………………9
2.3 ANNOUNCEMENT EFFECT OF CONVERTIBLE BOND ISSUANCE…………………11
Chapter 3 Methodology………………………………………………………………12
3.1 SAMPLE……………………………………………………………………………12
3.2 DEFINITION AND MEASUREMENT OF EXPLANATORY VARIABLES………………12
3.3 REASEARCH DESIGN ……………………………………………………………15
3.3.1 Logit Model…………………………………………………………………15
3.3.2 Model Design…………………………………………………………………16
3.3.3 Event Study…………………………………………………………………17
3.3.4 Ohlson Model………………………………………………………………19
Chapter 4 Empirical Result…………………………………………………………23
4.1 DESCRIPTIVE STATISTICS………………………………………………………23
4.2 CORRELATION………………………………………………………………………24
4.3 ANNOUNCE EFFECT…………………………………………………………………28
Chapter 5 Conclusion…………………………………………………………………30
Reference…………………………………………………………………………………31
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