海外可轉換公司債發行訊息效果之研究

• Main Authors: 王琇瑩, Wang ,Hsiu-Ying
• Language: 中文
• Published: 國立政治大學
• Subjects: 訊息效果; 可轉換公司債; 融資空間; 融資成本; 營運績效; announcement effects; convertible bonds; debt capacity; cost of capital; performance
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0091357005%22.

隨著台灣加入世界貿易組織(WTO)及國際資本市場進一步地整合，國際融資工具如海外存託憑證及海外可轉換公司債近年來備受企業的喜愛，成為企業進行海外市場擴張的一大利器。尤其近二、三年來台灣更掀起發行海外可轉換公司債的籌資風潮。本研究目的在了解此現象對公司價值的影響及市場投資人相關的反應。 本文針對1993至2001年間台灣上市、上櫃公司成功發行的61檔國內可轉換公司債及35檔海外可轉換公司債進行實證研究，主要結論如下： 1. 宣告發行時的訊息效果方面，ECB發行公司不論是宣告發行前後一週或二週的股價累積異常報酬都顯著為正，但CB發行公司卻不然，前者優於後者。 2. 發行海外可轉換公司債及國內可轉換公債發行公司特性差異方面，不論是二獨立樣本T檢定、Mann-Whitney U 檢定及Logistic檢定，結論皆一致：公司規模愈大，轉換溢價幅度愈高、市場利率差愈高的公司愈易傾向發行海外可轉換公司債。此外，二種發行公司發行前的營運績效並無顯著不同。 3. ECB和CB宣告發行時價格效果的不同，和「與國內籌資相比，發行海外可轉換公司債有較高的融資空間」的假設無關，融資空間假設不成立；但和「與國內籌資相比，發行海外可轉換公司債的融資成本較低」的假設有關，融資成本假設成立。 4. 投資人對公司轉換溢價隱含的對未來股價成長的信心及未來資金成本的降低才是解釋宣告發行時價格效果的因子。 5. 投資人給予海外可轉換公司債相對較高的短期價格反應確實表現在海外可轉換公司債發行公司長期較佳的營運績效上。 === With Taiwan’s entrance to the World Trade Organization (WTO) and further integration among international capital markets, international financing tools, such as Global Depositary Receipt (GDR) and European Convertible Bond (ECB) have become popular. For the past few years especially, companies in Taiwan have heavily used ECB as their leading financing tools. This study focuses on how investors in Taiwan response to the issue of ECB and CB. Using 61 CB and 35 ECB samples from Taiwan companies during 1993 and 2001, this study comes to the conclusions as follows: 1. Companies that issue ECB have higher announcement effects than companies that issue CB. 2. Companies with larger size, higher conversion premiums, and higher interest spreads tend to issue ECB instead of CB. There is no significant difference between the pre-issue performance between ECB and CB companies. 3. The hypothesis that “ECB companies have higher debt capacities than CB companies” is not verified. However, the hypothesis that “ECB companies have lower cost of capital than CB companies” is supported. 4. The conversion premium that signals companies’ confidence for the stock price and lower cost of capital in the future is the main factor to explain the announcement effects of ECB and CB. 5. In comparison to CB companies, ECB companies have better post-issue performance which can be supported by their better announcement effects.