| Abstract: | 可轉換公司債與現金增資,均為資本市場中所經常使用的融資工具,本研究除以理論與實證的觀點,來探討這兩種不同的融資方式對於上市公司股價的影響及進行比較外,並結合實地訪談與問卷調查,來了解上市公司對不同融資方式考量的方向與因素,以及機構投資人對相關議題的看法。 經由事件研究法所估計可轉換公司債與現金增資的宣告效果,均得出不顯著異於零的超常報酬率,亦即二者在宣告期間對股價並無顯著影響,且二者間亦無顯著差異。至於發行可轉換公司債與現金增資的最主要動機則分別為其票面利率低與可獲得較高的溢價收入,且二者均以充實營運資金與更新設備擴建廠房為最主要目的。 一般上市公司的融資順位依序為長期銀行借款、保留盈餘、現金增資、可轉換公司債、一般公司債、海外可轉換公司債、短期銀行借款、存託憑證、一般特別股,與可轉換特別股,研究結果且發現,融資順位理論可能須考慮到個別公司的融資組合,即當融資組合不同時,企業所表現出來的融資順位亦不盡相同。 機構投資人對可轉換公司債的接受度並不高,有五成四的受訪單位目前並未投資該商品,而在有投資該商品的受訪單位中,有近六成的家數投資該商品,佔其可動用資金或整個基金的比例僅在0.99%以下。至於機構投資人評估是否參與認購上市公司現金增資的決定因素,最重要者乃為發行公司的經營本質。
Both convertible bonds (CB) and seasoned equity are common financing instruments in a capital market. This study analyzes and compares their announcement effects on the return of the financing corporation`s common stock. It also discusses whether the financing consideration is different between CB and seasoned equity. In addition, the opinion of the institutional investors is reported. The empirical evidence demonstrates that neither significant announcement effects for both convertible bonds and seasoned equity respectively, nor for their difference. As for the most important motivation to choose the financing instrument in question, for CB is the low coupon rate, and for equity issuance is the high premium cash inflow. Regarding the pecking order of listed firms, the evidence shows that the sequence is as following: long-term bank loans, retained earnings, seasoned equity, CB, pure bonds, foreign CB, short-term bank loans, depositary receipts, preferred stocks, and convertible preferred stocks. The empirical results appear that the financing pecking order is related with the existing financing mix; that is, different pecking order is demonstrated with different financing mixes. CB is not common accepted by institutional investors. Nearly 54% of the interviewed institutions do not invest it at all. The weight of CB on the investment funds is very low---as low as 0.99% or even lower, among 60% of the investors who have incorporated CB in their portfolio. As for the determinants whether to purchase the seasoned equity, the quality of the issuing firm is most important. |
