政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99540

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99540

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/99540

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99540

Title:	可轉換公司債持續發行與否之動機與攸關因子 Motivations and Relevant Factors of the Continuous Issuance of Convertible Bonds
Authors:	柯宜孜 Ko, Yi Tzu
Contributors:	屠美亞 Twu, Mia 柯宜孜 Ko, Yi Tzu
Keywords:	可轉債 RKRV 錯誤評價成長機會股權結構資金用途抵換理論融資順位理論 convertible bonds RKRV mispricing growth opportunities post-issue use of proceeds Static trade-off theory pecking order theory
Date:	2016
Issue Date:	2016-08-02 15:58:41 (UTC+8)
Abstract:	本研究欲透過(Rhodes–Kropf, Robinson, & Viswanathan, 2005)文中將市值帳面比分拆之方法，針對持續與非持續發行可轉債公司兩樣本群，觀察市值帳面比與將其分拆後之錯誤評價與成長機會，尋找何為影響台灣上市櫃公司持續發行可轉債與否的關鍵因子，並追蹤發行公司發行後續資金運用情形，以驗證發行公司發行動機及資金使用目的是否一致。本研究以1995年至2011年間曾在台灣發行國內可轉換公司債之上市櫃公司，透過二元羅吉斯迴歸與多元迴歸等模型分析，可發現於樣本期間內台灣發行可轉換公司債之上市櫃公司錯誤評價之迴歸分析結果不顯著，錯誤評價亦不是影響發行決策之攸關因子，並非以市場擇時為動機，反觀公司之市場價值皆反映於其成長性，且迴歸模型結果具顯著性，因此可看出成長機會為影響其連續發行之關鍵因子，且透過後續資金用途之驗證，亦可發現成長性較高的公司顯著將後續資金用於研發費用以及營運目的資產上，且非持續發行可轉債公司明顯較持續發行可轉債公司所投入的比重較多，可推論非持續發行可轉債公司，具有成長期公司之特性，發行動機較符合抵換理論，不偏好使用有負債特性之可轉債，反之持續發行可轉債公司，其成長機會趨於穩定，具有成熟期公司之特性，發行動機較符合融資順位理論，會傾向於持續發行具有長天期債券特性之可轉債，此外研究亦發現當環境波動劇烈時，公司傾向於透過發行可轉債來傳遞正向訊息，降低資訊不對稱的問題。
Reference:	一、國內文獻林育志(2001)，「轉換公司債發行動機之風險移轉與後門權益假說實證」，國立中山大學財務管理研究所碩士論文張人丰(2003)，「台灣企業可轉債融資與其他選擇之研究與比較」，國立政治大學經營管理碩士學程碩士論文蔡政哲(2003)，「公司財務特質、轉換機率與可轉換公司債融資決策之研究」，中原大學國際貿易研究所學位論文, 1-61. 鄭斐勻, & 林建榮(2007)，「企業之生命週期與資本結構之關聯」，交通大學財務金融研究所學位論文李悅文(2007)，「公司治理對企業融資證券發行決策之影響」，國立高雄第一科技大學金融研究所學位論文徐傳禮(2012)，「上市櫃公司發行國內可轉換公司債資金用途分析研究」，臺灣大學會計學研究所學位論文李富川(2013)，「建構企業生命週期之融資策略」，臺北大學統計研究所學位論文, 1-62. 顧哲維(2015)，「由評價誤差與成長機會比較可轉債與現金增資發行動機、宣告效果及資金運用」，政治大學財務管理研究所學位論文二、國外文獻： Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The journal of finance, 57(1), 1-32. Bray, D. E., & Peterson, D. R. (2009). Intended use of proceeds and the long-run performance of seasoned equity issuers. Journal of Corporate Finance, 15(3), 358-367. DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3), 275-295. Green, R. C. (1984). Investment incentives, debt, and warrants. Journal of Financial Economics, 13(1), 115-136. Hertzel, M. G., & Li, Z. (2010). Behavioral and rational explanations of stock price performance around SEOs: Evidence from a decomposition of market-to-book ratios. Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76(2). Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of Financial Economics, 87(2), 281-307. Lewis, C. M., Rogalski, R. J., & Seward, J. K. (2003). Industry conditions, growth opportunities and market reactions to convertible debt financing decisions. Journal of Banking & Finance, 27(1), 153-181. Lewis, C. M., & Tan, Y. (2016). Debt-equity choices, R&D investment and market timing. Journal of Financial Economics. Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The journal of finance, 52(5), 1823-1850. Mayers, D. (1998). Why firms issue convertible bonds: the matching of financial and real investment options. Journal of Financial Economics, 47(1), 83-102. McConnell, J. J., & Servaes, H. (1995). Equity ownership and the two faces of debt. Journal of Financial Economics, 39(1), 131-157. doi:http://dx.doi.org/10.1016/0304-405X(95)00824-X Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77(3), 561-603. Stein, J. C. (1992). Convertible bonds as backdoor equity financing. Journal of Financial Economics, 32(1), 3-21.
Description:	碩士國立政治大學財務管理研究所 103357019
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0103357019
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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