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| Title: | 臺灣企業現金增資與發行可轉換公司債對股東財富之影響 |
| Authors: | 吳文生 |
| Contributors: | 顏錫銘
吳文生 |
| Keywords: | 融資
現金增資
可轉換公司債
financing
stock
conveertible bond |
| Date: | 1993 |
| Issue Date: | 2016-04-29 16:42:50 (UTC+8) |
| Abstract: | 資本結構的改變究竟會不會影響公司價值一直是學者爭論不休 題。繼Miller 和 Modigliani (1958)提出資本無關論之後 許多學者先後提出各種理論, 如破產成本、代理成本、資訊稱、稅盾效果... 等假設以修正或補充M-M 理論並解釋公司本結構。本文最主要之研究目的在以事件分析法探討國內企業現金增資行可轉換公司債對公司價值之影響, 以市場模式來估計預期報酬率, 藉以計算現金增資與發行可轉換公司債在宣告日前十個交易日之平均異常報酬(AR)以及平均累積異常報酬(CAR)利用橫斷面分析,藉以了解公司融資額度與盈餘對累積異常之影響程度, 由實證分析歸納出以下幾點結論:就融資公司特性而言:發行可轉換公司債之企業規模大於現金增資之公司, 其融資金額也高於現金增資之企業。而長期負債之變化率可看出當企業長期負債增加時,選擇融資方式時, 傾向以現金增資發行新股以取得資金 ;而當長期負債降低, 則可能發行債?以維持一最適之資本結構。由股東權益占資產比可知現金增資企業所擁有之自有資金較少。二、融資對股價之反應 就所有融資事件而言, 整體來看, 有一統計上不顯著異於零之平均異常報酬率, 由各事件窗口之值來看,階為微小的負值此或許可以股價高估、供給效應說、價格壓力說以及傳遞未來盈餘不佳訊息予以解釋; 現金增資與發行可轉換公司債二者對股價反應有顯著之不同, 發行可轉換公司~其股價反應較佳。融資目的與股價反應間, 宣告投資與改善財務結構為融資目的時, 二者基本上無很大之差異但二者同時宣告時, 股價有較差之表現。發行海外可轉換公司債期股價表現較發行國內可轉換公司債為佳。橫斷面分析中, 融資額度愈大, 股價有負的反應,但不顯著股價是否能傳遞公司之盈餘狀況, 只有在現金增資當季與下一季盈餘變化有較佳之解釋外, 其他似乎皆無法合理的傳遞該公司之盈餘狀況。 |
| Reference: | 中文部分
1.林炯垚，半強勢效率資本市場裁定之實證方法，管理評論，民國七十七年七月2 第45-68 頁
2. 林煜宗，市場因素對台灣證券市場之股價變動之影響，證交資料，第一四九期，民國六十七年六月，第1-9 頁
3. 劉燕澄，現金增資宣告對股票價格影響之探討，私立東海大學企業管理研究所未出版碩士論文， 民國七十九年
4. 林靜容，我國可轉換公司債發行之決定因素及其影響公司價值之實證研究， 國立中央大學財務管理研究所未出版碩士論文，民國七十九年
5. 魯憶萱，現金增資股發放對交易量及股價影響之探討，國立政治大學企業管理研究所未出版碩士論文，民國七十九年
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
80351003 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#B2002004154 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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