Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/95458
|
| Title: | 企業發行特別股融資之研究 |
| Authors: | 鍾孟娟 |
| Contributors: | 許崇源
鍾孟娟 |
| Keywords: | 融資
特別股
價差
financing
preferred stock
price spread |
| Date: | 2002 |
| Issue Date: | 2016-05-09 16:21:27 (UTC+8) |
| Abstract: | 隨著經濟環境的轉變以及法令對公司籌資管道逐漸鬆綁，使得公司有多種融資方式可以選擇，而特別股亦是公司的另一種選擇。本研究以民國74年至90年間在台灣證券交易所之特別股上市公司為樣本，藉由探討影響公司決定發行特別股之因素及影響普通股與特別股價差之因素，來觀察特別股融資方式適合於哪些公司，以及怎樣型態的特別股股價表現會較佳，實證結果可提供公司融資決策與投資人投資決策之參考。
研究結果顯示，在發行特別股的決定因素方面，公司的財務狀況、資本結構的確會影響公司是否發行特別股之決定。當公司財務狀況不佳時，為避免財務結構更形惡化，公司會傾向以特別股方式來籌資，且當公司債務比率已經高過產業平均債務水準時，公司較不會再以舉債的方式來籌資，以避免公司債務比率更高。至於租稅利益的考量上，卻無法獲得實證之支持。而於特別股與普通股的進一步分析中，實證結果顯示，當公司財務狀況不佳或是較具成長潛力的公司，越傾向發行特別股。
在影響普通股與特別股價差的因素方面，當特別股條款具有轉換權、無償配股權者，由於給予特別股股東額外權利，故該類特別股股價表現較佳。此外，當普通股的市場流動性與波動性相對較高時，該標的公司的特別股較不受投資大眾所關注，也因此使其股價表現較差。但在有同意權的特別股條款及普通股配股比率上，卻與本研究的預期相反，可能是因為同意權與特別股報酬率呈顯著正相關，故當特別股條款同意權愈低時，特別股報酬率也愈低，導致特別股股價表現較差。而當普通股配股率愈高時，可能由於特別股股價也隨著標的普通股股價而上漲，使得普通股配股率愈高，特別股股價反而愈高。
With the change of economic environment and the loose regulation of law for financing ways, firms have many choices of financing, and preferred stock is an alternative. This study examines, during 1985-2001 for a sample of preferred stocks in Taiwan Stock Exchange, what firm is appropriate for issuing preferred stock and what type of preferred stock has higher value. By studying the factors that determine the issuance of preferred stock and that affect price spread between common stock and preferred stock, the empirical result could be used for decision-making of firms and investors.
In the factors of determining the issuance of preferred stock, we find that financial position and capital structure could indeed affect the firm`s decision of whether to issue preferred stock or not. When firms are in weaker financial position, they are inclined to finance by issuing preferred stock to avoid worse financial structure. Besides, when firms that have debt ratio higher than the average levels of industry, they are not likely to finance by issuing additional debt to make the debt ratio even higher. On the other hand, empirical evidence does not support the tax benefit hypothesis. By the advanced analysis of preferred stock and common stock, the empirical result shows that firms with weaker financial position or with higher potential growth are more inclined to issue preferred stock.
As for the price spread between common stock and preferred stock, preferred stock with convertible right or stock dividend provisions, which give the preferred stockholders additional rights, tend to have higher stock price. In addition, when the market liquidity and the volatility of common stock returns are relatively higher, the preferred stock of the corresponding firms tends to have lower stock price. However, the coefficients of the variables about approval provision and dividend rate on common stock have signs contradictory to the prediction. The reasons may be that the approval provision (APR) and the return of preferred stock (RET_PS) are significantly positively correlated. Therefore, when APR is smaller, RET_PS is also lower, leading to worse preferred stock price. As for the stock dividend rate (ST_D), since the preferred stock price may have risen with the common stock price, higher ST_D may on the contrary leads to higher preferred stock price. |
| Reference: | 一、中文部分
王乃善，2001，公司宣布發放股票股利的財富效果：投資機會假說與自由現金流量理論所扮演的角色，朝陽科技大學財務金融研究所未出版碩士論文。
王志鑫，1991，股票股利填權現象之實證─以臺灣地區上市股票為實證對象，東吳大學管理學研究所未出版碩士論文。
王佳琪，1997，臺灣股市可轉換特別股之研究─市場特性，資訊傳遞與訂價，中央大學財務管理研究所未出版碩士論文。
吳慧如，1988，特別股性質之研究，政治大學會計研究所未出版碩士論文。
凌凱雄，1996，國內可轉換特別股價格行為及套利之研究，中山大學財務管理研究所未出版碩士論文。
張慶文，1996，現金股利與無償增資配股之決策選擇與其資訊內涵差異之研究，政治大學會計研究所未出版碩士論文。
陳肇榮，1982，運用財務比率預測企業財務危機之實證研究，政治大學財政研究所未出版論文。
陳靜宜，1995，上市公司不同融資方式對其股價影響之研究，政治大學企業管理研究所未出版碩士論文。
楊珮珮，1998，台灣特別股與普通股價差因素之個案研究，政治大學金融研究所未出版碩士論文。
楊朝晴，1996，台灣上市籌資方式及用途對其股價的影響，中興大學企業管理研究所未出版碩士論文。
臧仕維、張文隆、商景明，2000，特別股之評價及其放寬發行門檻之評議，產業金融，第107期（6月）：118-131。
蔡高忠，1997，企業上市上櫃後的籌資活動，管理雜誌，第277卷（7月）：64-67。
蔡佩玲，1996，台灣特別股訂價模型與實證研究，中正大學財務金融研究所未出版碩士論文。
蕭貴珠，1999，從財會與租稅面解析：發行特別股之利基，會計研究月刊，第168期（11月）：102-107。
二、英文部分
Altman, E. 1968. Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance 23 (September): 589-609.
Billingsley, R. S., D. M. Smith, and R. E. Lamy. 1994. Simultaneous Debt and Equity Issues and Capital Structure Targets. The Journal of Financial Research 17 (Winter): 495.516.
Black, F., and M. Scholes. 1973. The Pricing of Options and Corporate Liabilities. The Journal of Political Economy 81 (May/June): 637-659.
Carter, M. E., and G. B. Jr. Manzon. 1995. Evidence on the Role of Taxes on Financing Choice: Consideration of Mandatorily Redeemable Preferred Stock. The Journal of Financial Research 18 (Spring): 103-114.
Elsaid, H. H. 1969. The Function of Preferred Stock in the Corporate Financial Plan. Financial Analysit Journal (July/Auguest): 112-117.
Fooladi, I., and G. S. Roberts. 1986. On Preferred Stock. The Journal of Financial Research 9 (Winter): 319-324.
Frischmann, P. J., P. Kimmel, and T. D. Warfield. 1995. Innovative Forms of Preferred Stock: Debt or Equity? Commercial Lending Review 10 (Autumn): 14-27.
Houston, A. L. Jr., and C. O. Houston. 1990. Financing with Preferred Stock. Financial Management 19 (Autumn): 42-54.
Huckins, N. W. 1999. An Examination of Mandatorily Convertible Preferred Stock. The Financial Review 34 (May): 89-108.
Kraus, A. 1973. A State-Preference Model of Optimal Financial Leverage. The Journal of Finance 28 (September): 911-922.
Kunz, R. M., and J. J. Angel. 1996. Factors Affecting the Value of the Stock Voting Right: Evidence from the Swiss Equity Market. Financial Management 25 (Autumn): 7-20.
Lee, H. W., and R. E. Figlewicz. 1999. Characteristics of Firms that Issue Convertible Debt versus Convertible Preferred Stock. The Quarterly Review of Economics and Finance 39 (Winter): 547-563.
Lin, J. C., and M. S. Rozeff. 1995. Price Adjustment Delays and Arbitrage Costs: Evidence from the Behavior of Convertible Preferred Prices. Journal of Financial and Quantitative Analysis 30 (March): 61-80.
MacKie-Mason, J. K. 1990. Do Taxes Affect Corporate Financing Decisions? The Journal of Finance 45 (December): 1471-1493.
Marsh, P. 1982. The Choice Between Equity and Debt: An Empirical Study. The Journal of Finance 37 (March): 121-144.
Melicher, R. W. 1971. Financing with Convertible Preferred Stock: Comment. The Journal of Finance 26 (March), 144-147.
Milonas, M. T. 2000. Similarly Traded Securities: Greek Common vs. Preferred Stock. European Financial Management 6 (September): 343-366.
Myers, S. C. 1977. Determinants of Corporate Borrowing. Journal of Financial Economics 5 (June): 147-175.
Pinches, G. E. 1970. Financing with Convertible Preferred Stock, 1960-1967. The Journal of Finance 25 (March): 53-63.
Scholes, M. S., G. P. Wilson, and M. A. Wolfson. 1990. Tax Planning, Regulatory Capital Planning, and Financial Reporting Strategy for Commercial Banks. Review of Financial Studies 3 (Winter): 625.650.
Scholes, M. S., and M. A. Wolfson. 1992. Taxes and Business Strategy: A Planning Approach, Prentice Hall, Englewood Cliffs, NJ.
Titman, S., and R. Wessels. 1988. The Determinants of Capital Structure Choice. Journal of Finance 43 (March): 1-19.
Zingales, L. 1995. What Determines the Value of Corporate Votes. The Quarterly Journal of Economics 110 (November): 1047-1073.
三、網路資源
中時蕃薯藤電子報 http://ctnews.yam.com/
全國法規資料庫 http://law.moj.gov.tw/
資訊王─證券資訊整合資料庫 http://www.sfi.org.tw/newsfi/intdb/menu/firstpage.asp |
| Description: | 碩士
國立政治大學
會計學系 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#A2010000332 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
There are no files associated with this item.
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
