不同籌措資金的方式對公司績效的影響

The Effect of Various Fund Raising to Firm Performance

姜蓮興(Lien-Hsing Chiang)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00933

摘要

在文中，我們主要探討2010年至2014年總共五年合計4,050家公司，經營需要資金，因此如何取得長期低成本資金實屬重要，大體而言，企業長期資金籌措方式不外為下列幾種方式:發行公司債、發行可轉換公司債、現金增資。而在公司內部外部的總總因素考量下，納入各項變數探討不同情況下何種籌資方式有較好的公司治理，甚至體現出較好的公司績效，實屬於值得研究探討的議題。本研究發現負債比率、董監事持股、經理人持股、獨立董監事越高的公司，在公司治理越好的情況下傾向發行可轉換公司債。但以資產週轉率、淨利率、經理人持股、公司規模越高的上市公司來看，發行公司債對公司績效有顯著正向之影響。

關鍵字

發行公司債 ； 可轉換公司債 ； 現金增資 ； 公司績效

並列摘要

By employing the 2010 to 2014 data for the firms listed in TWSE, we explore the factors affecting various financial activities including convertible bond issuance, the issuance of corporate bond, and capital increase by cash for enterprises. In addition, we further investigate whether the firm performance would be affected by these diverse financing activities after controlling board structure, financial statement, and other controlling variables. We then derive the following important findings. In this study, we reveal that the firms with higher debt ratio, higher directors holding ratio, higher manager holding ratio, and independent directors are inclined to issue convertible bonds. Besides, we also disclose that firm value would be positively affected by the firms issuing corporate bonds, higher asset turnover ratio, higher net profit ratio, higher managers’ holding ratio, and higher firm scales.

並列關鍵字

Corporate bonds issuance ； Convertible bonds ； Capital increase by cash ； Firm performance

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