發行可轉換公司債對公司財務狀況之影響

對許多產業而言，除了具備生產技術外，長期投入資本考驗其融資能力，尤其資本密集產業，產業的競爭亦可稱為長期資本投入的競賽，本文以研究個案為例，探討發行可轉換公司債對公司財務狀況之影響。分析結果顯示：1.公司之利息費用逐年下降，配合調整長期負債之結構與掌握發行可轉換公司債之特性，便可大幅減少利息費用。2.對股本之影響不大。3.負債比率逐年下降。影響該公司財務狀況之融資策略：1.針對不同籌資時機妥善運用各種融資工具，以達到取得成本最低之募集資金目標。2.衡量資本市場之金融狀況，適時調整公司之長期負債結構，降低利息支出。3.將營業活動之現金流量與融資活動之現金流量互相搭配，以降低負債比率。本文對台灣光碟片記錄媒體產業之建議：1.積極提高研發能力，早日成為該產業之規格制定者與授權者。2.台灣廠商在全球該產業之市佔率超過80%，應加強溝通，成為價格之制定者。

關鍵字

可轉換公司債

並列摘要

As far as most industries are concerned, in addition to possess production technology, it is also important to possess long-term capital funds. It is especially so when talking about capital-intensive industries to whom the competition among industries can also be seen as competition on their access to long-term capital funds. This dissertation discussed about the impact on financial conditions of companies issuing convertible bonds with a case study. The results show that:1.by adjusting long term debt structure and utilizing the characteristics of convertible bonds, it can decrease interest expenses significantly.2.there is no much impact on diluting shareholders’equity.3.there is gradual decrease in debt ratio. The financing strategy influences a company’s financial conditions are:1. making best use of different financing vehicles in different timing to reach the target of getting funds at the lowest cost.2. evaluating capital market condition and adjusting long term debt structure in order to lower interest expenses.3. matching operating cash flow with financing cash flow to lower debt ratio. The results of this work provide several suggestions to optical storage media industry in Taiwan:1.enhancing R&D capability in order to be the industry spec setter and licensor.2.Taiwan companies account for 80% of global market, they should be able to be the price setter with better communication.

並列關鍵字

Convertible bond

參考文獻

1、Donaldson,G.,(1961)「Corporate Debt Capacity：A Study of Corporate Debt Policy and the Determination of Corporation Debt Capacity」,Boston,Division of Research,Havard Graduate School of Business Administration.

4、Myers,S.C.and Majluf,N,S(1984)「Corporate Financing and Investment Decision When Firm Have Information That Investors Do Not Have,」Journal of Financial Economics,June,pp.187-221.

參考文獻