- 學位論文
發行具價格重設條款之可轉換公司債的公司特性探討
Research on Convertible Bonds with Reset Clause and Corporate Characteristics
摘要
近年來，隨著我國財務會計準則與國際準則接軌，對轉換公司債的會計處理也產生許多改變，本研究以民國98年至100年的126間公司為研究對象，欲瞭解台灣可轉換公司債發行現況，可轉換發行條款設計與動機並探討發行具價格重設條款之可轉換公司債的公司特性。 由過去文獻可以得知，影響可轉換公司債的發行動機包含減輕利息支出、避免代理問題等，亦可瞭解發行可轉換公司債的公司，在某些財務特性上具有差異性存在。 本研究利用統計分析方法，包含獨立樣本t檢定和Logistic迴歸分析發行具價格重設條款之可轉換公司債的公司特性，所獲之實證結果如下： 1.當總資產報酬率愈高、本益比愈高、總資產報酬成長率愈高及股價帳面價值比愈低，公司愈傾向發行具有價格重設條款之可轉換公司債。 2.無論可轉換公司債是否具有價格重設條款，其發行公司之特性大多並無明顯區別。
並列摘要
In recent years, the financial accounting principles and related standards is continuously researched and revised in accordance with the concept of International Financial Reporting Standards (IFRS). Therefore, accounting for convertible bond (CB) has been changed. This study used a sample of 126 companies between 2009 and 2011.The main purposes are to know the CB issuances in Taiwan, to explore the provision and motivation of using the CB, and to understand the corporate characteristics and CB with reset clause. From the past research, we find there are different motivations that influence firms to issue the CB, such as decreasing interest expense, and avoiding agency problem. We also find there are different characteristics among corporate that use the CB. This study uses some statistical methods including independent sample t test, logistic regression to analyze the character of convertible bonds with reset clause. The following conclusions are obtained in this study: 1.When return on assets, price-earnings ratio, total asset return growth rate is high, or Price-Book Ratio is low the company tend to issue the CB with convertible price reset. 2.Whether the company issue CB with reset clause or not, the company characteristics seems no significant distinction.