發行普通公司債對公司績效之探討-以台灣上市(櫃)公司為例

A study on the impact of corporate issuing on corporate performance in Taiwan

陳均睿(Chun-Jui Chen)

指導教授 ： 顧廣平

共同指導教授 ： 楊馥如(Fu-Ju Yang)

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00075

摘要

本研究係蒐集1994年至2006年間曾發行普通公司債之上市(櫃)公司為研究對象，共計164件樣本數，運用各種不同的績效衡量方法，探討公司以發行普通公司債進行融資，是否能提高公司價值及增加股東財富，長期投資績效方面，以債券發行後三年為研究期間，以探討在長期上是否產生顯著異常報酬。營運績效方面，以債券發行後三年為研究期間，依據杜邦等式，採用資產報酬率、股東權益報酬率、權益乘數、純益率與資產週轉率五項營運績效指標來衡量公司發行債券後之營運績效變化，研究結果指出：

一、上市(櫃)公司發行普通公司債後之長期投資績效：
顯示投資者若於公司發行普通公司債時買進持有該公司之股票，並無法獲取優於基準之長期平均報酬，又或許表示公司管理當局發行普通公司債之決策，長期平均而言，並無法增加股東更多之財富。

二、上市(櫃)公司發行普通公司債後之長期營運績效：
從衡量長期營運績效財務比率得知，上市(櫃)公司發行普通公司債後的長期營運績效表現，在獲利能力方面是呈現衰退之趨勢，而公司的資產運用效率與償債能力亦没有獲得較佳的改善。

關鍵字

普通公司債 ； 長期營運績效 ； 長期投資績效

並列摘要

The present study investigates the TSEC & OTC listed companies which issued corporate bonds between 1994 to 2006. A total of 164 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of financing by issuing corporate bonds on raising a company’s value and promoting shareholders’ wealth. Three years after the issuance were evaluated in the long-run investment performance. The five operating performance indicators including return on assets, return on shareholders’ equity, equity multiple, rate of net income, and assets turnover, were used to measure the operating performance after three years of issuance.
I.Long-term investment performance of the TSEC & OTC listed companies after issuing corporate bonds：
If investors who bought the company’s stocks when it issued corporate bonds failed to receive long-term average return which was better than benchmark，it probably indicates that the company administration’s policy of issuing corporate bonds can’t bring shareholders more wealth in the long run.
II.Long-term operation performance of the TSEC & OTC listed companies after issuing corporate bonds：
By evaluating the financial ratios of long-term operation performance, we can find that in terms of long-term operation performance of the TSEC & OTC listed companies issuing corporate bonds, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.

並列關鍵字

corporate bond ； Long-term investment performance ； Long-term operation performance

參考文獻

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