台灣上市公司發行國內可轉換公司債後之長期績效

The Long-run Performance after Convertible Bonds Issuance of Taiwan Listed Companies

王俞方(Yu-Fang Wang)

指導教授 ： 顧廣平

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.00894

摘要

本研究主要的目的是在探討台灣上市公司在發行國內可轉換公司債後的長期投資績效與長期經營績效，樣本為1988年至2006年，209家首次發行國內可轉換公司債的上市公司。採用「累積異常報酬法」、「買進持有異常報酬法」、「曆月時間投資組合法」及「因子模式曆月時間投資組合法」來衡量樣本公司的長期異常報酬；在衡量營運績效方面採用杜邦方程式之五項營運指標，分別為總資產報酬率、股東權益報酬率、純益率、總資產週轉率、權益乘數，並以產業別和自身移動二種不同基準來進行比較分析。由結果可以歸納出下列結論：
1. 上市公司在發行國內可轉換公司債後，其股票長期平均投資績效表現不如基準報酬。
2. 上市公司在發行國內可轉換公司債後，對於其未來之經營績效將有負面之影響，且經營績效普遍劣於同業。

關鍵字

可轉換公司債 ； 長期績效

並列摘要

This study mainly tries to discuss the long-term investment performance and long-term business performance of listed Taiwan companies after they issue domestic convertible corporate debentures and samples of the study are 209 listed companies which issued domestic convertible corporate debentures for the first time from 1988 to 2006.Such methods as cumulative abnormal returns, buy-and-hold abnormal returns, investment portfolio over cumulative months, investment portfolio in factor model over cumulative months are adopted to measure the long-term abnormal returns of the sample companies; the study chooses 5 operation indices of DuPont formula, i.e., the return on total assets, return on equities, net return, total assets turnover and equity factor to measure the business performance, and conducts comparative analysis with 2 different criterions of industry category and their own movement. Following conclusions are reached using the analysis results:
1. After issuing domestic convertible corporate debentures, the long-term investment performance of the stocks of the listed companies is out-performed by benchmark returns.
2. The issuing of domestic convertible corporate debentures has adverse impact to future operation of the listed companies whose business performance is outperformed by their competitors of the same field.

並列關鍵字

Convertible Bond ； Long-run Performance

參考文獻

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